The post Best Cryptocurrency Wallets for Terra (LUNA) Tokens by Reid McCrabb appeared first on Benzinga. Visit Benzinga to get more great content like this.
Luna is a crypto token used to stabilize the Terra blockchain protocol; it is a multi-chain asset, most commonly supported through Ethereum’s ERC-20 version. Holders of Luna are able to stake their tokens either through a staking node or a validator, helping to support the basket of stablecoins on the Terra network.
In exchange for staking, users are rewarded staking rewards in the form of Luna tokens. If you are looking to start earning Luna rewards, you need to do more than just purchase Luna through an exchange –– you must purchase the token through your own cryptocurrency wallet or send Luna to your wallet from an exchange. This article will go over a few of the best options.
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Best Cryptocurrency Wallets for Luna
When choosing a cryptocurrency wallet, users should look for ease of use and safety. Some great crypto wallets can simply be added as a chrome extension and give users immediate access to Luna trading and staking, as well access to the stablecoins that the Terra network supports.
Security is important in looking for crypto wallets, so if you are looking to use a large sum of money in your wallet, an investment in a hardware wallet is a worthwhile investment. While software wallets are connected to the internet, hardware wallets are never connected, which helps prevent phishing scams.
Best Software Wallets for Luna
One of the best and most commonly used software wallets for Luna is MetaMask, an easy-to-use wallet with a simple user interface.
MetaMask Wallet
MetaMask can be added as a browser extension and used to seamlessly connect your laptop to Web3. Installation of MetaMask can give users access to SushiSwap, a decentralized exchange (DEX), where tokens can be swapped. MetaMask is also great for engaging in DAOs, DeFi, DApps and NFTs.
Coinbase Wallet
The Coinbase wallet is another extremely popular option for crypto users. The wallet is interoperable with the Coinbase Global Inc. (NASDAQ: COIN) exchange, making it easy for users to swap tokens. The connection between the world’s largest exchange and the wallet brings extra protection to Coinbase wallet users but doesn’t remove all the risk.
ZenGo
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ZenGo Wallet is a non-custodial mobile cryptocurrency wallet that replaces the use of private keys in favor of facial recognition technology. This feature means there is no single point of failure and no risk of losing your coins in the event of a hacking or wallet loss. It’s an interesting new means of dispensing with seed phrases or codes while accessing a range of features for cryptocurrency holders and users.Â
You can buy, trade, send and receive crypto directly from the ZenGo wallet. If you are looking for a mobile crypto wallet to trade, send and buy over 70 coins as well as earn interest in Bitcoin, ZenGo has got you covered.
- Simple cryptocurrency management
- Making quick purchases
- Next-generation security protocols
- A high quality mobile crypto trading application
- Free Bitcoin and bonuses
- 3FA security features
- The keyless technology can be confusing for crypto beginners
- ZenGo is available everywhere, however buying/selling is not
ZenGo is another great crypto wallet to try. The wallet supports Luna and holds a number of features for the token including buying, selling and earning interest. ZenGo is also a useful resource to learn more about the history and purpose of Luna and the Terra protocol.
Best Hardware Wallet for Luna: Ledger Nano S
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Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
Owning a hardware wallet to safely store Luna is important. Hardware wallets provide an extra layer of security and prevent scams because having a set of keys unexposed to the internet is a sound practice. Ledger Nano S is a hardware wallet that has provided many in the crypto space an extra sense of security that software wallets do not. With its user-friendly interface and top-tier security, it may be the right time to grab a Ledger.
Do You Need to Use a Crypto Wallet?
It is not required to use a crypto wallet to buy Luna. You can open an account on an exchange such as Coinbase or Gemini and purchase the token there. However, by using exchanges, your keys are ultimately in the hands of that exchange, which goes against the crypto purist’s view of decentralization.
The Luna token has less utility if it is purchased on an exchange than if it were to actually be owned and controlled by you in your own wallet. Without a crypto wallet, the many features DApps and DeFi can provide are unavailable.
Where to Earn Interest on Luna
If you are looking to put your Luna to work, one way to do so is through staking for interest. A great resource for this is Crypto.com. APRs on staking change frequently, but Crypto.com consistently offers competitive pricing. Staking Luna will also help stabilize its stablecoin, UST.
Cryptocurrency Wallet Best Practices
You’ll want to employ safety precautions when using your personal crypto wallet. Don’t share your seed phrase. This basic rule is important as it is the only thing protecting your crypto assets from anybody who wants to take them. A seed phrase is the end-all, be-all of passwords. If you lose or forget your seed phrase, you cannot retrieve or access your crypto, and it is gone forever. Store your seed phrase in a safe location off the internet.
Another important practice is to read contracts before signing them. Hackers have users sign unfinished contracts and then complete them after a user signs, often using this technique to steal the user’s crypto assets. Hackers in the OpenSea phishing scam, where millions of dollars of NFTs were lost, used this method.
Are Cryptocurrency Wallets Worth it?
If you are looking to explore the many possibilities of DeFi, smart contracts, DApps and DAOs, then a cryptocurrency wallet is worth it. Cryptocurrency wallets connect users to the features of Web3 that most casual investors are completely oblivious to. Interacting with these features is a way to learn more about this developing ecosystem and get a better idea of the actual networks that these tokens represent. While you face some risk in holding your own keys, by safely storing your seed phrase and being aware of phishing scams, you can safely enjoy the wonders of Web3.
The post Best Cryptocurrency Wallets for Terra (LUNA) Tokens by Reid McCrabb appeared first on Benzinga. Visit Benzinga to get more great content like this.
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