Wallets play a significant role in the cryptocurrency landscape. Allowing users to use and store their tokens/coins in the most secure way, these wallets are a considerable part of cryptocurrency trading. In this article, we will be discussing one such advanced wallet, i.e., Waves wallet that has been helping traders in the cryptocurrency platform.

What is Waves Wallet?

It is a cryptocurrency wallet which is built on the algorithm of Proof-of-Stake, making it one of the most secure crypto wallets in the market. Allowing users to customize token on the platform, Waves wallet facilitates plenty of functions for the users. Waves wallet is also designed with the aim of making decentralized applications way more comfortable to use.

Waves cryptocurrency wallet is the official application of the Waves platform, which is meant to help the users to store and trade their assets more securely. With this wallet, you can also access the Waves blockchain. If you are indulged in Waves platform, it is essential to make a Waves wallet sign-in to use the services without any hassles. You can avail Waves desktop wallet and its mobile version as well.

How Does Waves Wallet Work?

It is essential to understand how to use Waves wallet in order to start relishing its benefits. The ease of use is the main USP of this wallet that makes it popular among the users. The intuitive and interactive interface of the wallet makes it easier to use. Waves platform has a wide range of tools that helps in making Waves wallet more efficient for the users by creating, distributing, and exchanging crypto tokens. With Waves wallet, you can even make deposits with the help of your credit cards.

Follow the below steps to start using Waves wallet-:

  • First, you need to download the Waves wallet application in your device. For instance, Waves wallet Mac is meant for Mac users, and Waves wallet lite is for those who are looking for a lighter version.
  • Once you have downloaded your desired version, it’s time to set up your account. For this, click on the New Account tab in the app.
  • You need to save the wallet seed and copy it to a different location.
  • Now, you will receive a Waves wallet address that you need to keep safe.
  • After receiving the address, you need to enter your name and create a password to personalize your wallet. Click on Register after entering the details.
  • Write your recovery phrase, and you are good to go. You can start using your wallet.

It is also essential to learn how to withdraw from Waves wallet. The steps are quite simple; you just need to visit the dashboard and click on the label names Withdraw Funds.

Pros And Cons Of Waves Wallet

Every cryptocurrency wallet has some perks and demerits that make them distinctive from others, and Waves wallet is no different. In order to optimally use the Waves wallet, it is essential to understand its pros and cons.

Pros:

Private Key Ownership

Waves wallet has mainly focused on security as it uses private key ownership so that the users have the possession and control over the keys. Waves paper wallet is another example of private key ownership.

Anonymity

Anonymity is something that makes Waves wallet unique and safer to use. It allows users to use the wallet anonymously. Your account will not be synced to an email account or any other data.

Hierarchical Deterministic (HD)

Another key feature of Waves wallet is Hierarchical Deterministic that allows you to restore and backup your wallet by deriving keys from a single point.

Cons:

Open Source

One of the significant features of Waves wallet is that it is open-source, which means the code is open to public review, and anyone can easily customize it according to their needs.

Waves Wallet Supported Cryptocurrency Coins

Another amazing feature of Waves wallet is that it supports both cryptocurrency and fiat money. There is a wide range of cryptocurrency coins which are supported by the Waves wallet. With Waves Wallet, you can hold the following cryptocurrencies-:

  • Bitcoin
  • Ethereum
  • DASH
  • Zcash (ZEC)
  • BCH
  • BSV
  • XMR
  • LTC
  • Waves
  • TRY (Turkish Lira)
  • USD
  • EUR

You can also use Waves Bitcoin wallet dedicated to store and trade Bitcoin via your wallet.

The Bottom Line

Waves platform has been helping cryptocurrency traders by providing them with its decentralized ecosystem. Waves wallet is a dedicated wallet for the platform that has been catering to the requirements of its users. It is a wallet based on the Proof-of-Stake algorithm. Whether it is the private key ownership or advanced anonymity, Waves wallet has managed to emerge as a promising wallet solution for the users.

The above mentioned was a detailed review of Waves wallet that will certainly help you in understanding the prominence of this wallet in the market.