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Benefits of an Atomic Avalanche Wallet
- Only you control your private keys
- You can manage 300+ coins and tokens
- Exchange 100+ cryptocurrencies and get 1% cash back
- Buy BTC, SOL, SHIB, and 30+ assets with your bank card
- Stake 10+ coins with up to 20% yearly yield
How to Set Up Your Avalanche Wallet
Install the app on your phone or PC
Create a new wallet (or import an existing wallet)
Buy crypto or make a deposit
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Avalanche (Avax) wallet is an app or a device, which purpose is to safely store users' AVAX private keys. These keys are needed to sign a transaction (sending your crypto assets from one wallet to another wallet or a platform). There are many different types of Avalanche wallets, and each of them has its pros and cons. Before diving into more details about the wallets, let us first take a closer look at the Avalanche network itself and see what it's all about.
Avalanche is an L1 (layer one) blockchain, meaning, it can process and finalize transactions on its chain. Its native coin is Avalanche (AVAX). AVAX is used to pay the transaction fees and secure the Avalanche network. Using the Proof-of-Stake consensus mechanism, Avalanche network implements the Ethereum Virtual Machine and supports smart contracts as well as many other Ethereum features.
As with many other networks, in addition to having its native asset (AVAX), the Avalanche network has a wide array of tokens that users can exchange and manage using one of the Avalanche wallets.
The way Avalanche solves the scalability issue is another peculiar feature of this chain. Avalanche has a primary network. This primary network consists of three chains or subnets that manage it. There is X-Chain, C-Chain, and P-Chain.
X-Chain or the Exchange chain. It is used to exchange Avalanche and create tokens,
C-Chain or the Contract Chain. It is the default smart contract blockchain on the Avalanche network that allows users to create any Ethereum-compatible smart contracts, using the C-ChainAPI.
P-Chain, aka the Platform Chain. This is a chain handling the data of the Avalanche network and coordinating the actions of validators.
AVAX consensus mechanism
As mentioned above, the AVAX network utilizes the Proof-of-Stake consensus mechanism which means users can get rewards for staking their AVAX.
Avalanche validators are responsible for keeping the chain going and keeping it secure by verifying transactions and adding new blocks to the blockchain. Users can pool their AVAX together and delegate them to a validator that runs an Avalanche node. Validators also validate the subnets, which keeps the chain growing. To operate an Avalanche node, a validator must have at least 2,000 AVAX as a bond.
Through the governance process, users can make decisions regarding the chain's future. While it's common for many networks to utilize the governance mechanism, the Avalanche chain goes even further, allowing users to decide on the number of transaction fees and the speed with which new AVAX coins are minted.
Choosing an Avalanche (AVAX) wallet
When choosing the best Avalanche wallets, it's important to point out that there are many types of wallets. It is not possible to point at one wallet and claim that that particular one is the best. There are the best wallets in each category.
Hardware Avalanche wallet
A hardware wallet provides its users with an additional level of security because of its very nature. It's a physical device allowing you to store your crypto assets' private keys offline. To sign the transaction and send funds to someone, you need to connect the hardware wallet to your device.
The most popular hardware Avalanche (AVAX) wallet is Ledger Nano, and its software interface is called Ledger live. While there are many pros when it comes to the security of Ledger nano, it should be mentioned, that its price starts at $80 and which may deter some users who are not ready to spend that much on a wallet.
It may also not be the most convenient solution for everyday usage since you need to connect it whenever the crypto assets should be sent. Moreover, if you are caring about your crypto and follow the simple rules of security, your funds would be safe without the additional layer of protection that Ledger Nano and hardware wallets in general provide.
Avalanche web wallet
Avalanche (Avax) web wallet is another popular option for managing your Avax coins. This type of wallet is available through the web browser and is considered to be not as secure, as other types of wallets. It is, however, easy to install, since it's just a browser extension and does not require you to download anything on your PC or mobile to manage your AVAX.
Overall, an Avalanche Web wallet is easy to use, but is also not as hard to hack, as a hardware wallet, especially if you're not controlling everything, that happens in your browser. Which, let's be honest, applies to most of us.
Hot (light) Avalanche wallets
Another (and probably the most popular) type of wallet for Avax is a so-called light Avalanche wallet. It's an app that can be installed on a mobile phone, laptop, or desktop PC. The most popular hot wallets are Atomic Avax wallet, Exodus, and Trust. You can simply install the Avalanche wallet on your mobile phone (Android or iOS), create a new account, and start managing your crypto right away.
In its essence, a hot wallet is an app that interfaces with the blockchain directly and presents the information in a user-friendly way. You don't need to be a software engineer to access all options of the Avalanche coin on your mobile device or a stationary PC.
Atomic Avax Wallet
There are, of course, application-specific features for each of the popular wallets. For example, in Atomic Avax Wallet you can buy AVAX, Bitcoin, or many other crypto coins and tokens. Atomic Wallet also allows you to stake, send, receive track value, and exchange Avalanche with full protection of your assets. Moreover, all user data is secured by password, and all your keys are encrypted and stored on your device, providing you with complete control over your assets. While you keep your mnemonic seed in a safe place, no one can gain access to your money.
You can earn rewards with Avax staking, and even set up fingerprint scanning login into the app. Atomic Avax Wallet is a non-custodial wallet, which means no one has access to your keys or mnemonics except for you. It's a heck of a responsibility, but you're in crypto and you should take care of your money, the same way you hold the keys from your home. Judging by the sheer number of features Atomic Wallet provides, it's certainly one of the best Avalanche wallets out there.
Choose your AVAX wallet today
If Avalanche sounds interesting, the best way of managing it in a secure and decentralized way is a wallet. Yes, having your crypto on an exchange platform might sound more convenient for day trading. But if you are interested in a long-term investment and even considering staking your crypto, a wallet will be the best solution, regardless if it's a hardware wallet, hot wallet, or web wallet.
Choosing an Atomic AVAX wallet to hold your Avalanche coins in, provides you with a user-friendly interface, allowing you to easily create a wallet, buy AVAX (and many other tokens or coins), and exchange it if need be. You can also exchange Avalanche on another platform by using Wallet Connect (available only on mobile) if you prefer.
Atomic AVAX wallet is available on mobile and desktop.