Polkadot is a project that might change the approach to how blockchains interact and collaborate and thus, might become kind of a disruptive technology in the crypto-world.
So, maybe it is time to buy some DOT coins and store them in the hope for the future immense price growth? Now, blockchain technology is still in its infancy stage. But the benefits of blockchain are being acknowledged all around the world, in all industries. With further blockchain adoption, the DOT price might skyrocket. The coin might prove itself as a very profitable investment in the long run.
What Is Polkadot?
Polkadot is a network that enables communication between different blockchains. The network also allows the creation of smart contracts, new tokens, and blockchains. With its blockchain structure, Polkadot effectively solves the main problem of the cryptocurrencies of the first and second generation - scalability. The network can process approx. 100,000 transactions per second. Using its parachains, it can potentially handle millions of transactions per second.
DOT is the coin powering the Polkadot network. The coin is responsible for the following functions of the network:
- It gives governance rights: the DOT holders can participate in decision-making about the network upgrades, accepting or declining parachains, and transaction fees.
- It offers staking opportunities: users can stake their coins and get benefits.
- It is used for bonding: when a parachain is added, a specific number of coins gets bonded or blocked. When the parachain is removed, the coins get unlocked.
Polkadot Wallets to Store Your DOT Coins
The DOT coin can be a profitable investment if you store it safely. For long-term investment, we recommend choosing a wallet that allows you to manage your private keys. It might be a desktop, a mobile, a web wallet, or a cold wallet. Make sure you choose it carefully to ensure top safety for your crypto-funds:
- Check whether the company that has developed or manufactured the wallet is reliable and has no negative record.
- The user interface shall allow you to use the app or device effortlessly.
- The wallet shall provide your coins with all the needed security. Make sure the two-factor verification is enabled, and you can generate a seed or recovery phrase.
Add any other security and user requirements, and look for a wallet based on them.
List of Сrypto Wallets for Polka DOT
The selection process might be too time demanding. That’s why we have chosen the best wallets to keep your DOT coin. You can compare them and select the one that suits you most.
Ledger Nano
Whether you are looking for a wallet to store DOT or another coin, Ledger Nano will, most likely, be at the top of the list. The case with DOT is special though: it is one of a few coins that can be staked directly from Ledger Nano X. Yep, your staked coins can be locked directly in your wallet, and you will be getting passive income. In other words, you can invest in DOT and get income from your investment additionally to the profit from the coin price growth.
Ledger Nano X can be used with your Windows, iOS, Linux devices via a Bluetooth connection. Along with Polkadot, the wallet supports more than 1,500 coins and tokens.
Ledger Nano is one of the best wallets in the market also when it comes to security. Along with the standard password and two-factor authentication, Ledger Nano allows you to generate a 24-word security phrase. Additionally, you can purchase the Cryptosteel Capsule to protect your coins physically - the capsule is waterproof, fireproof, shockproof, and resists up to 150000 N pressure.
Ellipal Titan
It is one more powerful wallet that allows PolkaDot staking. The wallet supports iOS and Android devices. Ellipal is applying the air-gapped security system. It means that the hardware isolates itself from all connections: Bluetooth, WiFi. It works with QR codes only. They are generated from the Ellipal app and the device to sign transactions internally.
The wallet is protected from online and offline attacks. It has an anti-tamper self-destruct mechanism - as soon as a try of a forceful breach is detected, the wallet deletes all the information stored. Your coins are perfectly safe. If you want to recover them, you can do it from any other wallet with a seed phrase.
Besides PolkaDot, Ellipal Titan supports more than 7000 other coins and tokens. The wallet is impressive, indeed!
Atomic Wallet
It is a non-custodial wallet that supports all ERC-tokens along with the main coins. The wallet can be created via various OSs, such as macOS, Windows, Linux, Android.
Along with top security level and ease of use, Atomic wallet supports atomic swaps. The build-in exchange option allows you to exchange the supported coins directly on the Atomic Wallet platform, without moving to other cryptocurrency exchanges.
Atomic wallet has its own token which is an ERC-20 token.
PolkaWallet
This multi-coin wallet allows you to store PolkaDot or any other coin you want to invest in. Its intuitive and bright design will make you fall in love with the wallet.
It is the official product of PolkaDot, so you can stake your coins directly in the wallet and be paid for maintaining the system.
Offline signature allows you to isolate your PolkaWallet and sign transactions offline for a higher security level.
The wallet has a so-called social recovery option. It is rare in cryptocurrency wallets, so it might be especially interesting for you. If you have lost your credentials, you can recover them via the connected social relationship account.
Along with PolkaDot, the wallet supports more than 100 other cryptocurrencies.
Cobo Wallet
Cobo wallet is on the expensive side. With a price tag of about 480 USD, this wallet is among the most expensive hardware wallets in the market. This price tag comes with uncompromised security and a top usability level. The wallet uses QR codes for transactions and doesn’t connect to Bluetooth or WiFi.
Cobo wallet supports the majority of cryptocurrencies and tokens, including EOS and Tron tokens.
Cool Wallet Pro
It is a hardware wallet that supports PolkaDot staking. By keeping your coins there, you can benefit from staking rewards.
The wallet is of the size of a credit card which makes it comfortable to carry and use. It connects to Android and iOS devices via encrypted Bluetooth connection and the CooBitX app.
Cool Wallet complies with the top firmware security standards. It is protected by a Pincode and Fingerprints transaction confirmations on the app itself and supports an impressive number of functions that can be used within the wallet environment such as buying, selling, and exchanging cryptocurrency, depositing USDT to get profit, connecting to and using Dapps, participating in airdrops, and similar.
Summary
The PolkaDot project has been attracting a lot of attention recently. It offers a new solution to the problem of blockchain communication one with another and with external information sources. With blockchain technology further adoption, the PolkaDot price is going to grow. The project looks very promising in the long term. So, you might want to invest in it right away, without waiting until the DOT coin price skyrockets and becomes inaccessible.
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