Proper storage of digital assets is a very important issue for every trader. Today we will analyze one of its decisions, namely, the multicurrency wallet Jaxx. How to register in the service, and what are its strengths and weaknesses?
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- History of the wallet‘s creation
- What coins can be stored in Jaxx?
- How to get your own wallet?
The start of the project can be considered 2013, it is when Decentral company has a subsidiary that receives the name Jaxx. The developers had been working hard with the product for more than two years, and only in the first quarter of 2016 the first beta version of the application was launched. And from that moment the project began to gain popularity all over the world, as one of the most convenient solutions on the market.
It should be noted that at the very beginning the wallet supported only a few cryptocurrencies and, as the project developed, this list grew. At the moment (August 2018), the official Jaxx wallet supports 65 different coins and tokens. There are absolutely all popular cryptocurrencies in the list, as well as many less common coins (Cofoindit, Maecenas, Storm and Swarm, Sonm, Wax, Viberate, Ten X, Basic Attention Token, iExec, etc.).
It is absolutely not difficult to create a new wallet in the service and any average user can cope with this. To begin with, Jaxx is a cross-platform solution and can be installed both on a computer and on a smartphone (MacOs, Windows, Linux, iOS, Android). If you want to use the desktop version, it is strongly recommended to download the installation file only from the official website of the project. To download to your smartphone, you can use the Play Market or the App Store.
When you first start, you will need to review the user agreement and other standard information. After that the program will offer two options:
- to create a new wallet;
- to restore the existing one.
You can create a new wallet in two ways:
The first method involves setting the majority of the default settings; in fairness it should be noted that in the future they can be edited. If you choose a full variant of creating a new wallet, then all the parameters can be set initially.
The next very important point is a security issue, so that not to kick yourself, at the registration you must immediately do the following:
- copy the recovery phrase to an external medium (or better to several);
- put the protection of the entrance with a pin-code;
- make a backup copy.
After that, you will only have to choose the necessary coins from the offered list.
Many users call Jaxx the best wallet for cryptocurrencies in the market as it has a fairly large list of strengths. Let’s talk about them:
- Simultaneous use on different devices (laptop, smartphone, tablet, etc.).
- Fast technical support, which responds to users’ requests quite quickly, usually in a couple of hours.
- User-oriented interface in which all controls are in place.
- Ability to recover data with the generated phrase (consists of 12 words).
- The data backup function is located directly inside the interface.
- Increased safety. It is worth noting that private information (keys and codes) are not on the server, but on the user’s hard drive. Of course, Jaxx cannot be called a full-fledged cold multicurrency store, but the security level of this wallet is quite high.
- Ability to install additional protection (PIN-code).
Unfortunately, there is no ideal product, which would not have any flaws. Let’s look at the weaknesses of the cryptocurrency wallet Jaxx:
- High commission fees for currency exchange inside the wallet. In the application you can exchange coins, it is certainly convenient, but it is more expensive than using third-party services.
- Transaction hanging. This bug is traced only when transferring little-known tokens. There are times when money from one wallet leaves, and does not reach addressee. In fairness, it’s worth noting that when you contact support, in 99% of cases the funds are returned, but it’s still a pretty unpleasant moment, which is better to know in advance.
- Slow solution of contentious issues. Although the agents of technical support respond quickly, but sometimes, the solution to the problem can drag on not for one week.
Jaxx is a very popular wallet in the cryptocurrency community. It has a lot of advantages, but it is not devoid of shortcomings. At the moment it supports 65 coins, it can be used on different devices simultaneously. It has an increased level of security, and also has a fairly convenient interface. If the developers solve the problem with suspending transactions of lesser known coins and can achieve a more rapid solution of problems, then Jaxx can be called an almost ideal cryptocurrency wallet.
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