What is the Tezos (XTZ) cryptocurrency coin?

Tezos, which is the world's first self-amending cryptocurrency platform backed by its own digital token XTZ. The company behind Tezos launched one of the largest initial coin offerings (ICO) in 2017 by raising more than $232 million worth of Bitcoin and Ethereum. Currently, Tezos has a market cap of over $1 billion and is one of the top 15 cryptocurrencies in the world. Tezos price stands at $1.19 as of April 26, 2019.

How does it work?

Tezos is a decentralized cryptocurrency that allows for verification through the use of nodes, similar to Bitcoin and Ethereum networks. However, unlike most cryptocurrencies, Tezos coins can be modified or updated by the community through a voting system.

Tezos introduces a formal process through which stakeholders can efficiently govern and coordinate towards reaching an agreement on proposals related to protocol upgrades and other significant changes to the network. Any stakeholder can submit suggestions for improvements and lead an effort to enact those changes by “baking” (mining) XTZ.

XTZ is the native token on the Tezos blockchain. On the Tezos network, users are allowed to transact XTZ coins and build dapps on top of their blockchain. Stakers who bake tokens will receive additional rewards for doing so.

How to buy XTZ coins?

Currently, there are no exchanges that allow XTZ trading in the US. However, you can purchase Bitcoin (BTC) or Ethereum (ETH) on Coinbase and then transfer them to one of these exchanges where you can trade your BTC or ETH for XTZ: Gate.io, HitBTC, CoinTiger, Gatecoin.

If you want to own XTZ in a secure wallet, you can download Tezos Wallet from the official website and set it up on your desktop or mobile device. The wallets currently available are Ledger Nano S and Qtum Core Wallet for Desktop. You will be asked to enter an email address and password before setting up your wallet.

What are the best Tezos (XTZ) wallets?

I think this is one of the most important questions to ask. I have used Tezos for a while now, and yet I have never lost anything on their network. It's not because I'm super tech-savvy or am very cautious but because of my extremely low Peters Principle which means that the wallet in use provides me with an easy way to backup my private keys.

I remember when I started trading crypto, one of the most frustrating things was that sending coins to the wrong address meant the loss of coins. I tried Ledger Nano S and Trezor wallets but these left me feeling that they were less than secure because I could not back up my private keys and if something happened to my wallet or I lost my recovery phase then I could lose all of my cryptos.

I am not asking this question because every crypto newbie asks, so what is the best wallet for Tezos? The reason why I'm asking is how many of us who use Tezos do not know if we are using the best wallet for this cryptocurrency? Here we are going to discuss some best cryptocurrency wallets that also support Tezos and other popular cryptocurrencies.

Coinbase (hot wallet)

If you are new to the cryptocurrency market you also must hear that Coinbase is the best crypto wallet ever until today (when I am writing the article). This wallet is being a prime wallet in the cryptocurrency market because of its easy interface and speedy transactions.

The easiest way to store your Tezos coins is still Coinbase. They are both a convenient and quick way to get started with cryptocurrencies. I personally use them every time I need to buy cryptocurrencies using my debit card, but their wallet doesn't allow you to have the functionality of backing up your private keys. The good thing about this is that your coins are stored in a way that you can easily access them.

Ledger Nano S (cold wallet)

There are a lot of hot wallets are available in the market like Coinbase, Binance, etc, but some cold wallets are leading this market Ledger Nano S is also one of them. Ledger Nano is offering two different hardware wallets these are Ledger Nano S and Ledger Nano X.

You need to make the move from using the hot wallet and start using a cold wallet like Ledger Nano S. You simply plug this little device into the USB port in your computer and approve transactions. It's pretty safe because you're the one who is authorizing transactions; private keys can't be sent over the internet, which makes it nearly impossible for hackers to steal them when using this wallet.

The only downside is that you need to sign up for their service (free) and purchase the hardware wallet.

XTZ Wallet (hot wallet)

Imagine that, a company has an official service, also there are some other third-party services available. Which one you will choose to get the service? An intelligent guy will go for official service. XTZ wallet is the official hot wallet that is offering by the authority of Tezos XTZ cryptocurrency coin.

This is the official Tezos Wallet here you can find it on Google Play Store and Apple iOS Store also.

There are lots of other options available for storing your XTZ coins, but I think these are the best wallets that you can use right now to store your funds safely.

Binance wallet

Binance is the most popular cryptocurrency exchange that offers Tezos wallet service to its users. You can use this service to store your XTZ coins safely and easily without any problem, all you need to do is just go to Binance's official website and register an account on it.

Now, you have successfully signed up for the Binance account on it you have to click on funds then Balances. And visit the Deposits & Withdrawals page there you can find various cryptocurrencies that are currently supported by Binance Exchange like BTC, ETH, Litecoin, XRP, and XTZ.

Now select Tezos Coin (XTZ) from the list because we want to send some stored XTZ Coins to Binance Wallet.

Then you have to click the deposit button, and it will generate a wallet address for your account where you can send coins that are currently in your wallet. And if you want to withdraw coins from any exchange then you must need this wallet address of that Blockchain company because only they are able to help us to withdraw coins.

So, you have to copy that wallet address and paste it into the deposit page of your Nano Ledger S hardware wallet. Then type the exact amount of your stored currency and click on submit button after that you can see a message “depositing successfully”.

KeepKey (Cold Wallet)

Now it’s time to store your Tezos Coins in the cold wallet. KeepKey is the most popular hardware wallet that supports many cryptocurrencies, it is just like Nano Ledger S Wallet they both are offering similar features for less money so I will suggest you purchase KeepKey Hardware Wallet because of their amazing features.

KeepKey has a very simple and easy setup process, and the device itself looks really nice.

This Cold Wallet does not store your private keys on KeepKey itself it only stores the seed words that you will use to recover access to your wallet if something happens to your device. If someone else gets access to your KeepKey device, they will not be able to steal any of the cryptocurrencies you have stored on it.

This Cold Wallet does not store your private keys on KeepKey itself it only stores the seed words that you will use to recover access to your wallet if something happens to your device. If someone else gets access to your KeepKey device, they will not be able to steal any of the cryptocurrencies you have stored on it. Multi-Currency Support: This is one of the most popular hardware wallets that are currently available for storing XTZ coins, and it also supports many other cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, etc.

Atomic wallet for XTZ crypto coin

Atomic wallet is another popular cryptocurrency storage system that has a dedicated Tezos Wallet on it. You can store your XTZ coins in the Atomic Wallet, and you will also get awesome features from this platform which I have already described below.

Regain Access to Your Crypto Coins: If you lose your KeepKey device, you will not be able to regain access to any of the cryptocurrencies stored in it. Atomic Wallet has a very different story, you just need your mnemonic phrase when you register for the wallet so that if something happens with your KeepKey device you can easily recover access to your wallet.

Atomic Wallet is still in Beta but they are offering XTZ coin storage on it so if you want to try this wallet for XTZ storage then signup now and store your coins on them.

Atomic Wallet has a very extensive list of popular cryptocurrencies like BTC, ETH, XLM, EOS, TRX ZCASH, etc. They are working hard to make their platform big enough to support all the popular cryptocurrencies.

Atomic Wallet is a web-based cryptocurrency storage platform that you can access from anywhere in the world. However, there are some device compatibility issues with it which I will discuss below. They have an Android and an iOS app but they don’t work properly because of some UI/UX problems. But on the positive side, Atomic Wallet has a desktop app for Windows and MAC OSX so if you don’t like web-based wallets then this is the right wallet for you.

Account freezing issue:

When I tried to set up my account on their web version then I found out that they have an account freezing feature on it with which you can freeze your account for 30 days, 60days, or 90days after which you will need support to unfreeze your account. But on their Android app, they don’t have the same feature so if you use Atomic Wallet on it then keep this thing in your mind that you can only access your wallet by using Google Authenticator, I think it is not a good thing for a cryptocurrency user.

Guarda wallet

Guarda is another popular wallet for storing XTZ coins, but it doesn’t support other popular cryptocurrencies like Bitcoin and Ethereum. However, the good thing about the Guarda wallet is that you can store your XTZ coins on it without any hassle.

Guarda Wallet also supports web-based cryptocurrency storage (similar to Atomic) so if you want to store your XTZ coins on their web then you can access your wallet from anywhere in the world.

Guarda is an HD Wallet that stores your private keys encrypted on it so even if someone gets access to your Guarda wallet they will not be able to steal your coins (don’t forget about Google Authenticator) but they can access your funds on it.

Guarda Wallet is completely free to use, but they might start charging fees in the future because of the increasing cost of Ethereum transactions. So if you want to store your XTZ coins long-term on this wallet then you should not worry about their pricing strategy.

Conclusion:

There are some cryptocurrency wallets that we discussed, in this volatile cryptocurrency market no one can give you the guarantee to use a wallet. We have tried our best to find out good Tezos XTZ wallets for visitors. We have discussed a few wallets but in this modern world, there are many other wallets also available to use. They are offering customers unbelievable lower transaction fees. You should keep one thing in your mind frauds will always come you to with unbelievable offers. Try to find out the best wallet by searching and making proper research on them. Good luck with your cryptocurrency journey.