Understanding Crypto Wallets Available in Philippines

Before we understand the cryptocurrency in context of Philippines we need to understand the concept of cryptocurrency wallets. As we know that everybody needs a wallet to store any type of currency whether it is traditional currency, electronic or virtual currency as bitcoin and altcoins. When we talk about a cryptocurrency wallet then first thing comes into our mind that what exactly it is and how it stores the crypto into it.

What is Cryptocurrency wallet?

In simple words a cryptocurrency wallet is just a software which gives you a unique address where you can store your cryptocurrency, you can receive and send coins using it. In cryptography is the root technology that is used to encrypt every the address and private key associated to every wallet.

So if you want to hold some bitcoins/ether/xrp or any other cryptocurrency you must have a cryptocurrency wallet.

Private and Public Addresses

There are two important things associated with every wallet, public address and private key. A pubic address is a unique address that represents the wallet and it remains visible and available to all to send the bitcoin or any altcoin.

On other hand a private key is visible and available only to the owner of the wallet. It is only the owner of the wallet who can access the wallet to send or transfer any bitcoin outside the wallet using this private key only. If you know the private key of any wallet then you are the owner of that wallet. In effect this is what the hackers do, they just steal your private key and transfer the cryptocurrency from that wallet to their own wallet address.

What are the best Crypto wallets available in Philippines?

There are following three types of wallets that you can use in Philippines:

  1. Online Wallets
  2. Desktop Wallets
  3. Hardware Wallets

Online Wallets

Online Wallets are also called Hot Wallets. These wallets as the name suggests, are accessed online using browser or mobile app. Only drawback is that you are not aware of the private key of your wallet as most of the exchanges manage it on user’s behalf.

Best Online Wallets Philippines

Wallet NameSupported CoinsDescription
Coins.phBitcoin, ethereum, Bitcoin cash, PhpPH-based with Mobile App
Bitbit.cashBitcoin, PhpPH-based with Mobile App
MyetherwalletETH, Ethereum-based coinsYou can control private key for the wallet
Blockchain.infobitcoinPrivate keys are encrypted with your password and provides mobile wallet
LitevaultlitecoinYour wallet’s private keys are encrypted and password protected
Coinbasebitcoin, bitcoin cash, litecoin, ethereum,Private keys are encrypted with password and comes with trading exchange platform but not available in Philippines
MyceliumbitcoinPrivate keys are encrypted and password protected
Abrabitcoin, ether + 25 other cryptocurrenciesComes with access to your private keys via recovery phrases

Desktop Wallets

Desktop wallets are the wallets those are stored and installed on your local computer. Ultimately you are the owner of the wallet and private key. It becomes very easy to transfer coins from one form of crypto to another using any integration software e.g. Shapeshift

Desktop Wallet Philippines

Wallet Name Supported Coins Description
Exodus Bitcoin, Dash, OMG, Bitcoin Cash, Ether, Ethereum Classic, Etc With Mac OS/Linux versions. You control your private keys and comes Shapeshift integration.
Electrum Wallet Bitcoin You control your private keys
Bitcoin Core Client Bitcoin It is the original client, downloads the blockchain and you are the owner of the  private keys

Hardware Wallets

Hardware wallets are the most secure way to store bitcoin or any other crypto offline. The important thing is that your private keys are kept offline and not available on internet, so no worries related to hacking and stealing of your coins.

Following is the list of available hardware wallets

Best Hardware Wallets in Philippines

Wallet Name Supported Coins Description
Ledger Wallet Bitcoin, Ether, Litecoin, Ripple, Bitcoin Cash You are the owner and controller of Private Keys. It can be connected/integrated with other wallets
Trezor Wallet Bitcoin, Litecoin, Ether, Ethereum Classic, Dogecoin, Dash, Zcash You control your private keys. Also, if you have Loyal Coin and other NEM mosaics, Trezor can keep them.
Keepkey Wallet Bitcoin, Litecoin, Dogecoin, Dash, Ether You control your private keys

Paper Wallets

paper wallet is a way to store bitcoins offline. In paper wallet we just print the bitcoin address and private key onto paper, plastic or metal. Paper wallet is not considered as the safe way to storing the private keys for bitcoins.

Best Cryptocurrency Wallet for Altcoins

When we talk about cryptocurrencies then for most of the people bitcoin and Ether are there only there. There are many wallets and options available for bitcoin, but when we talk about the altcoins then there are limited choices.

We have a lot of choices when it comes to bitcoin and ether. But for the majority of altcoins, you will be hard-pressed to look for one other than the official ones on the altcoin’s website.

Best wallet for ethereum in the Philippines

  1. You can buy it using CEX.io through credit or debit card.
  2. Coins.ph
  3. Abra
  4. Binance
  5. Quoinex

Following are some of the wallets supported in Philippines

  1. Cardano Wallets
  2. Wallets for litecoin
  3. Wallets for Dash
  4. EOS Wallets
  5. Ethereum Classic Wallets
  6. NANO Wallets
  7. IOTA Wallets
  8. Lisk Wallets
  9. The best wallets for Ripple (Coins.ph)
  10. NEM Wallets
  11. NEO Wallets
  12. OmiseGO Wallets
  13. Qtum Wallets
  14. Stellar Lumens Wallets
  15. Tron Wallets
  16. Vechain Wallets
  17. Verge Wallets
  18. Zcash Wallets

How to keep secure your Cryptocurrency Wallets

It is very important to keep the crypto wallet secure to protect the coins it holds. Below are some precautions that one must keep in mind and follow:

  1. Always use password protected wallet.  Keep your password at safe place and follow the password creations policies.
  2. Never share your private keys to someone else.  You are also advised to not to store it in plain text file, as virus can corrupt it.
  3. You can take a printed copy of the private keys associated with your wallet.
  4. If you want to secure it with Hardware Wallet then go with most trusted wallet, Trezor and keep it at some safe place

Image Credit: shutterstock

Disclaimer: We do not encourage or suggest anybody to invest in Cryptocurrencies, please do your own full research and follow the law/rules as per your country standard.

You can share this post!

Author: Manoj Raturi

I am a Blockchain Technology enthusiast and love to read and write about it.

Leave a Reply

Your email address will not be published. Required fields are marked *