Digibyte is one of the most established cryptocurrencies starting back in 2014. Having been around for what is a long time in cryptocurrency world is a very long time there are a large number of wallets available for Digibyte, in this article we review what are the officially supported wallets to send receive and keep your Digibyte coins DGB safe.
What is Digibyte?
Before we dive into the Digibyte wallets review let’s look at a quick reminder of what Digibyte is. Digibyte is a payment focused coin based on the UTXO blockchain the same type used by Bitcoin. It’s similarities to bitcoin again explains the large choice of wallets available. Key features of a blockchain include:
Mining algorithm – Five different mining algorithms to prevent one dominant player owning the mining process and making the coin less decentralized
Global Decentralization – The DigiByte blockchain is spread over a 200,000 plus nodes
Block time – A block is mined every 15 seconds making this practical as a payment system since transfers will be almost immediate. Digibyte currently has 40 times the transactions per second (TPS) of Bitcoin
Difficulty adjustment – Real-time difficulty adjustment to respond instantly to any changes in the network
Best digibyte wallet
The table below shows all the available and officially supported wallets for Digibyte, as you can see there is no lack of choice, in the next section we will be looking at each wallet in turn to help you choose the best Digibyte wallet for your needs. To find wallets for any other crypto assets you own you can use the wallet search tool.
Hardware wallet offer the ultimate in security, being a dedicated hardware device for the purpose of storing your cryptocurrency. They allow the cold storage of your private keys, meaning that they are never revealed outside the device and are therefore never accessible from the internet. Hardware wallets offer support for multiple cryptocurrencies, meaning that you can store a number of your crypto assets in a single place but, there is of course a cost associated with them.
A hardware wallet would be a good investment for anyone serious about keeping their DGB safe. A common strategy is to keep larger holdings in hardware wallets reserving desktop and mobile wallets for small amounts to make quick transactions and trades with.
Digibyte is supported by two of the best known hardware wallet on the market:
Ledger Nano S
The Ledger Nano S is well trusted in the crypto community and has an excellent reputation for security and ease of use. Some examples of the inbuilt security features are a pin to unlock the device, a password required for the Ledger Live software used to manage the device, regular firmware updates and the private key held within the device and never revealed externally. It is also possible to backup your device using seed words so that if it is ever lost or damaged you can recover your funds.
The device supports multiple crypto assets, so you can use it for storing other coins alongside DGB. the device is managed using a single piece of software called Ledger Live, you install this to your desktop computer and it allows you to keep the device up to date with firmware and add support for additional crypto assets plus of course act as a wallet to send and receive funds.
An excellent all rounder providing high level security, good ease of use and a wide range of supported assets.
Trezor is again a long established player in the cryptocurrency wallets market having been launched in 2014, the same year as Digibyte. Trezor is a hardware wallet that acts as cold storage i.e. your key is never revealed to be outside world, this makes it secure to use on a computer that is connected to the internet and may even have vulnerabilities.
In terms of form factor of the device is small and would fit into the palm of your hand, it is a USB device and would connect via a cable to your computer. It is possible to backup the Trezor using seed words, which means you will be able to recover your funds should the device be lost or damaged.
An inbuilt screen allows you to confirm transactions have been sent to the intended recipients and no kind of manipulation is taking place on your computer with malware to redirect your funds.
Mobile wallets offer the ultimate in terms of convenience and flexibility, but this is a course at the risk of increased security exposure. Your mobile device will be connected to the internet and multiple networks plus could easily be lost or stolen, on this basis mobile wallets are useful for storing small amounts of cryptocurrency
Coinonomi is one of the best-known mobile wallets, it supports a large number of crypto assets so you can manage multiple coins and tokens from a single place. Even for new users the interface is easy to understand and logical. Being a mobile wallet makes it ideal for quick spends and trades of your coins plus as a bonus it is free.
Digibyte mobile wallet
Digibyte produce an official mobile wallet that is available for both Android and IOS Systems. The wallet is free and easy to install however it only supports the Digibyte coin and offers no additional functionality over the other wallets discussed with broader support.
There’s also a desktop wallet available for digibyte, this is suitable for Linux Mac and Windows systems. The install is an easy wizard that you just follow through.
One element to be aware of is that the wallet downloads a full copy of the blockchain, 13GB at the time of writing! The screen shot below shows an initial sync in progress, only 2 years worth of data to go.
The only supported coin is Digibyte, to send you just click on the send tab
To receive, you guessed the receive tab
The wallet is basic compared to some other but it does what it says on the tine.