Today we are going to introduce the multi-currency crypto wallet called Jaxx. This wallet’s user interface is attractive and friendly. That is one of the factors contributing to the growing popularity of this wallet service. Even those who have never used cryptocurrencies before can easily understand how to manage their assets with this wallet.
What Is A Jaxx Wallet?
More than eighty different digital currencies can be used with Jaxx Wallet, a digital currency wallet. Ethereum co-founder Anthony Di Iorio developed the wallet in 2014. It is well known for its user-friendly interface, which makes it simple to navigate and switch between all of a user’s different stored currencies. The use of Jaxx Wallet on various devices is also seamless. Other features are included in Jaxx Wallet. Users can buy and sell any of the compatible currencies using some features provided by third parties.
Pros & Cons Of Jaxx Wallet
Pros
- Decentralized platform
- Up to date blockchain news available on app
- 80+ crypto assets supported within the app
- 12-word recovery phrase in case of lost or stolen device
- Good functionality
Cons
- Must already own crypto assets to use wallet
- Not regulated
- Cannot make cryptocurrency purchases within wallet
- No 2FA
How Does Jaxx Wallet Work?
It is simple to use this wallet. Registration is not necessary, as was already stated. From the official website, the desktop wallet app can be downloaded and set up in a flash. Finding the mobile version on Google Play and the App Store is not difficult. In order to participate in the rewards program, the user may create a username and supply an email address; however, for all other purposes, the user may remain anonymous.
One can use the wallet right away after installing it (all the tabs are described above). Probably taking care of security should be done first. One can enter a 12-word backup phrase on the Home page. To accomplish this, one must click the “Your Jaxx Liberty is not backed up!” section in the upper left part of the wallet window. Finally, the phrase creation will begin after the user has checked the box indicating that nobody is watching. Word-by-word selection of the backup phrase’s words will be required from the user. From the wallet’s 4 word options, one is selected for each word. Setting a PIN and generating a password are additional security options. It is strongly advised to activate both methods.
The set of wallets can then be customized. Out of a total of 83 supported currencies, there are only 12 wallets by default. The user can add wallets for other currencies by clicking the Customize button in the upper left corner of the Home page window. The Wallets tab should be selected after adding the wallet. The newly created wallet needs to be initialized; it is not yet ready. The “click to initialize” button is located to the right of the currency name. All it takes is a single click to initialize the wallet.
How Do I Set Up The Jaxx Wallet?
You already know that Jaxx can be installed on the majority of device types if you’ve read this Jaxx blockchain wallet review up to this point. The installation procedure is the same for all device types, so I’ll demonstrate how to set it up using the desktop wallet now.
1. In the beginning, you must go to the official Jaxx website and download the appropriate file for your device type.
2. Jaxx will give you a “checksum” prior to the start of your download. By comparing the downloaded file’s checksum to the checksum provided during installation, you can use this to confirm that the file is authentic.
3. Considering that the download file is about 65mb in size, it might take some time, depending on your internet speed. Click the.EXE file when the download is complete.
4. Immediately after this, Jaxx will extract the required files to your device.
5. You will see the following platform after installing the Jaxx blockchain wallet. You will by default see information about your Bitcoin wallet on your screen. Your personal wallet’s address, balance, equivalent in US dollars, and QR code are all included here.
6. More than 90 different coins can be stored in the Jaxx wallet. Let’s learn how to check a different cryptocurrency, Civic (CVC), and then.
7. In the top right corner of your wallet, click the menu icon.
8. Identify the cryptocurrency you want to check by scrolling down and looking for it. Civic (CVC) is not checked, as you can see, so I must do so.
9. Click on the tiny right-pointing arrow at the top of the wallet to continue.
10. The desired cryptocurrency should eventually appear if you keep clicking the arrow. Click it once you’ve done that.
11. As shown in the screenshot below, you can now see all of the necessary details for your preferred coin.
Jaxx Wallet Review: Is It Reliable?
In order to protect its users, the Jaxx Wallet has a wide range of security measures and tools. User information is not collected personally. By doing this, the potential for sensitive data breaches is eliminated. The person using the Jaxx Wallet must create a private, secret key. The user will only have access to their money through this private key. It won’t contain any information regarding this key. Only the user’s native device can store it.
The issue is that if for some reason the user is locked out of their device or the device is damaged, they would never again be able to access their Jaxx Wallet assets. Jaxx Wallet advises users to make a backup seed password that can be used in the event that they lose access to their device to restore the wallet’s secret key.
Basically, they depend on passwords and 4-digit PINs as security measures. A PIN code and a strong password can protect accounts from hackers, but knowledgeable hackers could theoretically defeat such a security.
The backup password is a 12-word long, secure phrase that was generated using a BIP39 library that is accepted throughout the industry. The user will never perform a new assessment of their digital assets if they lose their secret key and backup password.
Users can completely trust the security of the Jaxx Wallet as long as they keep their secret key a secret and use a backup password. The Jaxx Wallet’s core data is encrypted using bank-grade security measures. It does not make use of two-factor authentication.
Summary
The Jaxx wallet is unquestionably a software wallet to take into account. The wallet is extremely compatible and is supported across a wide range of platforms. In addition, Jaxx offers support for a large number of cryptocurrencies and is constantly adding new ones. With a great user interface, the wallet also makes in-app trading easier. The Jaxx wallet is extremely secure and has a solid reputation. However, the wallet is deficient in a few security features, including multi-signature support and two-factor authentication. The Jaxx wallet, however, is a fantastic option for a software wallet if the user is cautious.