Understanding some of the key characteristics of Multiwallet by Freewallet
The Cryptocurrency era which apparently was started In 2009 and reached its heights in the year 2017 has given birth to a number of other related domains and services. The cryptocurrency exchanges and wallet providing services are one of them. The cryptocurrency exchanges are used as a medium for the long term and short term investors in order to invest or have transactions in the cryptocurrency domain to make short or long term profits respectively.
The profits and losses made by these particular cryptocurrency exchanges need to be stored somewhere, this is where the wallet providing service comes into the picture. Wallet stores the private keys of a particular user safely. If the wallet is online it is known as a hot wallet and if it is offline it is known as a cold wallet. Traditionally the cold wallets are preferred over hot wallets because they provide protection against the scams and frauds which occur in the online Blockchain industry. A number of wallet providing companies have come forward but Freewallet is one of the most popular ones in the market. Recently it launched Multi wallet which covered a large spectrum of cryptocurrencies.
- Freewallet is an organization specialized in providing a user-friendly cryptocurrency wallet to its customers.
- The has dedicated wallets for more than 20 most popular cryptocurrencies. The apps are available for Android, iOS, and also a web interface is available.
- According to a survey connected by the company, almost 20% of its users used different wallets for their use. Hence the company took a decision to meet their requirements and created a multi-currency wallet named Multi wallet.
- Multi wallet supports Bitcoin ethereum and a total of 25 cryptocurrencies can be stored in one wallet itself.
- It provides free transactions with no transaction fee between the Multiwallet users.
- However, it comprises a set of 4 different transaction fee, for different Bitcoin transactions.
- Extensive security is provided to the funds stored on the wallet and also the security protocols are regularly updated to prevent any kind of losses to both of them.
- A multiwallet is studded with loads of new features. The Hot section displays the rapidly growing cryptocurrencies at that moment.
- It was also aimed at providing a service to the customers who were keen in maintaining their portfolios at one place.
- It provides a seamless interface with simple yet effective insights about some of the popular cryptocurrencies without diving into the technical complexities.
- Their apps are so intuitive that they have managed to gain the top positions in the Google Play store.
- They even provide with a wallet to organize a token portfolio named Token Wallet.
- A lite version is also available namely Freewallet lite.
- In December 2017, a bug was found in the Multiwallet app in transacting the NEM tokens and was regarded as a fraud.
- There were even speculations that they redirected all the transactions to their personal wallet.
Any cryptocurrency exchange or a Wallet providing company cannot be trusted due to the fact that it is centralized in nature. The whole power is vested with one single entity and hence is highly vulnerable to attacks from the hackers. The best way to store the cryptocurrency coins is in the firm id cold storage in devices like pen drives.
Freewallet is one of the best and well-known cryptocurrency wallet providers but the only drawback is that they hold all the private keys. Thus can be considered good or bad from the users perspective. If the users take the whole responsibility of his coins then this service is not good for him. On the other hand, if the users prefer the company to be responsible for his coins then this is undoubtedly a good initiative.
Some of the experts in the field even believe that this is a 100% scam, despite its popularity and huge customer base. It was also the pioneer in developing a dedicated Wallet for a number of cryptocurrencies.