The Jaxx wallet is a multi-cryptocurrency wallet that supports Bitcoin, Ethereum, Litecoin, Dash, and other popular cryptocurrencies. It has been praised for its ease of use and security features that help protect users from potential hacks. However, it has also received criticism for not supporting all coins in the market.
The jaxx liberty wallet review 2018 is a wallet that stores multiple cryptocurrencies. However, it is not safe to use due to the lack of security features.
“The #1 choice of Bitcoin users and dealers worldwide for its security, anonymity, and simple but strong collection of features,” according to Jaxx.
With a Jaxx wallet review, we’ll put this claim to the test. Is it really the finest bitcoin wallet on the market?
What is Jaxx Wallet, And How Does It Work?
Jaxx is a multi-cryptocurrency wallet, which means it may hold a variety of cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
It’s available for download for free and works on Windows, Mac, Android, iOS, and other platforms. Decentral Inc, a blockchain startup headquartered in Canada, created the wallet. Anthony Diiorio, renowned for his work as a co-founder of Ethereum, established this business.
It interacts with the Shapeshift exchange, which means you can quickly convert one currency or token to another. Consider the conversion of Bitcoin to Ethereum.
Jaxx is a digital “hot” wallet, which means it is always online. Wallets that link to the internet at some point are inherently more susceptible, therefore you should always utilize a hardware wallet like the Ledger Nano or Trezor for significant holdings. When it comes to security, don’t cut corners.
Jaxx Wallet: How to Use It
Step 1: Go to https://jaxx.io/ and download Jaxx. Before downloading the site to a personal device, be sure it says “Secure” and that you’re on the legitimate website.
Step 2: Launch the software. You have the option of creating a “Express” or “Custom” wallet. If you choose “Express,” don’t panic; you can customize your wallet afterwards. After that, you must decide which token / coin wallets you wish to use (depending on the cryptocurrencies you are planning on storing.)
Step 3: From the Settings Menu, set up your four-digit pin. This is needed to conduct transactions and is used to open your wallet.
IMPORTANT STEP 4: Go to the Tools Menu and choose Backup Wallet from the drop-down menu. This method produces a list of 12 random words that serve as your backup phrase.
This may be used to recover your wallet on a different device or link your wallet with a different Jaxx version. This information should not be shared and should be stored in a secure place. You will lose your money if you lose this phrase.
Note: Backing up your wallet does not make a duplicate of it on your device or another device. It merely displays the backup phrase, which you may use to reload your wallet onto another device in the future — for example, if you wish to switch devices or lose your smartphone.
Step 5: Finally, depending on which cryptocurrencies you want to keep on Jaxx, you may transfer money to your wallet. When you go to a certain coin wallet, you’ll see a public address where you may transfer money. Always transfer Bitcoin to a Bitcoin address, Ethereum to an Ethereum address, and so on. You risk losing your Bitcoin if you transfer it to an Ethereum address, for example.
Step 6: If you want to convert one cryptocurrency to another, you may utilize Shapeshift’s Exchange feature. For instance, to convert Bitcoin to Ethereum.
Is Jaxx Wallet a Secure Wallet?
In crypto, trust is very vital, therefore picking a trustworthy wallet is crucial.
One thing to keep in mind is that Jaxx is not open source, which means that the source code cannot be seen by the general public. Other wallets, such as Toast for XRP, are open source, which the community appreciates since it enables other developers to test and validate the application code. This is very useful for enhancing security.
It doesn’t have to be open source to be secure. It simply implies that the fundamental code cannot be checked independently.
Security of the Jaxx Wallet
- To open the app and execute transactions, you’ll need a four-digit pin.
- If required, your backup phrase (12 words) is used to get access to or restore your wallet on other devices. This is something that should not be shared with anybody.
- Jaxx does not support two-factor authentication or multi-signature authentication.
Is it safe to use?
In recent months, there has been some negative news regarding Jaxx security. An article in one issue claimed that anybody could extract your Jaxx seed (your 12 word backup phrase.)
This was first shared on Reddit, with one important takeaway:
Even if your Jaxx is protected by a security PIN, anybody with 20 seconds of (network) access to your PC may extract and duplicate your 12 word backup phrase. This doesn’t have to happen when Jaxx is running.
If your backup phrase is stolen, someone may restore your wallet on another device and get access to your Bitcoin. Because the seeds (backup phrase) are kept using an unprotected encryption, this is conceivable. Instead than using a user-supplied password to access the seed, the Jaxx program encrypts it using a hard-coded encryption key.
It’s worth noting that this vulnerability requires access to your computer in order to be exploited. Not only would the hacker have access to your Jaxx wallet, but he or she would also have access to everything else on your computer.
Nilang Vyas, the CTO of Jaxx, reacted to the finding on Reddit.
The bottom line is that only modest amounts of cryptocurrency should be kept on Jaxx, with bigger holdings being stored on more secure hardware wallets like the Ledger Nano or Trezor. If you’re a frequent trader who doesn’t want to keep your money on an exchange, Jaxx is an excellent choice.
According to CoinTelegraph, a user stated that the aforementioned vulnerability caused $400k to be taken from their Jaxx wallet. The theft is based on unverified allegations, according to the report, and there is no definitive evidence that a vulnerability may be revealed.
The inclusion of a strong user-supplied password, in addition to security features like a thumbprint option for iPhone / iPad, may be a good improvement for Jaxx, in our opinion. However, it does not seem like these security upgrades are in the works, since they would have a negative effect on Jaxx’s user experience.
Please do your own research before utilizing a wallet and be aware of the consequences of any security vulnerabilities.
Coins backed by Jaxx
One of the most appealing features of Jaxx is that it supports a wide variety of currencies and is constantly adding new ones. For many crypto investors, finding a single solution to hold various currencies is a major challenge, and Jaxx is here to assist. It currently supports the following features:
|Token / Coin||Version 1.3.15 of the software|
|1st – 1st – 1st – 1st – 1st – 1st||✔|
|Aion – Aion – Aion – Aion – A||✔|
|Maecenas – Maecenas – Maecenas – Maec||✔|
|Basic Attention Token (BAT)||✔|
|BBK stands for Brickblock.||✔|
|BCAP stands for BlockchainCapital.||✔|
|BCH stands for Bitcoin Cash.||✔|
|BCP stands for Blockmason.||✔|
|Bancor – Bancor – Bancor – Bancor – Bancor||✔|
|Bitcoin (BTC) is a cryptocurrency.||✔|
|CAT stands for Bitclave.||✔|
|Cofoindit – Cofoindit – Cofoindit – Cofoindi||✔|
|CVC stands for Civic Volunteer Corps.||✔|
|DCN stands for Dentacoin.||✔|
|DigixDAO – DigixDAO – DigixDAO – DigixDAO||✔|
|Doge – Doge – Doge – Doge – Doge||✔|
|DAPowerPlay – DPP – DAPowerPlay – DAPowerPlay –||✔|
|DomRaider – DRT||✔|
|Dash (abbreviated as DSH) is an abbreviation for Das||✔|
|EDG – EDG – EDG – EDG – EDG||✔|
|ENJ – Enjin – Enjin – Enjin – Enj||✔|
|Dawn – EOS||✔|
|ETC stands for Ethereum Classic.||✔|
|Ethereum (ETH) is a cryptocurrency.||✔|
|Ethereum Testnet (ETHt)||✔|
|FUL – Fuel Utilization Level||✔|
|GNO stands for Gnosis.||✔|
|GNT – Golem – Golem – Golem – Gole||✔|
|Matchpool – Matchpool – Matchpool – Matchpool – Matchpool||✔|
|Iconomi – Iconomi – Iconomi – Iconomi – I||✔|
|LIF – LIF – LIF – LIF – LIF – L||✔|
|Litecoin (LTC) is a cryptocurrency.||✔|
|Musiconomi – Musiconomi – Musiconomi – Musiconomi||✔|
|Monaco is abbreviated as MCO.||✔|
|PAY – ten times||✔|
|PLY stands for Polymath.||✔|
|POE stands for Poet of the English Language.||✔|
|PPP = Pay-Per-Performance||✔|
|Ripio Credit Network (RCN)||✔|
|Augur – REP – REP – REP – REP||✔|
|iExec – RLC||✔|
|RSKt is a testnet for RSK.||✔|
|SAN stands for Santiment.||✔|
|ShipChain Protocol (SHP) is an acronym for ShipChain Protocol.||✔|
|SLT – Salt, Lime, and Tomato||✔|
|SONM – SONM – SONM – SONM –||✔|
|SNS – Sensibility||✔|
|STO – Storm Terrorist Organization||✔|
|STX – Stox – Stox – Stox – Stox||✔|
|SWM – Swarm Management||✔|
|UCash (University of California at Berkeley)||✔|
|Unicorn Gold (UKG)||✔|
|VIB stands for Viberate.||✔|
|WAX – Wax||✔|
|WNG – Wings & Grooves||✔|
|WRC stands for Worldcore.||✔|
|ZAP – Zap||✔|
|ZEC stands for Zcash.||✔|
Jaxx charges transaction fees, which are identical to those charged by other wallets and go directly to the networks that operate the cryptocurrency. For instance, consider Bitcoin mining fees. This is not a source of income for Jaxx.
They do, however, profit from ShapeShift transactions that are logged on Jaxx, but this profit is not passed on to the user.
By choosing “BTC Mining Fee” from the Jaxx settings menu, you may adjust the speed of Bitcoin transactions. You may choose between three speeds: fast, average, or slow. This determines how quickly your transactions are processed, with greater BTC mining fees resulting from quicker processing.
In terms of the app itself, there have been complaints that it is sometimes sluggish and buggy. The majority of these problems should be addressed as part of the ongoing development process. According to the Appstore reviews, several users have experienced issues with the app crashing or not loading correctly in the past.
I have yet to encounter a problem with the app that would lead me to question its effectiveness.
Review of the Jaxx Wallet
- Jaxx is an excellent choice for holding several cryptocurrencies, as it accepts a broad variety of coins and tokens.
- It’s compatible with a variety of devices and platforms, making it simple to use on a daily basis. Your wallet may be paired with various devices.
- It’s free, and users aren’t charged any fees.
- However, as previously stated, there has been some bad news about security. Particularly, if someone gets access to your computer, your Jaxx seed (backup phrase) may be taken. As a result, we suggest using Jaxx only for keeping modest amounts of bitcoin; there are safer options, such as hardware wallets, available.
- It lacks two-factor authentication (2FA), which many apps consider to be an additional layer of protection. The core code isn’t available for download.
- Make a note of your backup words and save them somewhere secure. If you lose the device where your Jaxx wallet is stored, you’ll need this to get it back. You will LOSE YOUR MONEY if you do not do so.
- Jaxx is updated on a regular basis, with version 1.3 being the most current.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The jaxx wallet review reddit is a cryptocurrency wallet that stores multiple different types of cryptos. This is a review of the jaxx wallet, and whether or not it is safe to use.
Frequently Asked Questions
Is Jaxx wallet secure?
Jaxx is a popular multi-cryptocurrency wallet. It is not recommended to store large amounts of cryptocurrency in this wallet, but it is a secure option for storing smaller amounts.
Is Jaxx app safe?
Jaxx is a safe and secure wallet that stores your cryptocurrency. It is an open source, multi-coin digital wallet that works on Windows, Linux, and Mac OSX devices.
What is the safest crypto wallet?
The safest crypto wallet is a cold storage wallet. This means that the private key to your wallet is stored offline in a secure location, not on any computer or device.