Secure storage of cryptocurrency is an important issue in the modern cryptoindustry, where finding a reliable and convenient resource is problematic. There are dozens of purses, but you can choose the right one only after examining in detail the advantages and disadvantages of each. Unfortunately, there is no optimal one in all parameters. Today, we will consider one of the rather controversial cryptotographs, which is nonetheless popular with thousands of users – the Jaxx cryptocurrency wallet.
Ancestor Jaxx is a Canadian company Decentral, registered in Toronto. Its founder is one of the co-founders of Ethereum, and the company is positioned as a decentralized cryptocurrency business project.
For several years, the development has been carried out, the results of which were periodically observed by users. The launch of the beta version of the Jaxx multi-currency cross-platform wallet was announced in early 2016. Since then, the wallet has become known to the masses, including users of the CIS.
ShapeShift is also integrated into Jaxx – a special service for wallets and other applications from the eponymous exchange that allows you to exchange cryptocurrencies inside the wallet.
For example, if funds were received in Zcash and the wallet owner prefers to keep cryptocurrencies in Bitcoins, then he will be forced to withdraw them from the usual wallet, start cryptocurrency on some kind of stock exchange, exchange there, withdraw from the exchange and put in the wallet. He can exchange them in wallets with ShapeShift without going anywhere.
It begins with the download of the installation file or application. The application can be accessed via Google Play or the App Store and the desktop version is strongly recommended to take only from the official site. The developers warn that they are not responsible for the results of using Jaxx wallets downloaded from other sources.
After launching the installation file, a window will open with a description of the innovations, then with a user agreement. It describes what new features have appeared, what flaws have been fixed and what to expect from the wallet and developers.
Creating a new wallet can be quick (Express) or full (Custom). “Custom” involves setting up security and other details in the process of creating a wallet. Express installation leaves the values of all default parameters afterwards they can be changed.
The developers do not advise ignore the security settings, even when choosing express installation. Therefore, either at the stage of creating a wallet or immediately after entering, it will be reasonable to perform three actions.
At the final stage of creating the wallet, you will need to select from the list of currencies that are supposed to be used and wallets for them. For each currency a wallet is created with a separate address. The address can be seen in the wallet itself after entering it by clicking on the corresponding currency in the control panel.
A reliable wallet is a service that stores, protects, does not delay and does not lose the user’s money when performing any operations. If Jaxx is more or less coping with the storage and protection, then the indicators on delays and sometimes losses of money are not ideal for him.
For two years of active use of the Jaxx cryptocurrency wallet, users periodically complained about problems with the transfer and especially the withdrawal of certain currencies.
As a rule, leading cryptocurrencies like Bitcoin and Ethereum worked well and less popular ones – Zetkash, DAO and others – “hung up” and they could not be sent not only from the second, but even from the tenth attempt.
Moreover, sometimes the money went, but did not come to the recipient’s address. For the sake of justice, technical support of the tool was returned to users, but not in a matter of hours. Now the problem can not be called until the end of the solution. Unpopular currencies still sometimes hang.
On the one hand, the use of an internal exchange is convenient and eliminates the risk of freezes during multiple inputs from the wallet to the wallet and from exchanges to the exchange.
On the other hand, sometimes it is simply more profitable to withdraw and exchange coins on a third-party exchange. The Jaxx commissions are different in different cases, but always rather big. So before you start using the exchange, you should study the exchange conditions of the selected cryptocurrencies in advance.
These pieces are quite reliable and do not indicate that there is something in the hidden parts of the code that you should be wary of. Nevertheless, the likelihood that some sort of vulnerability or other unsightly part of the code is hidden remains.
It is also impossible to say that technical support, despite prompt responses, promptly fixes problems. For example, problems with the withdrawal of a particular currency can drag on for weeks.
The logical question arises from the use of a Jaxx cryptocurrency, should wallet be abandoned? A large number of its adherents around the world is a proof of this.
The fact is that a good alternative is not easy to find. Virtually all existing wallets have problems and often far more significant than those listed above.
During its existence, individual vulnerabilities were detected, users’ wallets were periodically subjected to hacking (by the way, this was more often the user’s fault), but no one had yet been able to crack the wallet – just like stealing a substantial amount of money belonging to many users.
Perhaps Jaxx is not a good option for those who often withdraw unpopular currencies. On the other hand, the withdrawal of unpopular currencies leaves much to be desired in many places and Jaxx sooner or later solves problems.
As for security Jaxx can hardly be called ultra-secure and completely safe from the user side. If the developers have paid attention to the security issue on their side, then the virus programs will be able to intercept the pin code or get a mnemonic phrase without much difficulty on the computer and on the smartphone.
Summarizing, we can say that Jaxx is a simple, convenient, functional multicurrency crypto wallet network. It can deliver a number of problems to people who often transfer rare cryptocurrencies and for whom speed is important. The service can be considered fairly reliable for all others and, importantly, promising, because its shortcomings are slowly, but still eliminated.