With the boom in cryptocurrencies over the last several four years or so, finding a place to store your currency has been a primary focus of most users. Although there are many wallets out there for storing a specific type of cryptocurrency, there are still only a few that deal in multiple currencies, and therefore allow ease of use to people who deal with more than one regularly.
Jaxx is a multicurrency wallet that has been around since 2014. Decentral Inc created Jaxx. Decentral is Canada’s leading blockchain company, and the man who holds most responsibility for the invention of Jaxx is also the co-founder of Ethereum. His anticipation of the major changes we’ve seen in the cryptocurrency industry led to Jaxx amazing success over the years.
As we head into the New Year, Jaxx has released an update to become Jaxx Liberty. They say that this update builds on the success of the original wallet by making major improvements and updates that consumers are sure to love. We wanted to know more about these updates and how Jaxx stacks up to the competition to help you decide if it’s the right wallet for your needs.
In our Jaxx wallet review, we will focus on what Jaxx is, its features, what currencies it supports and on what platforms. We will then go over some pros and cons of the software with all its new features, and give you our final thoughts on whether or not we recommend Jaxx Liberty as a multicurrency wallet for the masses.
What is Jaxx?
Jaxx is a multicurrency HD wallet, which means that it is a wallet that can hold on to multiple types of cryptocurrencies in a single place. Essentially, rather than a single wallet for each individual currency, HD wallets allow several mini-wallets to exist through a single seed or mnemonic phrase.
A mnemonic phrase or seed is basically a storage space for all the information you need to recover your bitcoins or altcoins if should they move from your wallet without your knowledge. It can also help to recover your coins if the device on which your wallet exists breaks down and you need to use a different one, or if you want to use multiple devices.
The Jaxx development team is incredibly active, constantly looking for ways to make Jaxx more user-friendly and usable on multiple platforms and with multiple currencies. This wallet was created with simplicity in mind. Jaxx is a self-hosted wallet, which means you are in control of your seed and PIN. It can store in excess of 60 tokens at a time in a single place.
Jaxx has some excellent features that help promote it as one of the leading multicurrency wallets in the industry. First, it supports many of the most popular currencies: 65 in total, including cryptocurrencies and ERC20 tokens. If you had to have 65 different wallets, it would be a nightmare, but Jaxx takes away the stress of multiple wallets for multiple currencies.
No matter how you deal in multiple currencies, either through trading or holding, Jaxx wallet is a solid choice to help you store and manage your coin collection. With new features like “Block Explorers” that help you to see raw balance and transaction data for multiple blockchains at a time, the company is helping you to feel more in control than ever.
You can also see market data on the application now, with trends and price moves ready for viewing at the push of a button. Additionally, you’ll be able to view all of your coins on a unified dashboard, so no hopping from dashboard to dashboard to keep track of each coin. You can see everything at once on a beautifully designed user interface.
Another feature that helps to set Jaxx apart from the pack is the intuitive user interface. It’s clear that the design team has put a lot of time and attention into making the user interface simple, clean, and user-friendly. It’s helpful to those who are using a wallet for the first time, but advanced enough for more experienced users to feel completely in control.
One very important feature of the Jaxx wallet is the built-in exchange system. It was one of the first wallets to integrate exchange services into the wallet itself to give users the opportunity to convert one type of coin to another without ever leaving the app. This helps to improve investor options in terms of freedom to take action within the app.
The QR scanner on the Jaxx app is also a nice feature. It comes standard in both mobile and desktop wallets and makes the process of putting in your address much safer. It helps you to avoid human error from typing in your address, something that is very useful considering the often-complicated length of a typical address.
Platforms and Currencies Supported by Jaxx
As we said earlier, Jaxx supports 65 different currencies in the crypto market so that we won’t cover them all, but we think it’s important that you know some of the most popular currencies it supports since not everyone deals in the same currency. Some of the most popular currencies Jaxx supports are as follows:
These are only 21 of the coins and tokens that Jaxx supports at this moment, and there are more being added all the time, so if you don’t see a few of your favorite currencies on this list, don’t fret. The complete list is available on the Jaxx website for your review.
In addition to supporting these and other currencies, Jaxx is available on a multitude of platforms for your convenience, and Jaxx liberty allows you to utilize multiple devices and platforms with the same account, which makes managing your currencies from wherever you are easier than ever. The platforms supported by Jaxx are as follows:
Because of the way Jaxx is downloaded on your devices it is considered a “hot wallet” or a wallet that is always connected to the Internet. Most people who have spent time in the blockchain industry will tell you not to store large sums in a hot wallet because of their innate vulnerability. It’s something to keep in mind if you’re looking for a place to store large amounts of currency.
At the end of the day Jaxx is a wallet, so the security of the funds you keep there is a concern that you’ll want to pay attention to when or if you decide to sign up for the service. Jaxx gives users permissionless access to use their cryptocurrency, which means they require no information or verification from you when you sign up for their service.
Jaxx allows all of your cryptocurrency keys to be created and stored on your local device rather than within the app, which is a safety feature on one side but can open you up to being hacked as well, so it’s not everyone’s favorite choice. As we said, Jaxx is a hot wallet, so there needs to be a balance to keep you as safe as possible, and this choice may or may not work for you.
Your Jaxx account is backed up and stored through a single “master” seed that can help you recover your coins on another device or if they are somehow lost. However, there have been concerns recently with this seed, since hackers have been able to obtain these master seeds and steal all the currency in a given wallet.
Jaxx has since worked out the bugs in their latest update, but that hasn’t given back complete peace of mind to those who were around to see the major losses in currency. One user lost more than $400,000 in Ethereum and Zcash, and the response from the Jaxx team did little to ease public concerns about future issues.
The continued lack of 2-factor authentication, a common practice within most web security arenas these days, is also cause for concern. These issues are things Jaxx has promised to address as it continues to update software to become more appealing to the masses and bring bitcoin and altcoin use further into the public eye.
Because we are an independent reviewer, we wanted to give you the most information possible in our Jaxx wallet review to help you decide if it’s right for you. However, we didn’t mean to scare you away by talking about security concerns. It’s important to understand that security is always going to be a concern when we’re talking about digital infrastructure, especially new technologies within it.
It’s also vital that you take some of the credit for the security and safekeeping of your currencies when using bitcoins or altcoins. You need to understand that keeping too much cryptocurrency in the same place is just as dangerous as doing so with physical dollars. You probably have a 401k or IRA, a savings account, and a checking account, so why not do the same with your coins?
Overall, we believe Jaxx is one of the best multi-currency wallets on the market. The Jaxx Liberty update has proven to add vital safety standards and usability to an already great application. We love that it runs on almost any platform you could think of, we love the unique features, and we love the number of coins it allows you to manage at once.
Jaxx makes managing your coins easier than ever, and it does so with style and flair. We definitely recommend you look into this product if you’re in the market for a new multicurrency wallet.