Review on CAKE wallet by Temitope Babatunde
Wallet For Monero Coin
Prior to the creation of cake wallet, monero which is a Privacy coin find it very hard to see a wallet that will support it. But in 2018 cake wallet was launched, it is formerly available on ios device only but in January 2020 its Android version was released.
The wallet is very unique because it has so many features and it really support the privacy of the user. It is hierachical deterministic wallet, open source, and the users hold the private key. It gives the user access to monero network without having to download all the monero network data.
There is an inbuilt exchange with which a user can exchange monero coin for some other coins or vise versa. The wallet has good team behind it as well as good community supporting it.
It has good security features, for example there is fingerprint recognition and face detection which makes it difficult for any other person to access your wallet, even if they are able to have your phone.
With all this great features couple with the fact that it is free to use and the fee that user will pay when using the exchange is very small, we could see that it is a wallet worth of using.
Pros
- You hold your private keys
- Users has the opportunity of creating multiple wallet
- You can set the speed of your transaction by the fee you set.
- Face detection features for security purpose.
- It has inbuilt exchange
- It has both ios and Android versions.
Cons
- If you lose your mnemonic phrase there will be no other way to recover your coins.
