Review on MyCrypto by Olugbenga Ajayi
Mycrypto wallet review
Mycrypto wallet is a client side cryptocurrency wallet that was founded by Monahan Taylor. It is an Ethereum based wallet that can also store all erc-20 tokens. It can conveniently integrate with hardware wallet for further securing assets.
It is not a web wallet and as a result of this its use is use is quite different. it doesn't require a login and it doesn't safe anything on the server. The interface is easily grant an easy assess to the blockchain.
Mycrypto wallet offers a high level of privacy and annonymity in that all user information remain with the user not on the server. And user owns and keep all private keys and funds.
It does not use two factor authentication or other security features. It is clearly written on the interface that users should take good care of their keys.
One beautiful thing about the wallet is the inbuilt exchange it has. With this conversion of Blockchain assets is achieve through the inbuilt shape shift.
In terms of fees, like other ethereum based wallet, it charges gas on all transactions in form of ETH.
I don't like this kind of wallet because the security features are not sound but since it can be integrated with hardware wallet, anyone with hardware wallet can use it.
Pros
- Users enjoy high level annonymity and privacy
- Users keep control of their keys
- It is open source and can be verified
- It has inbuilt exchange
- Mycrypto wallet software is open source
Cons
- No two factor authentication
