More and More Crypto Wallets

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The other day I went on a bit of a rant and I was curious if anyone else felt the same. Being that I've been in crypto since 2011 mining my first BTC before ASIC was even a thing. Yep, I had two R9 290x's pumping me around 0.04 BTC per day which was a few bucks then and now worth $2,419.52 at current prices. Yes, that's why you stack and try to get as much of everything as early as possible my friends.

Alright so getting back on track here about wallets. Is it just me or are there simply too many dang wallets. I get it we want to be decentralized but it feels like every application has it's own wallet and not every wallet support every token.

Right here on hive you pretty much have to use the web wallet because if you don't you're not going to earn your APR, earn curation so it forces you to use Hive. I get that and that's for the most part ok because of how it all operates.

Even you majors like Metamask, XDefi, Coinbase, Exodus etc support most but not all and we still have the issue of where some wallets don't support the airdrops of other tokens.

But not even that some times the application you want to use only supports a single wallet type or only a few of which you might not have thus causing you once again to get another wallet in order just to use the application.

In practice this is create a eco system that to me feels even more complicated for someone kind of new and even someone that's been in the game for a while to try and keep up with. There's now more options, more ways to mine and more ways to earn crypto then ever before creating this massive web of complexity.

Kraken

The main reason I got pushed into this topic today was the news of Kraken releasing their own crypto wallet. Yep, another wallet to add to the mix.

This open source wallet now puts Kraken on part with Metamask, Ledger and Trezor. Right now this wallet only supports 8 cryptos. Yeah 8... I really don't understand why a wallet today can't support a lot more. Those 8 being...

  • Bitcoin
  • Ethereum
  • Solana
  • Optimism
  • Base
  • Arbitrum
  • Polygon
  • Dogecoin

The other aspect of these wallets are some collect more information then what they need. The sheer fact that Kraken even states that their wallet only pulls the minimal about of information in order for it to function means there are other options that are pulling a lot more information then what they should at least in a decentralized world.

So the question comes down to this. Should we continue to embrace the decentralized nature of things or should some standards start to be in place.

In one way you limit your growth I believe by complicating matters but on the plus side of that you have more freedoms and to me that's worth the bit of aggravation. On the other hand if you really want massive growth and wealth to enter the system it needs to become standardized and easy.

What we may see is a split and both of these systems move forward. However most new projects will most likely launch on standardized version before moving into decentralized simply for the fact that the standardized version will have a larger easier to use userbase.

What are you thoughts, I'd love to hear them in the comments.

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19 comments
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I currently need 3 different wallets for my activities:

  • Rabby (EVMs)
  • Keplr (Cosmos)
  • Phantom (Solana)

I'm very well aware that I could "combine" some by importing seed phare but I kinda like it this way.

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Hhmmm I think we should let it run, with decentralization comes chaos sometimes and having this many wallets is confusing but I don't see any other reason why we should create a standard, rn now it's so early that this is still a game of thrones going on in crypto, I recently have been getting more interest into Thor chain wallet because of the exchange, currently using Exodus and Thust Wallet as my hot wallet

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I feel like needing to have so many different wallets opens the door to you losing access to your funds more easily. Either your forgot a password or lose a private key or pass phrase. That or you use the same passcode for all of them just to make it easier and now they are even less secure than they could be. Is that really as unsafe as having all your cyrpto in a single wallet? It's hard to say I think.

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It's been a bit of a nightmare really. I have like stacks of hardware wallets and notes all over just so I don't lose access lol I think it's a little less secure that way.

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I have one particular key that started on Exodus that I use for most wallets that I have tried. So I just use the same key across different wallets to test them out to see which one I like the best, or for use on different wallets, like Metamask, or even the Brave wallet. It's just what is easier for the user. Just makes life easy for me to keep up with one key phrase.

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My thoughts go back to some of my earliest comments in the world of crypto and decentralization... it's a great idea, but there comes a point where the upsides of decentralization becomes a downside we might call "fragmentation."

Meaning, that you can head down a road where there is so much to keep track of that the whole thing ends up being massively inconvenient and people start opting out because it's just too much to track... and instead of being slaves to banks and banking fees, we become slaves to "aggregators and bridges," all of whom take a small slice of your pie, in service of "making the complicated easier." Which looks scarily like the status quo, except wearing a fancy new dress...

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Too many wallets would translate into much complexity and headache for the owner. Imagine trying to preserve more than 5 different wallet keys. If you forget any, you loose everything in that wallet. Let's get one where we can custody every crypto asset

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Exactly this was me the last few days just trying to transfer and swap some tokens around lol It drove me a bit wild

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Free market my friend. Our new DEX comes with the option to create a wallet on the platform using the Magic wallet service that allows people to get started using an email, Google, Discord, or Twitter accounts. They can then sign into the the Magic Wallet service using the same account and retrieve their private key when they want to. This makes it an easy barrier to entry for people.

I think you will see more and more wallets. More options the better in my opinion. Think about the different ways we have to sign into Hive. Some platforms like Peakd have their own 'keychain' kind of feature.

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