Today we can say with confidence that the use of cryptocurrencies is a fairly widespread and profitable solution that allows you not only to profitably save your own money, but also to make various purchases and transactions that require payment in the global Internet space. In addition, in order to properly dispose of the purchased cryptocurrency, it is, in principle, necessary to create ether wallet which allows you to quickly and easily achieve the desired result. However, there are many different types now, and they all claim to offer benefits such as anonymity and security. One of the simplest and most reliable is jaxx online.
This multicurrency wallet is already used by many of our clients on a daily basis. The reason for this is that it has many advantages over other products.
Jax wallet benefits
The most notable feature of this multi-currency wallet is its ease of use. This is especially important if you have never used a service like this before.
Moreover, there is no need to register.
After downloading and installing the app, a new account is automatically created for you.
In most cases, Jax is used for these cryptocurrencies.
- Ethereum Classic.
- RSK Testnet and more.
When you launch the program on your computer or mobile device, the first thing you see is “multicurrency”.
Below you will find tabs for receiving and sending funds. At the top of the application, you will also find a section for navigating to the wallet you are using and settings.
The administration screen is very simple and straightforward. It’s nice to be able to keep track of exchange rates.
Its security system consists only of a pin code. It is used to log into the cryptocurrency wallet system and to confirm transactions. The password is set by the user himself, and he is responsible for it. If you forget your PIN, our support team will not be able to help you log into your wallet. If an attacker finds out the password, he can easily withdraw funds from the account of the owner of the cryptocurrency.
The only insurance for pin recovery is your backup phrase. These are custom sets of 12 words provided to the wallet owner. They are used to log in to the system in case of password loss.
Another feature of Jaxx is the lack of two-factor authentication (2FA). Many consider this to be a significant drawback.
The trader’s account is not linked to any personal data of the owner of the wallet. The database is not created as there is no need to enter names or contact details either during registration or in the future. 2FA also cannot be provided as there is no link to the ID.
Two-factor authentication is a way to increase account security: the first «factor» is a regular password that is standard for any account; the second «factor» is the «verification code», which is obtained by linking a mobile phone number or email address to an account.
Third, Jax had already been hacked: at the end of 2017, hackers used a jailbroken iPhone to break into the wallet’s internal network, gain access to backup phrases, and steal user coins. The total damage caused by such a «bug» was about $ 400,000. First, the owners of Ethereum’s coins suffered.
During the investigation, it turned out that the developers were aware of the security flaws in their product, but did not try to fix them. This, we thought, would make the program more complex.