5 reasons you should use the official Algorand Wallet [AlgoDaddy]

Official Algorand Wallet In this short article I'll explain the benefits of using the official Algorand Wallet, which is distributed by the Algorand Inc. I'll go over 5 reasons why it's superior to other alternatives and why you should use it. I'll also teach you where to download it securely and how to set it up for the first time. If you're completely new to Algorand it's advisable to read this guide I wrote about Algorand for beginners before you start setting up a wallet. The official Algorand Wallet is a crypto wallet. In a nutshell a crypto wallet is a software wallet, because it loads your account into the software and displays it through the application. Sometimes it's known as "hot storage" of your cryptocurrencies (compared to "cold storage", which is a hardware wallet, i.e a Ledger Nano). You can read more about crypto wallets in this article on Business Insider. Download the Algorand Wallet Download the application directly from either the official website, or through Google Play or Apples AppStore in order to avoid scams and fake applications. Use the links provided below: Download the Algorand Wallet for iOS - AppStore Download the Algorand Wallet for Android - Google Play Download the Algorand Wallet for PC - Official Algorand Wallet Website How to set it up After you have downloaded the wallet you need to set it up. If you haven't used a previous Algorand wallet you need to start by creating one. If you do have a previous wallet on the Algorand blockchain you can chose to import it to the Algorand Wallet with your seed phrase. 1. Choose a 6 digit passcode that will unlock this wallet. You can also use biometric options. 2. Press "Add Account" to add an account to your wallet. Now you will get your 25 word key phrase (also known as seed phrase). Write these down on a paper and store somewhere secure. 3. Now verify your passphrase. Name your wallet if you like, it's optional. Now press "Finish Account Creation". Voila, you are now the owner of an official Algorand Wallet. Important: It's essential to understand that anyone with access to your key phrase have access to your account, and it's critical that you store it in a safe location. Do not screenshot or take a picture of the key phrase, it must be kept recorded offline and stored somewhere secure. You use the key phrase to recover your funds in case you lose your application or can't access it for any reason.  5 REASONS TO USE THE OFFICIAL ALGORAND WALLET Here are the main 5 reasons to use the Algorand Wallet application instead of any other storing solution, such as hardware storage or worse, storing your ALGO on an exchange. 1. It offers passive staking rewards By storing your ALGO in the official Algorand Wallet you earn passive staking rewards in real-time. At the moment the APY is sitting at 4.77%. Not bad for literally having to do nothing. 2. The official Algorand Wallet offers a seamless and well-designed experience.  The design and usability of the Algorand Wallet is just top-notch. It's quick, easy to understand, and free of clutter. You can add several wallets to the application and name them differently. This is very useful if you're committed to the governance program and want to avoid accidentally falling under your threshold. 3. Not your keys, not your coin This is a classic cryptocurrency maxim - "Not your keys, not your coin". Fundamentally if you're not the holding an actual key phrase (or seed phrase) to access your ALGO on the blockchain, then you're not the owner of them. I.e. if your ALGO is currently on an exchange there is nothing stopping said exchange for never returning the crypto to you (imagen new legislation comes up that bans certain blockchains). 4. Connect to and use platforms like Tinyman, Yieldly, and more The official Algorand Wallet let's you use smart-contracts to connect and use your funds on different platforms such as Yieldly, Tinyman or NFT portals like AB2 Gallery.  You are now able to interact with the rest of the Algorand ecosystem; one thing is investing into Algorand, another thing is to experience Algorand. 5. Enables participation in Governance In order to participate in the new governance program launched by the Algorand Foundation you need to be using either a hot-wallet or cold-wallet. You can't participate with your ALGO placed on an exchange. One of the easiest options to participate in Governance is simply using the official Algorand Wallet and committing to a new period when it's available.  Final words That concludes this weeks post about the official Algorand Wallet and the 5 reasons why you should use it. I hope you're now convinced to use the wallet application instead of keeping your ALGO on the exchange.  If you're interested in learning more about Algorand then follow me on Twitter or Instagram and get immediately notified when I post something new. For those having any questions feel free to contact me through e-mail or drop a question below.  Take care and stay educated. Algo and out! AlgoDaddy