Articles
October 20, 2022

What is Nami Wallet?

Nami wallet is a free, open-source software wallet for cryptocurrency. Nami is a browser based wallet extension and is available for Windows, macOS, and Linux.

What is Nami Wallet?

The wallet has been designed with simplicity and security in mind. It is also one of the few wallets that support Nano’s unique block lattice architecture. In this article, we will take a closer look at the Nami wallet and its features.

Nami wallet allows you to store, send, and receive digital assets. It is a Hierarchical Deterministic (HD) wallet, which means that your private keys are generated from a seed phrase that you can backup and restore. The main difference to current wallets is, that Nami can be injected into the browser context and be connected to any website in order to interact with dApps (decentralized apps).

How to use Nami wallet?

Nami wallet is a great way to store your cryptocurrencies. In this blog, we will show you how to use Nami wallet.

First, you need to download the Nami wallet app. There is no cost for using Nami, it is completely free to use and open-source. SO, once you have downloaded the app, open it and create an account. Once you have created an account, you will be able to add your cryptocurrencies.

To add your cryptocurrencies, click on the "Add Cryptocurrency" button. This will open up a list of supported currencies. Select the currency you would like to add and follow the instructions.

Once you have added your cryptocurrencies, you will be able to view them in the "My Wallet" section. Here, you can see your balance and transaction history.

If you want to send or receive cryptocurrencies, click on the "Send/Receive" button. This will open up a form where you can enter the address of the person you want to send or receive funds from.

That's all there is to using Nami wallet!

Pros and cons of using Nami wallet

If you're looking for a new digital wallet to store your cryptocurrency, you may be wondering if Nami is the right choice for you. Let's take a look at some of the pros and cons of using Nami so you can decide if it's the right wallet for you.

One of the biggest pros of using Nami is that it's very user-friendly. The interface is designed to be intuitive and easy to use, even for those who are new to cryptocurrency. Additionally, Nami offers a wide range of features, including the ability to buy, sell, and trade cryptocurrency, as well as track prices and manage your portfolio.

Another big pro is that Nami is a non-custodial wallet, which means that you are the only one who has control over your funds. This is a big advantage over custodial wallets, which can be subject to hacks or theft.

Also, you can stake/delegate your ADA to pools. External staking interfaces can be built on websites, where Nami can be connected to. 

However, there are also some potential disadvantages to using Nami. One is that it's a relatively new wallet, so there's always a risk that something could go wrong. Additionally, because Nami is non-custodial, if you lose your private keys or forget your password, you lose your coins. 

Alternatives to Nami wallet

There are many different wallets available on the market, and choosing the right one can be a difficult task. Nami wallet is a popular option, but there are several alternatives worth considering.

One option is the Exodus wallet. This wallet offers support for multiple cryptocurrencies, and it is designed to be user-friendly. Another option is the Jaxx wallet, which also supports multiple cryptocurrencies and has an intuitive design.

For those looking for a more secure option, the Ledger Nano S is a hardware wallet that provides cold storage for your coins. Finally, if you are looking for a mobile-friendly option, the Edge wallet is a good choice.

No matter which wallet you choose, make sure to do your research and select one that meets your needs.

If you want to learn more about different wallet options? Be sure to check out this article: Where can I store my ADA, The ultimate guide to crypto wallets.

Here you find the differences between:

- Centralised Exchange Wallets (Web-based)
- Mobile Wallets (Software)
- Desktop Wallets (Software)
- Online Wallets (Software)
- Hardware Wallets (Hardware)
- Paper Wallets

Conclusion

Nami wallet is a great way to store your cryptocurrencies (cardano native tokens only). It is simple to use and provides a great level of security. It also has a very user-friendly interface. Overall, it is a great choice for those looking for a safe and reliable way to store their cryptocurrencies.

Subscribe to our email newsletter today!