PAX Gold, a gold-backed stablecoin created by the Paxos Trust company is the world’s most popular gold-backed stablecoin and an interesting alternative to fiat-backed stablecoins such as USDC, USDT, or EURS. Since it’s always a good idea to have a diversified portfolio, then having a PAXG wallet with digital gold is a smart strategy. But which wallet to choose from? There are many different types we will cover later but first, let’s go over the key talking points.
Key talking points:
A PAX Gold wallet is an Ethereum based wallet that “holds” PAX Gold. There is no physical gold inside this digital wallet but owning PAXG is the same as owning real gold since PAXG is backed by gold bars that have been audited and verified. Putting gold on the blockchain means users need a wallet to interact with whatever gold they own and that’s where a wallet comes in handy.
A PAX Gold wallet is unique for everyone. It enables one to have private access and interaction with the Ethereum blockchain. The amount of PAXG one owns is protected by a private key. To interact with the PAXG on the blockchain, one must have this private key to do so. A wallet you see on an app or website doesn’t actually hold your crypto but it is more of a visual gateway to help users access and manage PAXG and other cryptos.
When researching your PAX Gold wallet, make sure it comes with the following features:
The short answer here is “yes.” If you buy PAXG on a crypto exchange, then that exchange will have a built-in PAXG wallet for you to hold PAXG until you decide to trade it or withdraw it. Even if you manage to buy PAXG with cash from your friend, you still need a wallet to store PAX Gold.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure PAXG wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Any good PAX Gold wallet should be free. If someone is trying to sell you a PAX Gold wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a PAX Gold wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
The crypto industry has come a long way over the years. Nowadays, PAX Gold wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw PAX Gold using your wallet, just open up your app and find PAX Gold in the wallet section. You should then see buttons to deposit or withdraw PAX Gold. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your PAX Gold can do so. If you are withdrawing PAX Gold, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the PAX Gold there.
PAX Gold wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
As its name suggests, a desktop PAXG wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
More or less, a mobile PAXG wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile PAXG wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are PAXG wallets for all types of operating systems like Android or iOS.
Web PAXG wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best PAX Gold wallet.” To be honest, there is no “best PAXG wallet” for us as a collective whole. However, there is a PAX Gold wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best PAX Gold wallet? Well, that’s for you to decide.
When asking what the best PAX Gold wallet for beginners is, it’s important to first dissect what a beginner demands from a PAX Gold wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Advanced PAX Gold users and investors also appreciate clean simple interfaces on their PAX Gold wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile PAX Gold wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all PAX Gold wallets match this quality but YouHodler tries its best to.
As mentioned earlier, it’s a smart idea to buy a PAX Gold hardware wallet to use in cooperation with your mobile or web wallets. PAX Gold hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Once again, this comes down to the idea of “not your keys, not your crypto.” The best PAX Gold wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
The best PAX Gold wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular PAX Gold wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our PAX Gold wallet functionalities for your iPhone.