Simple Guide to the Best Decred Wallets in 2024
Decred (DCR) is a cryptocurrency that as many others are similar to Bitcoin but at the same time entirely different because it combines exclusively both Proof of Work and Proof of Stake consensus mechanisms. It represents a great opportunity for mining and staking too. The wallets where you can store DCR coins are numerous but for your convenience, I have gathered the most important information needed and synthesized it in a comprehensive manner. In this article, you will find detailed Decred wallet reviews and additionally an overview of the most common and useful features coming with them.
01.The Best Decred Wallets
It is hard to say which is the best wallet for Decred, because they all share 3 basic functions to store, receive and sent digital funds. That’s true, but not entirely, because each wallet has different tools and features and they shape the user’s experience. Choosing the right wallet requires you have a vision of what your daily usage will be, but about that later on. Now, please take a look at the table underneath.
| Type | Name | Compatibility | Supported Coins | Features | Get Wallet |
|---|---|---|---|---|---|
| Desktop Wallets | Full Decredition Review |
DCR only |
-HD Wallet -Staking -Block Production |
Download | |
| Full Exodus Review |
25 Coins 79 Tokens |
-HD Wallet -Built-in Exchange -QR Scanner |
Download | ||
| Hardware Wallets | Full Ledger Nano S Review |
80+ Coins 1000+ Tokens |
-HD Wallet -Custom Fees -Open-source |
See Pricing | |
| Full Trezor One Review |
50+ Coins 1000+ Tokens |
-HD Wallet -Offline Storage -Third Party wallets and Service Integration |
See Pricing | ||
| Mobile Wallets | Full Decred Mobiole Wallet Review |
DCR Only |
-HD Wallet |
Download | |
| Full Guarda Review |
40+ Coins 1000+ Tokens |
-Built-in Exchange -Fiat Gateway -Built-in Asset Swap |
Download | ||
| Web Wallets | Full Guarda Web Review |
40+ Coins 1000+ Tokens |
-Built-in Exchange -Fiat Gateway -Built-in Asset Swap |
Visit Website |
Complete List of Decred Wallets
My personal recommendation is to be patient and always check all available options before taking any final decision. For that purpose, I will bring to your attention the complete list of Decred wallets. Just like before everything is fitted in a table and please don’t forget to use the quick links in case you want to check any further details regarding any wallet of interest. Furthermore, right after I will get you familiar with their common features and I will give you some tips on how to choose the DCR wallet after all.
| Name | Type | Compatibility | Supported Coins | Security | Key Features |
|---|---|---|---|---|---|
| Decredition | Desktop |
DCR Only |
Passphrase |
-HD Wallet -Staking -Block Production |
|
| Atomic | Desktop, Mobile |
30+ Coins 1000+ Tokens |
Passphrase |
-HD Wallet -Atomic Swap -Fiat Gateway |
|
| CoinPayments | Mobile, Web |
80+ Coins 1000+ Tokens |
Passphrase Pin Fingerprint |
-Fiat Gateway -PayByName feature -QR Scanner |
|
| Crypto Key Stack Hardware Wallet | Hardware | – |
1000+ Coins |
– |
-HD Wallet -Cold Storage -Fireproof, Waterproof, EMP Proof |
| Decred Mobile Wallet | Mobile |
DCR Only |
Passphrase Pin |
-HD Wallet -Staking |
|
| Exodus | Desktop, Mobile |
25 Coins 79 Tokens |
Passphrase Fingerprint |
-HD Wallet -Built-in Exchange -QR Scanner |
|
| Guarda Wallet | Desktop, Mobile, Web |
40+ Coins 1000+ Tokens |
Passphrase Fingerprint |
-Built-in Exchange -Fiat Gateway -Built-in Asset Swap |
|
| Ledger Nano S | Hardware |
80+ Coins 1100+ Coins |
Passphrase Pin 2FA |
-HD Wallet -Staking -Open-source |
|
| Ledger Nano X | Hardware |
80+ Coins 1100+ Coins |
Passphrase Pin 2FA |
-HD Wallet -Open-source -Bluetooth Connectivity |
|
| Trezor One | Hardware |
50+ Coins 1000+ Tokens |
Passphrase Pin 2FA |
-HD Wallet -U2F authentication -Offline Storage |
You are aware now with everything offered on the market up to this date. I will tell you now my tiny tricks of choosing the best wallet for me when I am looking for one. The type of the wallet in concern to the device of usage gives you the choice to think over how and where you intend to use it. What I mean by that is that mobile wallets serve a great purpose for daily use but for example, they don’t possess such trustful security compared with the hardware wallets, which are perfect for stashing a large number of coins. Consider also, how regularly you will withdraw funds out if it because some wallet got higher thresholds for that. Set your mind straight, clear your priorities and then you will be ready to take a pick.
02. Common Features of Decred Wallets
Something that makes a strong impression in Decred is the combination of PoW and PoS consensus algorithms as this way the overall security of transactions is significantly increased. Decred is widely recognized as cryptocurrency by many top wallets from different brands like Ledges, Trezor or Exodus. This should ring a bell that Decred shows great potential if it’s supported by the market’s giants. As a common feature for most of the wallets, I can point out that they’re open-source are hierarchical deterministic (HD) wallets.
Security and Privacy
I previously mentioned the key features shared among most DCR wallets, but I would like to explain them in detail. My reasoning is that they’re all connected to the security and safety of your funds. Check the upcoming fields and do not forget to review the Decred wallets that combine all the below-mentioned features.
Hierarchical Deterministic (HD)
Used to create multiple addresses in your wallet and generate specific and unique code called “seed” used as recovery phrase in case of a lost or stolen password.
Open Source
It presents the opportunity to each user to suggest and be pro-active in the development process and the authentication of the code.
Secure Decred Wallets To Consider
Wallets for Decred Staking
Currently, only a few wallets offer staking as a feature. Those wallets are the official wallets provided by the Decred team and ledger live which is a client used only by the ledger nano wallets. In a manner of fact, the process is called Voting and you can do it solo or join a VSP (Voting Service Provider). They resemble a staking pool, but you don’t share any funds to avoid the risk of them being stolen.
Transaction Fee Management
Regarding the Decred wallet fees, you have options. The minimum fee rate set by default is 0.0001 DCR/kb but with some wallets like Ledger Nano S you have the option to choose between the recommended fees or adjust and set one manually on your own. With the wallets coming with your exchange registration like Bittrex for example, the fees are predetermined, and no changes or amendments are allowed.
| Fee Control | How Does It Work? | Supported By |
|---|---|---|
| Full Control | These types of wallets allow you to manually adjust your transaction fees. | Decredition, Ledger Nano S |
| No Control | These wallets usually determine the transaction fees based on how busy the network is or straight up offer only a fixed fee. | Guarda, CoinPayments |
03.FAQ
-
The recovery “seed” code does not work. What should I do?
Start with placing all words on a single line and always separate them with space. No matter if you have them printed on multiply lines for easier readability, just form a single line. Double confirm the words by comparing them with the words of the PGP word list.
-
Is there a difference between testnet address and mainnet one?
Ofcourse. The testnet addresses are usually on a different network which as the name suggests is used to test different mechanisms, consensus rules, etc. That being said the Testnet addresses start with a T, while mainnet addresses start with the letter D.
04.About Decred
Launched at the beginning of 2016, Decred is an open-source blockchain network with certain similarities with Bitcoin but in reality, it’s totally different. It was released by the development team of BTsuite and it was written in GoLand programming language. Decred`s version 1.0.0 was updated on April 25th, 2017 and just a few months later in September, the development team implemented an atomic swap of Decred and Litecoin. The most amazing and practical part is the hybrid distributed public ledger supporting both Proof of Work and Proof of Stake consensus protocols.