Peercoin was one of the earliest proof-of-stake cryptocurrencies that popped up. Launched in 2012, it has one of the more reliable cryptocoin networks out there, up to par with Bitcoin. One of the reasons for its popularity is that it did not require a lot of processing power to secure the network. The proof-of-stake system allows people who hold Peercoins for 30 days to get a 1% annualized reward. However, to get that, you’ll need a wallet.
Having a Peercoin wallet is an important part of the Peercoin experience. This is because the Peercoin network depends on people opening their individual Peercoin wallet to the network and staking their share. Being hooked up to the network means having a “hot wallet.” A hot wallet can be risky though since there is a greater risk of malware stealing Peercoins, considering the network connection. The developers are aware of this risk and have tried to minimize it via increased encryption.
If you are still interested in beginning, you have two options. You can either get the Peercoin Client or the Peerunity wallet. Both are good but many recommend Peerunity since the Peercoin community developed it. It features one-click minting and coin control. The base Peercoin wallet does not have this option. To start minting with Peerunity, all you need to do is to click the “Unlock Wallet for Minting Only” button. Ensuring the safety of your Peercoin wallet also includes the activation of the app’s encryption.
You should also be aware that some antivirus software may hinder your Peercoin mining efforts. Check that they do not detect the wall as a virus or at least turn them off before you start minting Peercoins.
Other wallet options
Minting Peercoins is just one facet of a wallet. Though the core and Peerunity are the best options for it, you may want other options if you want to store Peercoins or do transactions. For example, paper wallets are a good choice for storage since they stay completely offline. Use a paper wallet if you want to protect your Peercoins and for long-term storage.
For day-to-day transactions, you can choose to get an Android wallet or a Bkchain wallet as an alternative to the Peercoin wallet. The Android wallet can be installed on your mobile phone and allows you to do transactions wherever you are. The Bkchain wallet is an online wallet service that allows you to access your Peercoins with a web browser using a 12 word seed. Both are useful for doing quick transactions.