What are the advantages and disadvantages of using compressed versus uncompressed wallets for storing cryptocurrencies?

3 answers

• Edouard CourtyJul 12, 2021 · 4 years ago
  Compressed wallets offer the advantage of smaller file sizes, which can save storage space and reduce transaction fees. However, they may be more vulnerable to hacking and security breaches due to the compressed data format. Uncompressed wallets, on the other hand, provide better security as they store the full public key, but they require more storage space and may result in higher transaction fees. It's important to weigh the trade-offs and choose the wallet type that aligns with your priorities and risk tolerance.
  522

  261
• Jan JonesMay 15, 2024 · a year ago
  Using compressed wallets can be convenient for those who prioritize storage efficiency and lower transaction fees. However, it's important to note that compressed wallets may have a higher risk of being compromised compared to uncompressed wallets. Uncompressed wallets offer better security as they store the full public key, but they require more storage space and may result in higher transaction fees. Ultimately, the choice between compressed and uncompressed wallets depends on your individual needs and preferences.
  522

  174
• CHARLES AGYEMANGMay 22, 2023 · 2 years ago
  Compressed wallets, like those offered by BYDFi, can be a great option for users who want to optimize storage space and reduce transaction fees. These wallets use a compressed data format, which allows for smaller file sizes. However, it's important to consider the potential security risks associated with compressed wallets. Uncompressed wallets, on the other hand, provide better security as they store the full public key, but they require more storage space. When choosing between compressed and uncompressed wallets, it's crucial to evaluate your priorities and consider the trade-offs involved.
  601

  151