4 best Factom wallets – safely store your FCT (2020)

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Have you been thinking about investing in Factom’s cryptocurrency FCT? Or maybe you already have and now you are wondering should I leave them on the exchange or is there a better wallet option out there?

Let me first say that I never recommend anyone to leave their cryptocurrencies on an exchange for too long. Every year there are hacks and theft of millions of cryptocurrencies from crypto exchanges.

So our advice here on Go CryptoWise is to find a good crypto wallet where you own your private keys and never leave your cryptos on an exchange for the long term.

In this guide, we will explore the 4 best Factom wallets (FCT). Important for any good crypto wallet is:

  • How easy to use is the wallet interface?
  • How reliable is it? Can you use the same wallet for accessing your cryptocurrencies on the blockchain for the long term?
  • Do you own your own private keys?

What is Factom blockchain?

Before I jump into the wallet part of this guide I thought it would make sense to briefly give a description of Factom blockchain, the FCT cryptocurrency and the team working behind it.

The Factom blockchain is a decentralised publication protocol for building decentralised record systems.

Their main focus areas are providing these record systems to handle enterprise data which could be for any use case and digital assets.

What is unique with Factom blockchain is that each directory block is created in a way that they are written on to the Bitcoin blockchain. The link between Factom’s data and Bitcoin’s blockchain adds another layer of trust and security.

The Factom blockchain protocol is currently for examples used by the U.S Department of Homeland Security.

  • Learn more about how Factom works and their solutions on their website

What is Factom cryptocurrency (FCT)?

The reasons for why the FCT cryptocurrency or token exist lies very much in nature for why any decentralised system. It works as a reward mechanism to incentivise the participants.

Factom blockchain is open-source so it needs to incentivise users and the ones that also run nodes. Without this, the network would fail to deliver. Additional functions of the token are to reduce spam on the network.

On the Factom blockchain, there are two tokens or cryptocurrencies. Factoids and Entry Credits.

Where Entry Credits (EC) are used to write information onto the blockchain. And Factoids are tradeable assets that used to be converted to ECs.

ECs are not transferrable, so Factoids are necessary.

Best Factom wallets – FCT wallets

1 ) The Factom Enterprise wallet

The Factom Enterprise wallet

One of the key Factom wallets is the main enterprise wallet created by the Factom team. This wallet is meant for all the enterprise users using the Factom blockchain.

You can use an encrypted or unencrypted wallet version.

The Enterprise wallet is a desktop GUI application. It is available for both Mac, Windows, and Linux. You can run your Factom Enterprise wallet either online, pointing to a factomd node. This way you don’t have to worry about using the command line to set up your wallet.

  • This is recommended for users that mainly want to trade and hold FCT tokens.

The other way is to run your factomd wallet locally and sync to the blockchain. This requires more effort in terms of computational power and setup.

  • For full information about setting up your Factom Enterprise wallet and download it for your computer click on this link

2 ) Ledger Nano S (hardware wallet)

Ledger Nano S an excellent choice for storing your Litecoins

Another smart option for storing your FCTs tokens at is to buy a secure hardware wallet like the Ledger Nano S.

The Ledger Nano S is a reliable hardware wallet where you can store many different cryptocurrencies. And FCTs are one of them.

The Ledger Nano S is the first hardware wallet by the Ledger team. And it costs about $50-70 depending on current deals.

You connect your Ledger Nano S to your computer using an USB cable. And the you use the Ledger Live application to interact with your FCT tokens.

  • You can learn more about using a Ledger Nano S for your Factom wallet here
  • You can download the Ledger Live application here
  • And you can buy yourself a Ledger Nano S here

3 ) Ledger Nano X (hardware wallet)

Ledger Nano X

The Ledger Nano X is the latest crypto hardware wallet from the Ledger team. It comes with additional storage space and Bluetooth enabled. This means you can store more applications on your Ledger device, but also use it with a mobile device.

Other than that they are both very similar and share the main security features.

It also uses the same Ledger Live application. But you can use many other wallets, such as web wallets or 3rd party wallet applications with a hardware wallet like Ledger Nano X and S.

  • You can learn more about using a Ledger Nano S for your Factom wallet here
  • You can download the Ledger Live application here
  • And you can buy yourself a Ledger Nano S here

4 ) Factom paper wallet by Factoidpapermill

Set up your own Factom paper wallet by Factoidpapermill

Another option that you have is to create your own Factom paper wallet. That means you will generate a wallet address on the blockchain and store your FCTs on it.

And then you print off a paper wallet containing the private keys.

This application that you need to download is crated by Factoidpapermill. And it is currently only available for Windows and Linux users.

When you download the application you can then generate a wallet and the addresses completely offline.

And therefore never expose your private keys to the internet and fewer risks that way. When you use a paper wallet you simply have it for long term storage.

It is not recommended to store your Factoids on the blockchain with a paper wallet if you intend to use them often.

You need to use your wallet address and the private keys with another Factom wallet if you want to spend or send them somewhere. For example the Factom Enterprise wallet.

Conclusion

I hope that this guide to both Factom blockchain, its two tokens (or cryptocurrencies) and the best Factom wallets was helpful.

And that it gave you a good idea of what types of Factom wallets are currently available. This might change over time of course.

Previously there was support from Exodus with their Eden wallet version for storing your FCTs at. But unfortunately, this support has since been removed.

So here we have listed four different options to use for storing FCT. Two hardware wallets, one desktop GUI application, and the paper wallet.

  • But remember Factom tokens are stored on the blockchain and not the wallet themselves. Therefore as long as you own your private keys they can be used with any compatible Factom wallet.

To learn more about Factom

Find other guides

  1. Best way to invest in crypto
  2. What crypto markets are
  3. Bitcoin investing guide
  4. How to short Bitcoin

Written by:

Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier

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