There is a vast difference between obtaining cryptocurrency and storing it in a safe manner. In this article, we will go through which crypto wallets are the best so that you do not make the same mistakes as others before you.
There are some widespread mistakes that people make for storing crypto. We will go through what you can do to make the best decisions for you.
What are Crypto Wallets?
Crypto wallets is a virtual alternative to your own wallet or purse. However, instead of storing a little bit of change that you carry around with you, it holds the public and private keys that you use.
Those keys will send and receive crypto currencies. They also allow you to keep an eye on your balance, and interact with blockchains.
Hardware Crypto Wallets
Hardware wallets are exactly how they sound. They are devices specially designed to hold your private keys and public addresses.
They are similar to a standard USB memory device. However, they have some significant differences. With a screen and buttons, you can navigate the wallet interface on the go. Furthermore, you will have a desktop app that you can use alongside it.
Most hardware devices are pretty expensive, averaging at $100. However, they are certainly worth owning as they are a lot safer than any other wallet. Furthermore, you can store over twenty different cryptocurrencies on each wallet.
Crypto paper wallets are not the best idea for everyone. They can be a little difficult, and they are certainly a little more risky than a hardware device. With the standard paper wallet, you have to print your private keys and public address on paper, and use it to transfer your BTC on to it.
This method certainly keeps your information offline, so it is impossible for people to gain access to it without you knowing. However, not every cryptocurrency will offer paper wallets.
They are more complicated than some to use, but they can be very handy to keep them away from online.
Desktop Crypto Wallets
If you have any cryptocurrency from any reputable company, you will be able to get a desktop wallet. Any currency even worth looking at will have a desktop wallet.
The problem with them is that you have it directly on the device that connects to the internet. Therefore, you need to take your internet security as seriously as you can: Use a good antivirus, anti-malware, and a good firewall.
There are many different desktop crypto wallets that you can use. Almost any of them are better than keeping them on the exchanges.
Of course, as with the rest of the internet world, mobile phones are the most popular for crypto wallets, too. Most platforms will base their designs around mobile users, so you know that you will have an easy to use interface.
You will be able to use mobile crypto wallets on Android or iOS, and there should be an app for even the least popular currencies. However, what you do need to consider is how well the app is designed in both security and usability.
While mobile wallets are the most popular, you do need to know that they are not the most secure way to keep your cryptocurrency.
Online wallets are possibly the least safe option for you to choose. They are always on the internet, and you can access them them from any browser that you use.
The problem with these is that you need to access them by going to a specific URL, and the private key and public address are both stored on your browser.
With that difficulty also comes a risk; they are extremely susceptible to hacking and attacks. Therfore, we would advise you to stay away from these types of wallets.
Crypto Wallets – Which is The Best?
So, as you have seen throughout the article, there are various ways in which you can keep your crypto in a safe spot. There are advantages and disadvantages to them all.
For example, if you are prone to losing your keys, you possibly do not want a hardware wallet to be stuck to them to be lost, too. However, in our opinion, you are still much better off to have a hardware crypto wallet, even if you do not keep it on your person all of the time.
The hardware, USB style wallets are small enough to keep in a discrete location in your home and keep them away from people who are likely to do harm with it.
A paper wallet is also pretty good for safety. It also has the added benefit that means you do not need to worry about electrical malfunctions. If you can keep a money bill safe, you can keep a paper wallet safe, too.
The downside to it, though, is that you are less likely to be able to carry out multiple transactions in a day with it. However, if you have bought some crypto with the intention to keep it for a long time, then you may be better with the paper version instead of a hardware wallet.
That is simply because there is no way that a piece of paper can go wrong like an electrical item. Yes, they can get wet, or creased, but one way that we have found to keep them safe is simply laminating them. However, you want to make sure that your phone camera can scan the QR code before you store it. You may even want to make back-ups, so long as you keep them separate and safe.
Conclusion – Which Crypto Wallet is The Best?
No matter which way you keep your cryptocurrency safe, remember that it is your responsibility.
Crypto is something that is new to many people. Therefore, you also have to look at the security of it in a new way. One of the best sayings here is, do not keep all of your eggs in one basket.
Try to keep your crypto in different wallets, and in different places. That does not mean that you have to travel the world to hide it or dig a hole in your yard. It just means that you have to account for all eventualities.
Never underestimate the devastation that even a natural disaster could cause. That is not to mention break-ins to your home and to have your safe stolen, or losing your phone, keys, or anything else.