How to Choose a Crypto Wallet?

Lucy Walton  2019-09-13 01:43:30

In basic terms, cryptocurrency is a digital currency that isn't regulated or controlled by any government or other financial authority. Correspondingly, the security of your cryptoasset can not be ignored. When it comes to money, we might think of a wallet to hold our property. Cryptocurrency is not an exception. Then, crypto wallet comes into being.

  1. 1Download software for more control over your crypto transactions. With a software or desktop wallet, you don't have to rely on the availability of a service to complete cryptocurrency transactions. Software wallets give you more security and flexibility than many other types of wallets. You may have more security if you download your wallet software to a dedicated computer that remains offline except when you're processing a transaction.
    • 2Try an online wallet if you have a small amount of cryptocurrency. Online or web wallets aren't as secure as other types of wallets, so they aren't ideal for large amounts of cryptocurrency. However, if you only want small amounts and plan to use them mainly to purchase goods and services from the internet, a web wallet may be the best option for you. Web wallets also have fairly intuitive interfaces, and are similar to other types of online accounts. If you aren't particularly tech-savvy, a web wallet may be easier for you to use.
      • 3Use a mobile wallet for convenient, easy access to your cryptocurrency. While mobile wallets provide you the most freedom of access to your cryptocurrency, they may not necessarily be the most secure. However, they are user-friendly and can be a good for beginners. If you have a mobile wallet, make sure your phone cannot be accessed without a secure password, and keep it locked at all times when you're not using it.
        • 4Buy a hardware wallet to secure larger amounts of cryptocurrency. Hardware wallets are offline devices that only store cryptocurrency. Since no additional software can be installed, they aren't vulnerable to hackers like other wallets. These devices start at around $100, so are best for larger amounts of cryptocurrency that you plan to hold for investment purposes.
          • 5Hold cryptocurrency for long-term investment with a paper wallet. A paper wallet stores both your public and private keys on a piece of paper in the form of a QR code. Since it's just a piece of paper, it's completely invulnerable to hackers. While paper wallets aren't vulnerable to hacking, they remain vulnerable to the same threats any piece of paper would be. For example, if your paper wallet burns in a fire, you've lost all access to your cryptocurrency the same as if cash were burned in a fire.