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Tips on Choosing the Right Crypto Wallet

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Security Tips to Keep Your Bitcoin Wallet Safe

Being a Bitcoin or cryptocurrency owner means you’ll need to have a cryptocurrency wallet that can store your digital assets.

Wallets are important- like their real life counterparts, crypto wallets can hold the public and private key to your crypto coins. Also, they come in many forms, some of which are better suited to what you need than others.

Here’s a short guide on how to choose the right crypto wallet.

Does Cost Matter?

Since you’ll be investing in cryptocurrency you will need a storage of your own. It’s not enough to put all your assets in a web-based wallet since they’re prone to getting hacked.

Adding a crypto wallet should definitely be a part of your budget when crypto trading. Most software come for free and can be downloaded onto an app or computer, but there are paid options in the form of hardware wallets.

These types of wallets will cost money but they’re great for holding Bitcoin for long term, and are virtually unhackable as long as you don’t connect them to a computer.

Security Versus Convenience

A crypto wallet may not be secure and convenient at the same time. This is because the private key is needed to complete a transaction, such as when you’re trading online or sending money to a merchant, for example.

Keeping your crypto in an online wallet is convenient as it allows you to access your keys at any given time. However, they’re not the best when it comes to security. A hardware or paper wallet keeps your keys away from prying eyes but you’ll need additional steps if you want to buy or sell crypto.

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A Mobile Wallet Can Come in Handy

Having your private and public keys with you at all times can add to the convenience, but then you’d have to be extra careful as it could get lost or stolen.

Web and online wallets are good options, since they’re mainly accessible by connecting to the internet. However, there are USB-type wallets you can buy for added security.

Investing in a portable hardware wallet is a must if you intend to hold on to cryptocurrency for the long term. Also, a wallet app can come in useful as we bring our phones with us 24/7.

Multi-Currency? You Will Need a Hardware Wallet

Cryptocurrency investors who intend to buy several cryptocurrencies will need a wallet that can support it.

In this case, a hardware wallet is a good choice since it’s portable, secure and has support for hundreds of tokens and crypto coins.

Instead of buying a wallet per cryptocurrency, it’s definitely better to get an ‘all-in-one’ wallet so you worry only in securing one hardware. With a software wallet or a web-based one, you can transfer to and from them when you need to store for long term and convenience for when you trade or make a purchase.