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Crypto Wallets and Anything you Need to Know About It

Bitcoin was founded for the first time in 2009, and after that, Bitcoin becomes the number one Blockchain or Cryptocurrency that always succeeds in attracting more people to know or owning some of them as an asset. Its popularity seems to blur the fact that Bitcoin somehow can be called “unstable” both from its price and market. Despite that fact, the cost of Bitcoin is still able to skyrocket until today, where a crypto coin can have a value of a thousand dollars in the market. Hence, knowing and providing a safe place for your valuable Bitcoin is necessary. Read more: crypto.nl.

To help you understand and find a reliable place to save your Bitcoin, we will provide the list of the top Bitcoin wallets and several storages else that you can consider to be the best place to store all of your Cryptocurrency assets. Crypto Wallet has various types and functions based on your needs and characteristics. Such as the Hot Wallet, Cold Wallet, Paper, Desktop, and Mobile Wallet. Each of those wallets has the unique feature and capacity as Bitcoin storage.

Before we get more specific in the Crypto Wallet, you may need to know the best Bitcoin wallets that you can consider to choose as your Bitcoin storage. Here is the list:

  • Exodus
  • Electrum
  • Mycelium
  • Ledger Nano X
  • Trezor Model T
  • Ledger Nano S

You can also get some alternatives on the internet. All you have to do is just Googling it and check their pricing, program, and many more.

The Importance of Protecting Your Crypto

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Every market has an equal chance to be attacked by scams or criminals in its practice. It also happened with the Crypto market. Hence, as the crypto assets owner, you need to provide the safety and reliable storage to put all of your Crypto assets in an integrated place. Not only that, to increase the safety rate over your assets, the proper system is necessary to make sure that your assets are safe.

The Crypto experts have to discuss together in the Cryptocurrency Consortium to find the best solution and resulting in the CCSS (CryptoCurrency Security Standard), a system that provides the safest way in the Crypto exchange.

One of the triggers motivating those experts to formulate the safest Bitcoin storage for the people is the incident from BitGrail & Coincheck that was hacked in 2019. This incident led the developer of the applications, websites, and some of the platforms else that related with Crypto to increase the security over their platform by expanding the firewall and several improvements.

The critical procedure that should be implemented by the people who own the Crypto assets is understanding and having the Cold and Hot wallets as their crypto storage. The cold wallet is useful for live trading which the transaction is happening in the meantime between the buyer and seller, while the hot wallet is useful as the storage that provides better security in the Crypto trading that occurred not in real-time. Creating the physical keys also becomes the best option for you to choose to increase the security rate over your Crypto storage.

Different Types of Cryptocurrency Wallets

Crypto Wallets can be known as the combination of your private keys and the public address. The wallet’s types or characteristics can be classified based on the types of its storage and the method used in practice. Here is the list and detail of the wallets that were used by the people.

Hot and Cold Wallets

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Cold walled is system storage that can be accessed without using the internet, while the hot wallet is the storage that has to be accessed by using the internet connection. In practice, a hot wallet provides more efficient accessibility than the cold one, but from the security aspect, a cold wallet is better than a hot wallet because it doesn’t use the internet and makes the cold wallet more secure than the hot one.

Paper Wallets

Paper wallets are manifested as the wallet that uses the physical printed code as the key to getting access to manage and use any resources within the wallet. A paper wallet is hack-proof. It means that this wallet is having a lesser risk of being hacked compared with the other Crypto wallet. Even if this wallet sounds promising, Paper Wallet still has some pretty fatal weaknesses, such as the incapability to send money in partial, one-time QR code and its efficiency compared with the other Crypto wallets.

Desktop Wallets

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A desktop wallet is almost similar to the common software on the desktop. To use this wallet, you have to install its application on your desktop first. Desktop wallets are compatible with various operating systems in the computer. Since this wallet is similar to the common software, you need to provide the antivirus to help this wallet be safe from various troubles such as trojan, malware, etc. Desktop wallet per se is renowned as the safest Crypto wallet because you can get the advantages such as ease of use, better privacy service, anonymity, and not connected or integrated with the third party at all.

Mobile Wallets

Mobile wallet is the best innovation that is able to give you features like a desktop wallet in your smartphone. The mobile wallet can also be described as an all-in-one wallet that gives you a lot of advantages such as a QR code, easy to use, and simple. People are tending to use mobile wallets nowadays due to their simplicity and ease to use anywhere. If you are interested in using the mobile wallet, you can try to use Mycelium or Coinomi.

Wallet Recovery Services

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In case you forget about your code, or you are doing something unnecessary such as a passphrase or trying to use seed words, the Cryptocurrencies in your wallet could be lost for goods. Nevertheless, if your password is not really complex with multiple unique characters or remember few parts of your password, this method may help you get access back to your account. You can use the service from the Wallet Recovery Service for the easiest way. All you have to do is just come to them and consult several problems you found in your wallet. The payment they accept is only 20% of the total bitcoins you have in the wallet.

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