Best Cryptocurrency Wallet: Exploring Choices to Store your Cryptos

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blockchainoodles
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Joined: Wed May 15, 2019 4:06 am

Best Cryptocurrency Wallet: Exploring Choices to Store your Cryptos

Post by blockchainoodles » Wed May 15, 2019 4:17 am

If you’ve just stepped into the crypto world by purchasing your first few cryptocurrencies, you might be looking to know which type of cryptocurrency wallet to choose to store them.

For seasoned crypto enthusiasts, this task is nothing.

However, a newbie who’s interested, it can be quite daunting.

In general, there’s no hard and fast rule for it.

In reality, it depends on your preferences.

Still, here are some tips on how to choose the best cryptocurrency wallet.

Firstly, let’s know what’s a cryptocurrency wallet.

In a nutshell, a cryptocurrency wallet refers to a software program that stores your public and private keys which enable the sending and receiving of cryptocurrencies at the press of a button.

Although calling it a cryptocurrency wallet would be a misnomer as it doesn’t store your crypto coins, it enables you to interact with the blockchain during transactions.

There is one important thing to consider that a person gets three ways to store their cryptocurrencies: software wallets, hardware wallets, and custodial wallets.

Also, you need to think about storage, which can be either cold or hot.

Hot storage means you choose to store your coins online that may be prone to hacks, whereas cold storage means taking a person’s crypto coins and keeping them securing offline.

How to Choose the Best Cryptocurrency Wallet, what are the Types and their Usability?
Custodial Wallets
These wallets get generally used to store your private keys through a third-party.

If someone is a newbie in the crypto world, it’s recommended to use a custodial wallet.

Hong Kong-based Bitfinex and San Francisco-based cryptocurrency exchange/trading platform are instances of custodial wallets. And, the wallet comes integrated with these platforms, thus, no need for resorting to other types.

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