You have your Bitcoin and other cryptocurrencies set up, you’ve got a wallet ready to go, but how can you ensure that all of this crypto is safe? The answer to that question varies depending on who you talk to. There are so many options out there for wallets it’s easy to get lost in the variety. So, which should you go for?
If you are looking at it from a business or corporate standpoint, then having an official wallet is probably best. There are several major crypto companies out there that offer their own wallets to ensure customers use their products. Coinbase is one of the most well-known names in this regard, with customers able to download the Coinbase app and have access to a wallet.
However, Coinbase wallets aren’t exactly secure, and there have been issues with them in the past. In fact, they were hacked sometime back and over $30 million was lost. So if this is an option you’re looking at then proceed with caution – it would be advisable to store your cryptocurrency in your cold storage wallet.
This option is lightweight, too, so you don’t need to worry about using lots of space on your phone or tablet. For those who are looking to spend their crypto frequently on the-bitcoinevolution.com/ without worrying about security issues though, this isn’t the best idea.
One other popular option is the paper wallet. This is the safest way to store your cryptocurrency for now, but it’s also quite light on features. And with online wallets getting more secure, paper wallets are becoming less popular.
This option gives you access to all of its features without having to worry about security issues like third-party hacks (although there is still the risk of losing it). It’s advisable to store 90% of your crypto funds in this wallet, with 10% held in your Coinbase wallet for ease of access.
As for third-party wallets, the best option would be one that you can control yourself. That way, all responsibility falls on you, and if anything goes wrong you will be able to deal with it quickly and easily.
Best Wallet to Choose
If you’re going to store your crypto in a third-party wallet then ownership of that company should fall under your country’s laws, something that isn’t true with all the wallets out there. This is why hardware wallets are the best option – you can store your crypto wallet in a safe, easily accessible location without worrying about security issues.
If you’re looking for cold storage then paper wallets are certainly an option to go for, but if on-the-go accessibility is what you need then it’s wise to go for a hardware wallet. That way, you can access your cryptocurrency at any time without worrying about security, and transfer it to your paper wallet when you need to store it.
Can We Trust Third-Party Wallets?
The answer is up to you. If you are looking after the safety of your crypto funds then keeping them in a hardware wallet is the best option. If you are looking for an easy way to access your crypto funds, then third-party wallets such as Coinbase and Blockchain offer a good solution.
However, if you’re keeping your crypto in a third-party wallet then there’s always the risk that it will be hacked or shut down, leaving you with no direct access to your funds. That’s why it is better to keep around 90% of your crypto in a secure wallet, and the remaining 10% on a more accessible wallet so that you can spend it easily.