Don’t know what to look for in a crypto wallet?
With over 76 million people creating bitcoin wallets on Blockchain, and over 68 million users on Coinbase, it proves the importance that a crypto wallet has on the safety and security of your digital currency.
But with so many crypto wallets available, what are the most secure options?
Choosing the wrong bitcoin wallet can end up with you losing all of your cryptocurrency.
But don’t worry. There are a few criteria that the best crypto wallet should meet before you give them your money. Keep reading to find out what they are.
Security
Your first consideration should always be security. Security is paramount when it comes to storage so keep these following factors in mind: authentication and encryption.
A strong password with a mix of numbers, symbols, uppercase, and lowercase letters would be ideal.
Private Keys
You should know exactly where your private keys are stored because this is what will enable you to collect your coins in the end. If someone else has access to them it could mean trouble.
With this in mind, make sure you follow the following basic criteria when choosing a wallet: it must be free (or extremely low-cost), allow for easy backups and recovery phrases, and protect users against malware and viruses.
Also, it must provide multi-platform support so that even if you change platforms or devices your coins will still be accessible, offer integration with hardware wallets like Ledger Nano S or Trezor (not all).
Decentralization
Some wallets are not fully independent from external forces because there is a third party who holds the private keys. In these cases, the wallet owner might be subjected to risks such as platform shutdowns or hacking attacks.
This is why it is important to make sure you choose one that doesn’t rely on other people for your funds. Just make sure it’s easy to export and retrieve your coins in case of an emergency.
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Ease of Use and Usability
There’s nothing worse than running into problems when trying to use a certain wallet. If the interface is too complicated you’ll get discouraged and could even give up on using crypto altogether which would be a huge miss.
This is because all kinds of people should have access to this technology. Some wallets allow you to do everything from a single page, while others have a more complex system where you might need to perform various actions.
Community Support and Reputation
Always check out the wallet’s community support. This is due to there being times when you’ll need help from other people who have experienced similar problems as you.
It could be confusing at first but as time goes by you’ll get used to it and then won’t even think about switching wallets again.
Make sure the company that maintains the wallet is reliable and reputable so that your coins will be completely safe in their care.
Need More Help Finding the Best Crypto Wallet?
In this post, we’ve covered a lot of ground on finding a bitcoin wallet. And hopefully answered many questions you might have about what to look for in the best crypto wallet.
If not, feel free to check out our blog for more informative articles to find out exactly “what is cryptocurrency?” and “what is a crypto wallet?” (and more).
