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7 Essentials of the Best Cryptocurrency Wallet

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With the current hike of the bullion market, it is just a matter of time that the cryptocurrencies will be taking over completely. It has already surged to a level that was less anticipated in the past. Cryptocurrency has taken over the world by a storm in the digital medium of finance and investments. It may become an alternative to the government-backed currencies which is used daily. We have already witnessed it turning into a great investment opportunity for many, due to its skyrocketing value against the US dollar for the last couple of years.

Since the increase in the value of Bitcoin and other cryptocurrencies, they have turned very volatile and are facing a greater risk of secure transactions and safekeeping. We have several fraudulent cases in front of us. The Mt. Gox incident in 2011 and over 1 billion dollars of cryptocurrencies stolen back in 2018 are some significant incidents that brought up the digital cryptocurrency wallets in limelight. There are several options available to store Crypto coins or currencies in the wallet, each offering a different type of security and storage options. Here is a list of few essentials of the best Crypto wallet:

1.    Security

As stated earlier that cryptocurrency wallets gained popularity after many cryptocurrency thefts. Hence, the most important thing that needs to be checked before buying any wallet is the security level which will accompany many other attributes attached to it. Among many wallets, Trezor offers the best security for the user coins. It is an external hardware device that enables the password authentication, providing gold standard security in the cryptocurrency wallets.

2.  Cost

While most of the top cryptocurrency wallets are free of costs, few involve some cash transfer. The hardware or a USB wallet will also involve their shipping costs. It is important to read all the details and fine prints about a certain wallet before your purchase. Some wallets have also a hidden transaction fee. Some people do not compromise on the security level, which eventually leaves them paying some purchase cost instead of using a free wallet with other different features.

3.  Accessibility

There is a different class of people who are always looking up to invest in the cryptocurrencies available on the digital platform and finance medium. Before going for a cryptocurrency wallet, it would be wise to know if it is accessible from anywhere at any time. Some software like Electrum is a software wallet that is only stored on your laptop or desktop computer. This means that any mishap with your personal computer and data loss will result in complete software erosion and the loss of complete crypto coins.

4.  User-Friendly 

Being tech-savvy does not mean that one can opt for any cryptocurrency wallet. It is of utmost importance that the wallet is user-friendly since people do not have that much of time to comprehend the technicality. They would prefer a simple graphical user interface. Coin baseis one of the most user-friendly wallets with just the beginner level of usage ability. It will be beneficial that your wallet is according to your experience in cryptocurrencies and tech knowledge.

5.  Style

Cryptocurrency investors and technology lovers exist side by side in a certain person. Though people use wallets solely for security and storage purposes, however, “style” comes into the list of essentials for people who are die-hard gadget lovers. This factor comes down according to your preference. Some are thumb drive shaped, some have anodised aluminum OLED display, and many others.

6.  Ease of Transfer

Those who are into bitcoin and other cryptocurrencies will look for a wallet where they can make fast purchase and selling, through any interface. Sending, receiving and saving in the wallet remains according to your cryptocurrency experience.

7.  Reputation

Cryptocurrencies are from an electronic and digital world of today. Before making the correct decision about the best cryptocurrency wallet, one must check the level of trust that the community has on the company. Individual user ratings and comments must be checked to understand the reputation of the wallet amongst the real users and whether they would recommend it or otherwise. Also, read about the company’s duration in the business and whether they have worked upon continuous improvement and up-gradation of the wallet.

Of course, it is not possible to find all the essential features in one package, but it would be wise to select something that offers the greatest number of preferences that you seek in your cryptocurrency wallets.

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

Disclaimer: All content found on 7bitcoins.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

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