Currently, the growth of the times is driving onward rapidly. Everything we do has been made more accessible by digitalization. Start from waking up to sleep until waking up again. We carry out many activities using digital technology, such as going to school, working, ordering food, and even financial transactions. One of the digitalizations of finance that has been popular recently is cryptocurrency. If you look at Twitter, cryptocurrency topics appear several times as trending. Some people often discuss weekly crypto updates on Twitter. Cryptocurrency has indeed emerged as a solution or alternative to traditional currencies. Cryptocurrency comes with the right momentum and is coupled with a high and stable trading volume, so it has rapid development. For your information, the global crypto market capitalization has crossed over $1.20 trillion market. Now, people are starting to use it daily in this digital currency. We know that you are starting to follow that direction. You need to know that before using crypto daily in the future, you must prepare a wallet first. If you want to save your money in a crypto wallet, you must ch oose a safe and comfortable wallet. In this article, we will discuss the types of wallets available and considerations for choosing a wallet. At the same time, we will introduce the PlasBit crypto wallet.
What Is A Crypto Wallet?
A cryptocurrency wallet is a tool used to interact with the blockchain. There are private and public keys associated with wallets. The wallet supports the transfer of cryptocurrencies via blockchain. Crypto wallets can make it easier for you to buy or sell your crypto assets with a concept like a traditional bank account so that you can make transactions. So, to manage cryptocurrency balances, you must have a crypto wallet.
Types of Crypto Wallets
Now that we know what a crypto wallet is, it's time to discuss the next section, a few varieties of wallets. There are a variety of wallets, each with advantages and disadvantages. This article covers the most popular types of wallets.
A hardware wallet can store files and digital data on tools like USB drives. In a hardware wallet, private keys are stored on a physical device, ranging from a small USB to more complex devices with displays and other security features. Hardware wallets are hard to hack because the private key is offline. It's also easy to use, and you need to plug this hardware wallet into your computer or smartphone and enter your password or other security credentials. This process ensures that the private key is not exposed to the internet, reducing security threats.
Advantages of Hardware Wallet:
- High level of security as private keys are stored online; it is almost impossible for hackers to access them.
- You can have complete control over your private key.
- A hardware wallet can store multiple cryptocurrencies, making managing some of your crypto assets in one place easier.
Disadvantages f Hardware Wallets:
- Due to the high level of security, the price for hardware wallets is also very high.
- Inconvenient because you can't access your crypto assets quickly.
- Because it is in physical form, your hardware wallet may be damaged or lost.
Software wallets are perfect for those who like the ease of accessing a file. A software wallet is a type where the private key store is connected to the internet; It's available wherever you have an internet connection; you can use it anytime and anywhere. Software wallets come in many forms, from smartphone applications to desktop applications to web-based platforms. The features of a software wallet are the same as a hardware wallet, where you can send and receive cryptocurrency, view transaction history, and manage multiple cryptocurrencies in one place.
Software Wallet Advantages:
- The software wallet is easy to use and can be used anywhere and anytime with an internet connection, so it's very convenient.
- Software wallets have low fees, or some are even free.
- Have features that make it easier for users, and you can manage your assets in one place.
Disadvantages of Software Wallets:
- Low-security risk due to private key connected to the internet. Wallets will be vulnerable to attacks online, and your crypto assets can easily be stolen or lost.
- Makes you dependent on third parties because your software wallet must always be up-to-date and secure.
- You can quickly lose access to your cryptocurrency assets if you lose, steal, or damage your device.
This crypto wallet is suitable for those who want the highest security level. A paper wallet is a wallet with private key storage on physical paper. Usually, paper wallets print paper containing a QR code where the QR code contains public and private keys, as well as a series of instructions for accessing and managing your crypto assets.
Advantages of Paper Wallets:
- Very safe because it's not connected to the internet.
- A paper wallet is much cheaper than a hardware wallet because you only need a printer and a piece of paper.
- Easy to create and access.
Disadvantages of Paper Wallets:
- Easily damaged and can be lost or stolen, eventually losing your crypto assets.
- It's inconvenient because it takes time to access it by printing on paper first.
- Requires technical knowledge, so it can make you dizzy taking care of it. Now we enter into the discussion of the following article
Considerations in Choosing a Crypto Wallet
We also want to help you with what things you should use to choose a wallet. Choosing the right crypto wallet is essential if you want to use crypto daily. Because there are so many crypto wallets, you will be confused about which wallet to choose. That's why we want to give you some considerations when choosing a cryptocurrency wallet.
Look for wallets with two-factor authentication, multi-signature support, and other security features to protect your private keys.
2. User Ease
Choose a wallet with a simple, responsive, intuitive user interface to quickly send and receive cryptocurrencies.
Make sure you choose a wallet compatible with the cryptocurrency you want to hold. You need to know that not all wallets support all cryptocurrencies. So, check before using it.
4. Smartphone or Desktop
You have to have a consideration whether you want to use a wallet on a smartphone or desktop. If you want one that can be used anytime and anywhere, you can choose a smartphone, whereas if you have more security and control, you can choose a desktop.
Many wallets can be used for free, but there may be a fee for certain features or transactions. So, make sure you read the small notes and understand the costs in the wallet that you will use.
Choose a wallet provider that has a good reputation. Look for crypto wallets with a strong track record of security and reliability. It would help you avoid wallets with a history of being hacked or other security breaches.
Considering choosing a crypto wallet in the crypto weekly update presentation this time, the wallet that is right for you to use now is the one from PlasBit.
We will continue discussing the article, this time by introducing PlasBit
PlasBit wallet is a secure crypto wallet to store your crypto, which is suitable for beginners and those of you who are already experts in the crypto field. Our wallet is designed with high security because we want to build customer trust by reducing risks in the crypto world. We leverage private key encryption, PINs, and enhanced security. Our crypto wallet supports cryptocurrencies such as BTC, ETH, LTC, ADA, USDC, and other ERC20 tokens. Our wallet will be all your crypto solutions in one place; you will have complete control of your crypto securely in your wallet. The advantages that you can get with Plasbit wallet are:
1. Convert Crypto to Fiat
You can store your Bitcoin, Ethereum, and other digital assets and quickly convert them into fiat via bank transfers and debit cards.
2. Internet Banking
Our Internet banking dashboard panel is fast, intelligent, and the latest generation. You can adjust your needs using Plasbit Wallet, starting from payment transactions and other up-to-date payment services.
3. Have a High Level of Storage
We use ISO/IEC 27001, which is used to guarantee PlasBit's security. We will reduce risks for clients and investors. We build PlasBit wallets according to customer needs and pay attention to the best security. After reading our article, you can visit our wallet pages to register.
Tips for How To Keep Your Crypto Wallet Safe
As promised, we will give you tips for keeping your wallet safe. You can follow these 5 tips so that your crypto is safe:
1. Choose a Wallet With a Good Reputation
You have to choose a crypto wallet that has a good reputation. At least 100 thousand users should use the wallet. The more user that uses the wallet, it can be good for you. You must also check their comment about the wallets and ensure they have many good ratings from real people.
2. Turn on Two-Factor Authentication
To use dual security, you must perform two-factor authentication, as there will be an obligation for a second verification before allowing access to your wallet.
3. Secure the Private Key
The private key is the primary aspect of your wallet because it is the pathway to access your crypto assets. It's best to keep it securely in a hardware or paper wallet.
4. Use a Strong Password
Choose a hard-to-guess password that contains a combination of letters, numbers, and symbols.
5. Back Up Your Wallet.
Ensure you back up your wallet by storing it safely to recover your funds when you've got theft or loss. Hopefully, this time, the bonus we provide in today’s article can make your wallet safer.
Before using crypto for daily cash, you must use a crypto wallet to store your assets. Our wallet will suit you to start holding your crypto assets and use their days later. With existing security and features, it will make it easier for you to save your crypto and use it daily.