A Crypto Wallet that can Couple the Security of Your Coins with Easy Access

In the same way, you need a physical wallet and credit card to make sure the amount of money you carry is safe and secure. The credit card has lessened the load and increased the efficiency. But then comes online transactions from apps and with this system comes the jeopardy of these assets because of the loopholes of online security.

In the same way, nowadays digital wallets are in vogue and people should know about the proper ways of; how to select, use and protect digital wallets.it is comparatively a new technology of its kind. The other reason why should you take it seriously is;

Cryptocurrency is an expensive mare, isn't it! So, you should put in serious effort to make sure the security and effectiveness of your wallet as well as your other priorities.

As we have discussed, it is a new and rapidly growing field. Every step should be taken after complete and thorough contemplation and research if you don't want to play it like a pump dump and bubble double game.

Normally when people go for trading options, they tend to leave their digital assets on a trading platform, or some people choose to store cryptocurrency in a personal wallet.

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There are software wallets (hot wallets) and physical wallets (cold wallets) which are completely offline devices.

After knowing the basics, let's find out what is a crypto wallet and how to decide what is the right choice for you.

What is the right cryptocurrency wallet?

Just like a physical wallet, in which you store your spare money, a cryptocurrency wallet is a place where you store your cryptocurrency.

To do a transaction, you have to do is to send your wallet address that is also called your public key in an encrypted or hashed format.

A public key acts just like your account number and you can share your public key with other people and businesses. If they have your public key, they can send you digital currency and receive currency from your wallet. Public keys are usually known as your wallet address. To be more specific a hashed or compressed public key.

But the private key is like a password to your account and you don't want everybody to know the password to your account because it can japeries your money for sure.

As the name digital suggests, a crypto wallet does not host your digital coins. It holds the information about the public keys that are technically the address to your digital assets on the blockchain and these keys validate your ownership of designated cryptocurrency.

Why do you need a wallet?

Technically, there is no compulsion about owning a crypto wallet. You can park your digital assets in any exchange, from where you have acquired the cryptocurrency, and many people store their crypto in exchanges.

But the real discussion is;

Parking cryptocurrency in exchange is safe or not?

All the DeFi purists will say hell no. the thing is, it is not a permanent solution and it could work for you in the short term but in the long run it is not recommended at all because of notorious hacks on the crypto exchanges.

How to choose the right wallet?

Since digital finance and cryptocurrencies are focused on decentralization. So, the owner is fully responsible for securing the assets and for the successful execution of this liability. The owner must have to be well versed in the crypto arena.

Secondly, the discussion of choosing the right wallet depends on the risk tolerance and knowledge level.

Here are few keynotes to remember.

• The right digital wallet will update frequently.
• It must have implied two-factor authentication.
• Do not ever share your private key with anyone, just like you don't share your bank account password, ID card, or social security number.

We have studied many wallets and among the few chosen ones, few have these qualities and Orbitex trading platform and mobile saving wallet is one of very few wallets. If you are new to cryptocurrencies and want a user-friendly interface and no compromise on security, Orbitex Wallet will not disappoint you.

Currently I'm an investment analyst for Crypto Capital Markets, in Malaysia where i conducted in-depth market research on real estate, agriculture, and applications of blockchain technology.