You may be saving your digital currencies for the future. You may be planning to make a few purchases. Whatever is the case, you need safe storage space. You will find it in a trustworthy cryptocurrency wallet like BitIQ trading software . This is a software application. Its function is to interact with various blockchains. It also serves to save and store your private and public keys. With its aid, you may receive or send cryptos. Your wallet will also help you keep track of your cryptocurrency balance.
Features of a Reliable Cryptocurrency Wallet
Online cryptocurrency wallets cannot guarantee 100% safety, for hackers always come up with new ideas. Regardless, the following tips should serve to keep your digital wallet as safe as possible.
Keep Your Software Updated
Developers keep adding new features to existing security software. Keep track of the latest advancements. This way, you will always have updated software for your digital wallet.
Similarly, keep the software on your laptop/desktop PC/mobile up-to-date.
Use Extra Security Layers
Even hackers will lose patience if they must go through layer after layer of security! Therefore, opt for multiple security layers. An example is two-factor authentication. Another is requiring multiple signatures for a transaction to go through comfortably. Wallets, such as Copay, Armory, etc., offer this feature.
Make sure that the withdrawal of funds is impossible without a password. Keep the password lengthy, as well as, complex. Above all, your selected wallet must possess a healthy reputation.
Always have a Backup in Place
It would be best not to store a vast quantity of cryptocurrencies in your digital wallet. Push them into offline storage. Alternatively, you may opt for cold storage. Examples are a USB, paper wallet, etc. Let your online wallet hold a small amount of funds for everyday usage.
Such an action will also guard your wallet against the adverse effects of computer failures. It will also be possible to find your digital purse if it should be stolen or lost.
Use the Internet Cautiously
Do not access your digital wallet in a public space, that is, a public Internet connection. Always use a safe and secure, private Internet connection.
Go for additional protection by installing dependable anti-virus software on your devices.
Double Check Everything
Is the cryptocurrency address genuine? Peruse carefully. You should not use it, if you feel uneasy about it.
It is the same with links that appear suspicious, or appear without warning.
Your Digital Wallet Works this Way
Suppose someone sends you digital currencies. They are foregoing their ownership of those coins. You could say that they are sending them to a new residence – your wallet.
Now, the sender is diverting those funds via a public address matching that cryptocurrency. Your private key must be compatible with this public address. Only then, will you be able to unlock, and use these funds. Thus, the balance in your online wallet reveals an increase. It reveals a decrease in the sender’s wallet.
Different Types of Crypto Wallets
Such a wallet is highly user-friendly. It refers to a printout/physical copy of your private/public keys. It also refers to a software program, which creates a pair of keys. These keys are printable. Best of all, security is marvelous.
You may download and install your crypto wallet onto your desktop PC or laptop. Therefore, you may access your wallet only from the concerned system. Naturally, the security level is splendidly high. However, choose a model that will prevent virus attacks and hacking.
The hardware device is a USB. Your private keys reside on it, albeit offline. However, you may engage in online transactions at will. Since your cryptocurrencies are stored offline, they remain relatively safe.
A specific app on your Smartphone helps the digital wallet to operate. This is a small and simple wallet, usable everywhere. You may even use them at retail stores.
It runs on the cloud platform. Therefore, you may access it from any kind of computing device. You may access it from any geographical location. However, your private keys are online. Furthermore, a third party manages them. This makes the wallet vulnerable to thefts and attacks. Therefore, you must be extremely careful to choose a well-known online wallet.