Learn how to choose the best crypto wallet in this post.
If you’re involved in the world of crypto, chances are that you have to look for a wallet at some point. Having your own wallet is an integral part of dealing with any digital asset, and it will impact your experience.
Needless to say, the choice of a cryptocurrency wallet should not be taken lightly; instead, it should be made with considerable consideration.
In this article, we’ll touch on the different types of crypto wallets, as well as the things to consider when making your choice.
Table of Contents
The Types of Crypto Wallets
At their core, crypto wallets are essentially the stored details of where tokens are kept on a specific blockchain, as well as the power to move them from one point to another. Just like a bank account doesn’t hold physical cash, but instead, it contains details of the amount of money and authorization to transfer it.
With this in mind, there are three basic types of crypto wallets. The first is paper wallets, which essentially means writing down the details of these funds on a piece of paper. This includes the password, recovery phrase, wallet address, and other relevant details. These are the most affordable crypto wallets to acquire, although they carry a higher risk of loss and theft compared to others.Â
Then there are hot wallets, which refer to digital crypto wallets that are connected to the internet. These are very convenient to use, but must be kept very secure to avoid hacks. Cold wallets are the final type of crypto wallets, referring to physical devices where these details are stored.
As a crypto user, you’ll have to decide which of these wallets to opt for. In this case, here are a few things to consider:
A Secure Custody Solution
One of the most popular phrases in the crypto industry is ‘not your keys, not your coins’. This essentially means that any tokens for which you do not have the private keys are not fully under your control. This is why you’re generally advised not to keep your tokens on crypto exchanges.
Instead, you’ll want to get the best non custodial wallet that you can find. This ensures that your tokens are fully under your control and that no one, not even the wallet provider, can take them away from you.
Token Compatibility
The term crypto wallets can be quite broad, as it refers to storing virtually every token you can imagine. But because different tokens are based on different blockchain protocols, not every wallet will be compatible with them.
Some wallets can store ERC20 tokens but not those based on other blockchains, for example. So, when choosing a crypto wallet, consider the type of tokens you intend to use. Ensure that the wallet supports the specified tokens and, ideally, a range of other tokens you may want to use in the future.
Customer Reviews
These days, consumers hardly buy any products without first looking at the reviews, and a crypto wallet should be no different. Once you’re considering a wallet from a specific provider, look up its consumer reviews to make sure it is of good quality.
Do users generally enjoy the features? Is customer support efficient? Be sure to choose the ones with the best reviews and exercise caution with those that have poorer reviews.
Price
Every consumer situation is unique, and this means that you’ll need to consider your budget when selecting the best crypto wallet for you. A paper wallet can be obtained for free online, and several hot wallets cost little to nothing to set up. A cold wallet, while often recommended, can cost anywhere from under $100 to several hundred dollars, depending on the brand you choose.
Ultimately, consider not just the amount of money you have to spend on a wallet but also how much money you plan to store. If you have thousands of dollars in cryptocurrencies that you want to keep safe, you might not want to skimp on your wallet.Â
User Interface
Because blockchain can be confusing to some people, opt for a cryptocurrency wallet with a simple and easy-to-use interface to engage with.
Whether it is a hot wallet or a cold wallet, choose the one with a layout that makes the most sense to you, navigation that you can easily use, and more. The last thing you want is to be confused when trying to deposit or withdraw money, so it is best to keep this in mind.
Conclusion
A crypto wallet can be one of the most important purchases you make as a digital asset user. Choosing the wrong wallet can lead to a bad experience or even result in losing your money.
In this article, we’ve noted some of the key factors to consider when selecting a wallet. Apply these diligently, and you should have the best experience possible.
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About the Author:
John Raymond is a cybersecurity content writer, with over 5 years of experience in the technology industry. He is passionate about staying up-to-date with the latest trends and developments in the field of cybersecurity, and is an avid researcher and writer. He has written numerous articles on topics of cybersecurity, privacy, and digital security, and is committed to providing valuable and helpful information to the public.
