So, if you also want to participate in the crypto experience, this means that you will definitely need a crypto wallet. However, since there are thousands of crypto wallets out there, it can be difficult to choose the best one for you. Therefore, this article offers you help in detail about everything you need to know before making a decision.
What is a Blockchain Wallet?
The first thing you need to know about blockchain wallets is that they do not literally store your crypto-currencies because they are completely decentralized. Blockchain wallets store only your public and private keys. Think about public and private keys like in commercial banking; consider an IBAN address and a password to access it. You send crypto money to the recipient’s public key and confirm the payment with your private key, and vice versa. In short, Blockchain wallets allow users to access cryptocurrencies and use them freely.
Types of Blockchain Wallets
It is normal for crypto wallets to vary in order to meet the actual needs of users. For example, some may prefer to work on a computer and others on a mobile device.
Crypto coins were developed with the aim of making people’s lives easier, so it has become a necessity to provide users with different options. There are currently five types of blockchain wallets:
- Desktop Wallets
- Online Wallets
- Mobile Wallets
- Hardware Wallets
- Paper Wallets
A desktop wallet is a wallet that you can easily download to your computer. Usually, it does not require a specific operating system, although this might still depend on the provider.
An online wallet is based on a cloud system, so you can access your data from anywhere, of course, as long as you’re connected to the internet.
The mobile wallet on the other hand is one of the more widely used wallets, as it can be easily downloaded via app stores on Android or iOS. It does not require a stationary connection, and it has been the people’s choice for exchanging cryptocurrencies thanks to the ease of access.
Hardware wallets are known for their high security, which store your keys on a hardware device. But the price is just as high because it was developed on such expensive technology.
And finally, there are those of us who want to feel cryptocurrencies in our hands. Paper wallets have also been created for these old-fashioned people. Practically, your public and private keys are compressed into QR codes, and they can be printed on paper or even on PVC and can be used as credit cards.
What Factors Should You Consider?
After choosing the type of wallet you want to work with, it is necessary to do some research to discover the best ones on the market. Before you start using a cryptocurrency wallet, there are a few things you need to have in mind.
Security
One of the most important things about a cryptocurrency wallet is how it protects your money, because some people may find a way to steal your account. The best option is to look for good security measures taken by the service you resort to.
Accessibility
Each user has a unique lifestyle, and therefore different preferences. But they may not work with just one type of wallet. Even if you like working at a computer, accessing your money on the go would also help, right? Therefore, a wallet that is mobile and can be accessed through an app is definitely a plus.
Supported Currencies
Today we have thousands of crypto-currencies to choose from, and most of the new ones are just better versions of the previous ones. To challenge their potential, you first need to work with them first and get a wallet that allows you to do this. However, some cryptocurrency wallets have other approaches that accept currencies based on their market capitalization, which is actually not a bad thing because it ensures safety.
Costs
It will be in your best interest to maximize your income, so you definitely need to find a balance between cost and effect dilemma. You need to find an option with reasonable transaction fees and absolutely zero hidden fees because transparency is also essential.
Ease of Use
You can exclude crypto-currency wallets that do not have a user-friendly design because these don’t serve your best interests. You will be comfortable if you choose a wallet that will protect your assets with a two-factor security protocol, store funds in offline storage, and is also designed for both mobile and web browsers.
The IXFI Solution
The good news is that the IXFI wallet has all the requirements listed above, and more. With IXFI’s advanced security measures, high accessibility, hundreds of coins and pairs, low fees and no hidden costs, all on an intuitive and simple interface, there’s nothing missing for you to have a complete and enriching experience.
Join Your Friendly Crypto Exchange and leave your worries behind.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
