In 2022, cryptocurrency storage will become more crucial as the industry grows, forcing holders to weigh usability, functionality and security when making their choice. Sponsored
What types of wallets are available to users, and when should each be used?How can new and avid cryptocurrency users find a wallet that meets their needs?Following the purchase of cryptocurrency, users must consider how they will store their digital assets.
While this concept might sound complex on the surface, especially to the many people new to cryptocurrency, wallets, the location where users can store their private keys, aim to make the experience more user-friendly. Unfortunately, the concept of wallets is broad, and the number of choices is diverse. This leaves the choice of how cryptocurrency will be stored to that of the user themselves.Cryptocurrency wallets fall into two main categories, hot or online and cold or offline.
However, this is often a double-edged sword as exchanges are often the target for hackers, leaving a user’s private keys subject to risk. A cold wallet, such as the paper wallet mentioned above or a hardware alternative, eliminates these risks but opens cryptocurrency holders to other concerns, such as the loss of such a device.Cybercriminals are becoming more crafty as they discover new ways to take advantage of cryptocurrency users.
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