Best crypto wallets

 

What are encrypted wallets and how are they dealt with?

This is what we will talk about in this article.

Whenever you need to buy anything from any market, you should keep your money with you

Either in the form of cash in your wallet or in your bank account to pay with your credit card

Well, if we apply the same idea to the cryptocurrencies that you have;

What would happen if I wanted to buy something with these coins?

Where will these coins be? Where are they located or kept?

As said before; Bitcoin or other cryptocurrencies are virtual and intangible currencies

You can hold these cryptocurrencies in so-called crypto wallets.

What are cryptocurrency wallets and what are their types?

What are the most popular applications currently available for this wallet?

With the widespread use of cryptocurrencies, it was necessary to emulate traditional wallets,

However, not all cryptocurrency users are familiar with the world of programming.

It is difficult for them to log into the blockchain to write different tokens and tokens until the transfer takes place.

The idea of ​​crypto wallets emerged at that point.

These wallets are divided into two main types

The first type is the hot wallet and the second type is the cold wallet

Today we will talk about the first type, the hot wallet, which is considered the most widely used.

It is an application with a simple and easy user interface.

It is called GUI or Graphical User Interface.

The function of this type of wallet is to save the private key

With it you can control your cryptocurrency

And signing the transactions, as we will explain later.

With the growing popularity and momentum of cryptocurrencies in the world,

Various types of hot wallets are starting to appear, and most of them are free to download.

There are wallets that are downloaded directly to the computer,

Such as Exodus and Electrum programs.

In addition to other wallets that can be downloaded as add-ons for any browser

Like Meta Mask and Binance Chain Wallet.

There are wallets that can be downloaded to the mobile as well,

Like Trust Wallet and Safepal.

After all these types appeared, the process became easy and simple.

Here, of course, a question arose: Are these wallets safe so that I can hold my cryptocurrency?

Is there any chance I could lose my wallet and then my cryptocurrency at any time?

actually no. These wallets are not secure enough,

This is mainly because they are always online.

Thus, they are always an easy target for phishing attacks from hackers

Who will try in various ways to access the private key of your wallet

So that they can control the wallet and the currencies in it.

The methods of circumvention among hackers are diverse.

For example, one might create a domain with the same name as the site you are using

To log in to your wallet you are asked to update your details;

Once you do that, the hacker receives your data and confiscates all your coins.

There is another common scam. Much like logging into Facebook, for example,

A code will be sent to you in an SMS to your mobile phone to verify that you are the owner of the account.

The same applies to wallets when you try to log in.

Some scammers have devised a way to get the code connecting you through a technology called "SIM swapping".

They communicate with telecom service providers and convince them

They are SIM card owners and ask them to replace the SIM card

with a new one to use in the authentication step.

This is the same thing that happened in 2018 with Michael Terpin,

When accused the American telecommunications company AT&T

It can't protect him from being defrauded

After nearly $24 million in cryptocurrency was stolen from him.

Ok, aside from theft and fraud, is it possible to lose your wallet in another way?

Unfortunately yes. You may not be able to access your wallet again if you lose your private key or even part of it.

Which is why crypto experts always advise that you should do it

More than one copy of the private key is kept in separate places.

Here comes an important question, please pay attention:

How can I choose the right wallet for me among all these types?

In fact; To choose the right wallet, a person should take care of the following:

Safety first… Before you deal with any wallet,

you must make sure that you downloaded it from the wallet’s website.

The developers in charge are trusted.

Of course, it is preferable that the programming of the wallet be open source

For users with a technical background can check the source code,

Identify and share breaking points with those responsible for portfolio development to fill potential gaps.

Secondly, the wallet must support different cryptocurrencies.

That is, while exchanging traditional currencies,

If you want to transfer an amount of money in Euros;

You cannot transfer it to a dollar account.

The account must be in Euros to be able to receive it.

The same applies to cryptocurrencies. Bitcoins cannot be transferred

To a private address on the Ethereum network [for example] and vice versa.

You must first make sure that the wallet you are going to use supports your cryptocurrency

As there are wallets that do not support all types of currencies and their algorithms.

That is why we recommend using a wallet that contains most of the blockchain networks

and the currencies based on it, so that it is easy for you to use.

The third thing, which is crucial, is technical support.

Sometimes a certain problem occurs when you transfer cryptocurrencies from one wallet to another.

The operation is not completed, for example, or the wallet shows an error message or any other problems.

You have to make sure that the wallet you are going to use has a strong support team

To communicate with you and help you if you are having a problem.

My last tip is also important, please don't use the hot wallet constantly.

Use it when you just want to buy something or transfer coins to another wallet.

But if you have had coins to invest and save for a while, or if you have a large amount of cryptocurrency.

You should use cold wallet.

This was a quick review of cryptocurrency wallets and their types.