Tips on cryptomoney wallets

By lenonmc21 | Investment and education | 24 Oct 2019


Tips on Cryptomoney Wallets

 

In the world of crypto currencies and blockchain technology there are what we call "Wallets" in English, these serve to store our cryptographic and digital funds, creating a bridge connection between the wallet and the Blockchain, which allows us to see our coins stored encrypted and securely in each of them.

However, there are several types of wallets, some more secure than others, but the important thing is to know how to differentiate where we could have more risk of losing our funds and also because these losses happen.

 

Hot Wallets:

 

These are the wallets that we find on the web, are very useful and easy to access, but the main problem of these is that it is exposed to attacks by hackers, since some of them, such as the Exchanges (Exchange Houses) may suffer attacks, because these are the main objective of them, coupled with this, we do not actually have our private keys, but our money passes to the control of the exchange as such by storing these keys on their online servers.

Some of these hot wallets are:

  • Binance
  • Coinbase
  • Coinpaymetns
  • Uphold

 

Cold Wallets:

 

These wallets are much safer than the hot ones and the main difference is that they are outside the network and in some cases do not need an internet connection to be able to access them and store our coins. Of cold wallets, there are 3 types that are:

  • Desktop Wallets: These are those that are installed in some computer or device, as you can imagine the advantage is that you could not suffer some theft unless it is a direct attack on your computer or by some kind of virus, but there are many mechanisms to counteract them, for example, antivirus or store keys on a server in the cloud. Some wallets are: Electrum, Exodus, Bitcoin Core etc.
  • Hardware Wallets: In my opinion this is one of the safest options at the moment to store your coins, since these work with a USB device, which stores the private keys, but that allow you to connect to different online interfaces, like, for example, exchanges, to make transactions inside these, but your funds are stored outside the network in your hardware. There are several versions of these hardware, however, the most famous known is the "Ledger Nano S Y X".
  • Paper wallets: These work in a very simple way and as its name indicates, is literally generate a QR code, in order to print it along with the physical copies of your private and public keys so that they are not stored in any device or network and you can always have them with you physically.

 

Recommendations

 

  • There are several special online wallets that give you all the necessary security to store coins, especially I must highlight the "SteemitWallet", which is linked to the blockchain of Steem, but gives you at all times your private and public keys and total control of your funds.
  • Do not store your keys in any email, this is extremely dangerous never do.
  • It is not advisable to save the default keys in your browser, this could lead to loss if someone enters with your user on the same device.
  • Stay away from emails and/or links to platforms from which you are not sure of their origin, you could be a victim of phishing.
  • If you were to store your private keys on the network, it would be on a server in the cloud, from which you would only have access.
  • Keep in mind the types of wallets mentioned above and choose the cold ones for greater security.

 

Conclusions

 

These are my recommendations to be able to choose an adequate wallet to take care of our funds.

 

I am an analyst and investor in the financial markets

 

This post will also be found in my Steemit profile, completely of my authorship.

 

Click HERE to see my profile on Steemit

How do you rate this article?


0

0

lenonmc21
lenonmc21

Trader-financial markets analist and Gamer


Investment and education
Investment and education

Articles of formation and education with respect to investments

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.