Four Tips For Choosing A Wallet For Cryptocurrencies

Nowadays there are different types of wallets for cryptocurrencies in the market, so it is important that people take into account what are the characteristics that most favor them when choosing one of them to store their cryptocurrencies.

Bitcoin has been a trend in the first months of 2018 thanks to its constant fluctuations and changes. According to a ranking carried out by Local Bitcoin, Australia ranked 15th among countries, in percentage, in which exchanges of local currency for bitcoins grew the most (and vice versa) behind England and Russia.

Next, we list the five tips that every user should take into account when choosing a purse or wallet.

Type of investment

It is important that the type of investment to be made is taken into account since this will define which wallet to choose, for example, if what you want is to be a Holder (investors who do not sell their cryptocurrencies and store them) can use a wallet physical or a virtual wallet to which they have immediate access “It is advisable for this type of investors to have a physical wallet to avoid hacks and that they may lose their cryptocurrencies,” said Vargas.

On the other hand, for Traders (Investors who use exchanges to exchange cryptocurrencies) it is recommended that they use wallets that are used in exchange platforms. Finally, it is recommended for those who do investment and storage activities to have a physical and virtual wallet system for greater security.

Security

Without a doubt, it is important to choose a provider that offers the necessary guarantees to have a secure wallet. For this, the most important point to take into account is to select a wallet on the web. If this is HTTPS, then it means that the information being transferred is encrypted. And that’s just what to look for.

Transparency

It is always recommended that the wallet be open source, since in this way it ensures two advantages: knowing how the bitcoin is being secured and effectively verifying if there is any vulnerability.

Make a backup

Fundamental. Not only for cryptocurrencies or finance, but this security measure is valid for everything that happens in the digital world. It is not enough to have the data in the cloud, in addition, it is essential that there is a backup of that information on hardware such as a disk or pendrive. It is necessary to take all possible precautions to avoid tragedies.

Choosing a mobile wallet

With them, cryptocurrencies can be accessed from a smartphone, which is an advantage since they will always be on hand to carry out transactions through the scarcity of a QR code, without the need to copy long shipping addresses.