Those who are new to the cryptocurrency field, those who have some experience in the cryptocurrency field may have used a crypto wallet to store your digital assets securely. In simple words, a crypto wallet is a hardware device or a computer software program which can be used to store & retrieve your digital assets.
My dear readers, today, I’m discussing features of a really good crypto wallet. I’ll take the JAVVY Crypto Wallet, which is one of the great crypto wallets having all those features. In addition to that, I’ll tell you some tips to consider when you choose a crypto wallet. Finally, I will discuss some safety precautions that you should take when you are using crypto wallets.
First of all, I need to take the time to explain the working mechanism of a crypto wallet, as many people do not know how those wallets work, even though millions of people use crypto wallets.
How do Crypto Wallets Work?
Crypto wallets are not the same as the traditional pocket wallets. They don’t actually store cryptocurrencies inside the wallet in any physical form. The reason is that cryptocurrencies do not exist in a physical form. Instead, crypto wallets store the public keys & private keys with various blockchain. The software within the crypto wallet is connected to the blockchain allowing you to submit transactions to the ledger.
Features that you are looking for…
Every crypto wallet should have basic features such as the ability to store & retrieve the digital assets, ability to view balance & ability to view records of previous transactions. But these are not the features that you are really looking for. You expect something beyond these basic features.
- Offline wallet
Online wallets run on the cloud & you can access these wallets from any computing device in any location. Although they are more convenient to access, online wallets store your private keys online & those keys are controlled by a third party. This leads your wallet more vulnerable to hackers.
Offline wallets, on the other hand, do not hold your private keys on the cloud. Instead, it securely encrypts your private keys on your own device. This means that you have the total control of your keys. This keeps away hackers from attacking the wallet. The JAVVY Crypto Wallet is an offline wallet which ensures that there is more security inside the wallet.
In the point of convenience, online wallets are preferable. In the point of security, offline wallets are preferable. My personal advice is that security is the most important factor that we have to consider, rather than convenience. So, my personal choice is an offline wallet.
- Multi-currency wallet
Bitcoin & Ethereum are the most well-known cryptocurrencies. There are also hundreds of new cryptocurrencies which are referred to as altcoins. If you’re interested in using a variety of cryptocurrencies, the best option is that you can use a multi-currency wallet which enables you to store different currencies in the same wallet; just a single wallet for many currencies. My example wallet, JAVVY Wallet, also supports many cryptocurrencies. That’s why we call the JAVVY Wallet as a Universal Wallet.
- Cross–platform wallet
The online wallets, by default, can be accessed from Windows, iOS & Android devices because they run on the cloud. The offline wallets can be accessed from Windows, iOS & Android devices if the developers build a cross-platform wallet. In this case, the developers need to build different software applications that support multiple operating systems. The offline, cross-platform crypto wallets are the best because there are both security & convenience in those wallets. Security comes from being offline, convenience comes from being cross-platform. JAVVY Wallet is a good example for an offline, cross-platform crypto wallet.
Looking for even more features???
The JAVVY Crypto Wallet is a secure, convenient, reliable and user-friendlywallet. In addition to the above features, the JAVVY wallet focuses on Privacy, Whitelisting and ID Verification inside the wallet. What’s more, JAVVY wallet has a brand new feature which is not found anywhere else; Native ICO/IEO/STO Support.
Which Cryptocurrency wallet is the best?
Although this is a difficult question to give an exact answer, I can tell you some tips to consider when you choose a crypto wallet.
- Do you plan to store different types of cryptocurrencies in a single place? Then you need to use a Multi-currency wallet.
- Do you need a wallet for everyday transactions or just for storing cryptocurrencies for a long time? If you want to do transactions every day, it is convenient for you to use an online wallet or a cross-platform wallet which can be accessed from any computing device. If you plan for just storing cryptocurrencies for a long time, it is good to use an offline wallet for your security.
Take some times to identify your requirements, & then you will be able to select the best one for you.
Safety precautions when using crypto wallets
- Always backup your wallet
This protects you against computer or software failure. This also helps you to retrieve your funds after your device was stolen or lost.
- Store only small amounts of currency for everyday use
If you are using your wallet for everyday transactions, store only small amounts of currency in that wallet. Store large amounts of currency in your main wallet which is not used frequently.
- Update software
Keep your wallet software up to date so that you have the latest security features. Also, update your operating system & other programs in your device.
- Add extra security layers
Use different passwords for logging-in & withdrawal processes. You can also add two-factor authentication (2FA) which asks an extra code in addition to the password.
Compared to the market growing, there is no significant improvement in the crypto wallets. Why do you invest in cryptocurrencies? You may use them as utility tokens for operations on different platforms. In most cases, you will hold them & sell at a higher price to make a profit. You may prefer to trade cryptocurrencies. How can you manage all these tasks? To manage them, those who are new to the cryptocurrency field or those who have some experience in the cryptocurrency field will need a crypto wallet which has the features discussed above!!!
If you are interested in the JAVVY Crypto wallet, just visit the following website to download it.
If you would like to find out more about the JAVVY Crypto Wallet, please refer to the following whitepaper.
Features of a Really Good Crypto Wallet with an Example was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.