Concerned about crypto safety? Follow the safe-keeping practices for secure storage of your digital assets in a crypto wallet

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A crypto wallet or a virtual wallet lay vulnerable to hackers if proper safety measures are not put in to effect. According to a Crypto development company in Kolkata, a crypto wallet has to be secured, which will help in transferring cryptocurrencies anywhere in a straightforward way which gives you more control over your asset. If implemented the right way, the security measures can provide high levels of financial security.


Crypto wallet – What is so interesting about storing cryptos in a wallet?

In the ecosystem of virtual currencies, a crypto wallet has a significance that cannot be overlooked. As depicted by the Best crypto development company, a crypto wallet is basically a software program or a medium of storing cryptocurrencies. The wallet allows for smooth withdrawal and deposit of cryptocurrencies using a public and a private key helping initiate transactions via the wallet.

A crypto wallet stores cryptocurrencies by storing the public and private keys and provides digital signatures that authorize every transaction made through the wallet, and can even connect directly to cryptocurrency exchanges, allowing you to store cryptos in a wallet on the exchange as well.  Cryptocurrency wallet development services are designed for the development of the wallets, thus allowing a hassle-free way of sending and receiving cryptocurrencies like Bitcoin and Ethereum. The most commonly used crypto wallets used these days are –

•    Hot wallet: This type of crypto wallet can be accessed online through a browser as it is connected to the internet. However, a hot wallet can also be accessed via mobile apps or any other source, but the working concept of this wallet can be compared to a bank account and is accessible through third-party protocols like NEFT, UPI, and IMPS as well.

•    Cold wallet: This form of crypto wallet can also be termed as a physical wallet, as it is not connected through the internet and offers independent crypto storage solution by using a pen drive, hard drive, and even a computer. A cold wallet can be the most secure wallet as it requires a seed key to function and the seed key can anytime be used for backup as well.

What are the best ways to safely store cryptocurrency in a crypto wallet?

According to the experts of a Crypto development company in Kolkata, cyber criminals are always on the prowl to steal your cryptos. To securely store the cryptocurrencies, it is suggested to follow these safety measures –

•    Using a cold wallet: Also termed as a hardware wallet, using a cold wallet can be a secure way of storing cryptocurrencies because a cold wallet is not connected to the internet. This wallet comes encrypted, which securely stores the private keys in the wallet, thus securely storing the cryptos.

•    Transact carefully using the wallet: A crypto wallet is a software code that simply holds a good crypto amount of value for you and others. So, while initiating transactions using the wallet, make sure that network is never compromised and there is physical protection in place as well. Gauge risks properly before sending or receiving cryptocurrencies from another person.

•    Use a multi-sig wallet: While handling cryptos in bulk a multi-sig wallet should be used. Your cryptocurrencies are safely stored in this wallet because to approve fund transfer the wallet requires the keys of two or more people. The good thing about using this wallet is that time-delay can be added to fund transfers, which further secures your crypto.

•    Go for 2FA: 2FA or two-factor authentication does provide an additional security layer as it requires an OTP to be sent to your phone to verify that you are the rightful owner of your digital asset and have initiated a transaction only on receiving the OTP only.

In the evolving cryptocurrency industry, a crypto wallet is the need of the day, so in when it comes to Crypto wallet security it is highly necessary that we follow the safety measures strictly while storing cryptos in to a wallet. To keep cryptocurrencies safe and out of reach of online hackers, mastering the security tips can only assure proper safekeeping of your digital asset.

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