When you decide to take the plunge into the cryptocurrency world you will need a reliable wallet. We have the perfect cryptocurrency wallet for crypto beginners. Just to be clear a crypto wallet is where you keep all of your cryptocurrency all nice and secure. Wallets can come in various forms but we are going to concentrate on the most important types. First, we have hosted wallets, then we have non-custodial wallets, and finally, there are hardware wallets. How do you know which is best for you and your needs? I’m going to tell you a little bit about all of them so stay with me.
So let’s get into cryptocurrency wallet for crypto beginners
Why Use Hosted Wallets for multi-cryptocurrency
First up let’s talk about hosted wallets which may be the most popular and widely used type of wallet. Say for instance you buy and trade using an app it is usually held on what we call a hosted wallet. For one it is referred to as a hosted wallet because a third party holds on to your crypto for you. Think of it like your bank keeping your money in whatever type of account you have be it savings or checking. Some methods have you use a key public or private to send and receive crypto but these can easily be lost. Consequently, when you lose that key you lose that crypto. It is the same principle when it comes to using a USB wallet as well. Having a hosted wallet elevates all those worries and it is safe and secure.
Here is the most important advantage of having your cryptocurrency in a wallet that is hosted. If you happen to forget or lose your password you will not lose your cryptocurrency. You have the peace of mind that it is not gone forever and it is and always will be yours. Although one of the drawbacks of having a hosted wallet is you will not have the access to everything the crypto world has to offer. But with the new technology coming and improvements already on the way. That could change sooner than we think bringing us more features and support for hosted wallets.
Self-custody or Non-custodial Wallets
Why Use Self-custody or Non-custodial Wallets for multi-cryptocurrency
Now with a self-custody or non-custodial wallet, you are in total control of your cryptocurrency. This type of wallet being non-custodial means there is no third party no custodian to keep your cryptocurrency safe. All of the necessary software and safeguards are provided for your cryptocurrency, but it is up to you to not lose your password. Often referred to as Seed Phrase or Private Key and without it, you can not access your cryptocurrency. You will still have access to your crypto as long as the wallet has the right backup and recovery systems in place. So never give out your Seed Phrase or Private Key to anyone or they will gain access to your cryptocurrency assets.
The real upside to having a self-custody or non-custodial wallet besides having full and total control is this. You have access to more cryptocurrency activities. Such as lending, borrowing, yield farming, and staking just to name a few. You have so many more options in utilizing your crypto. If you just intend on buying and selling and you just send and receive crypto then a hosted wallet is your best bet.
Now let’s get to Hardware Wallets
By the way, it sounds you can most likely guess what this is all about. A hardware wallet is an offline method of storing your private keys to your crypto accounts. They are stored on a physical device which is typically the size of a thumb drive. Just to be clear your cryptocurrencies are never stored on that drive itself just your private keys. They are very secure when it comes to let’s say if your computer gets hacked. Many people don’t tend to use hard wallets because they can be costly and a little more complex.
We have the perfect solution for you if you are looking for a Hosted Wallet or Self-custody. This platform gives you the option to choose. They have the app where you can buy and sell your cryptocurrency, which is a hosted wallet. They also have a downloadable standalone Wallet app where you have all the benefits of a non-custodial wallet. You can always choose to have both if you want or need to participate in what they both have to offer. Depending on your cryptocurrency needs and usage they are both free to set up on this platform.
Remember it is your crypto and how you use it and store it is up to you. Just like you do with your cash money it is the same principle. Whether you go with hosted, self-custody, or even if you go with the hardware wallet. It is your choice. But if you want the best cryptocurrency wallet for crypto beginners I suggest you check out this platform first and foremost.
Here is something else you just have to check out. You can mine bitcoin from your laptop or PC. I’m doing it right now and you can too. Read about it here!
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