A Guide on How to Choose a Bitcoin Wallet
By Space Coast Daily // October 13, 2020
The first thing you must have when you decide to invest in bitcoin is a wallet. This wallet helps you to store the private and public keys that enable you to access your funds.
These keys are a generated string of letters and numbers and while the private key is what gives you access to your account to conduct transactions, the public key is available to any other person to send bitcoins to your wallet.
There are different types of wallets today, including the desktop, online, mobile, hardware, and paper. The online or digital wallet is more rampant today due to advanced technology and how the world has gone digital in the last decade. There are now several platforms available such as the Bitcoin Revolution to make the process of trading and investing in bitcoin easier than ever.
Despite the numerous wallets we have today, you must be careful while choosing if you desire a smooth bitcoin journey. This guide is for every beginner willing to get started with bitcoin and would like to choose a wallet. Here are a few things to look out for:
1. The Reputation of the Company
There are several fraudsters today posing to be legit and would even go the length of mimicking top companies. The first thing you should consider is the reputation of the company behind the app and their track records over the years.
This is to avoid investing with an app that can fold up at any time and be never heard from again. By using an app by a well-established company, you can rest assured that your funds are in safe hands, and should anything go wrong, you would know where to demand accountability from.
The security of the wallet is of utmost importance, as online fraudsters are everywhere and you could be an easy target just by the carelessness of the software you use. A 2018 study on Cryptocurrency Scams exposed how the scams in the crypto industry have evolved over the years. There are however ways you can avoid this.
To know how secure your app is, check the website URL and ensure it has HTTPS and not just HTTP, which indicates that it has a secure protocol. You should also check for other security features such as two-factor authentication and biometric authentication to ensure your account is as safe as possible. Most importantly, keep your private key and other important security information safe.
3. Important Features
There are other things to look out for such as the transparency of the app, payment methods, and how much data they provide to guide you on the journey. You can also check the backup features and the user experience of the app.
You will stumble on many amazing wallets but at the end of the day, your decision will mostly depend on the specific features that suit you best. Most importantly, always do your research and see what other people are saying about it, so you can choose wisely.