Hello. In this video, I want to talk about the protection of your cryptocurrency, where to keep it, and what crypto wallets exist. After all, if you do not trade digital money, but intend to keep it for a long time, then you should not use the exchange. In the case of investing, it is better to keep tokens in virtual or real cold wallets. Details coming further.
How to protect and where to keep the crypto
Most people choose to keep cryptocurrency on exchanges, be it Binance, Kucoin or Huobi. However, if you are not going to trade coins in the near future, it is advisable to use special wallets. After all, exchanges can be hacked, maintenance and other disruptions in operation can occur, which temporarily restrict access to your assets.
For this reason, you should use special crypto wallets that allow you to protect and store securely tokens. Moreover, some wallets provide tools for buying and exchanging one token for another with a minimum commission. And this will give you the opportunity to fix your profit or loss, in the event of a strong rise or fall of the coin. This is an important part of any deal.
Secured digital wallets are used to send, receive, and store crypto. In addition, some wallets can directly convert fiat money to cryptocurrency and vice versa, paying for goods and services. The software in the wallet is connected to the blockchain, which allows the owner of the wallet to perform any actions and transactions.
Review Swipe Wallet
The first popular wallet is from Swipe, which has its own SXP token. In the spring of 2020, they were bought by the Binance exchange, which increased the popularity of Swipe and increased the value of SXP. This platform is designed to analyze the behavior of people using the application, create marketing, analyze networks and devices, and accurately targeting based on user data. Swipe Wallet is the flagship product of Swipe.io.
Users have the ability to exchange, sell, or buy cryptocurrency using regular money, be it Euro or US Dollar, and all only through the Swipe app! Available to wallet owners and gift cards. Payment for wallet services and commission is charged in the wallet token – SXP. To start using the application, you need to purchase at least 1 SXP. Swipe is available for Apple iOS and Android devices.
More than twenty electronic money and other interesting features are available in the Swipe wallet. For example, shopping at some stores. To do this, you need to link your bank account to this wallet and you can pay for goods and services with cryptocurrency. Swipe has its own debit card, which, like any other Visa bank card, will be able to pay anywhere – money will be debited from your crypto wallet.
Review Trust Wallet
Another popular cryptocurrency wallet is Trust Wallet as a mobile application for the App Store and Google Play. It offers to store electronic money, receive and send it on the ETH blockchain, ERC223, ERC20, Binance Smart Chain, and Binance Chain. Like the above Swipe, Trust wallet is also owned by Binance. Here is a slightly different approach to users, and this approach has its own characteristics and convenience. The features of the application are as follows.
Fast recovery from backup. Secret keys are stored only on the user’s device. Binance NFT tokens are available only for this wallet as a reward for user actions on the exchange. Trust Wallet is completely anonymous and there is no need to provide personal information to use it. Additionally, passive earnings from staking certain coins are available. Has its own TWT coin.
However, the Trust wallet is not suitable for paying for goods or services like the Swipe wallet. Debit cards are also missing. It follows from this that Trust Wallet is more suitable for storing and passively earning on cryptocurrencies, while Swipe wallet is needed to make payments and automatically convert from fiat money to electronic. Therefore, these two wallets complement each other and it is worth using them two at the same time.
Cold cryptocurrency wallets
More reliable, but less convenient for keeping cryptocurrency are special devices. In appearance, they look like an ordinary USB flash drive for cold storage of digital money. Cold storage means storage that works without the internet. They are characterized by maximum security because they cannot be hacked without physical access, therefore such wallets are ideal for storing large amounts of money.
They connect to the Internet only when they need to transfer money to another account or receive it on their own. All private keys are securely stored on the device’s microchip. Cold wallets are extremely resistant to viruses. The cost of such wallets ranges from $ 30 to $ 200. But since they often need to be connected to the Internet and carried with you, they are very convenient for payment and fast transfer.
Another drawback is that cold wallets can be damaged or lost, which means that your cryptocurrency will then be impossible to recover. After all, a hard drive and a regular flash drive break down after a few years. The same is possible with a cold wallet. When, like the Swipe or Trust Wallet, these disadvantages do not. Even if your phone is broken or lost, your account can be quickly and easily restored. Therefore, the user should choose – safety or convenience.
The video about cryptocurrency wallets and protecting your money is complete. I personally use the Trust Wallet to keep tokens and Binance for active trading. When I travel and I need to pay in a store somewhere in a currency other than my country, I use the Swipe wallet for payment of any goods or service. That’s all until the new videos on botcryptotrade.com