1 / 7

Which Crypto Wallet App Type Should I Choose?

Before we proceed to review the best BSC-supporting crypto wallets, there are a few things that you must consider.<br><br>When you set out to explore crypto wallet app, there are a few points that you must first get clear. These key points are:<br><br>Should I get a software or hardware wallet?<br>How secure is the wallet?<br>How the wallet stores my private keys?<br>What are account recovery options in the wallet?<br>Does the crypto wallet support other blockchains along with BSC?

blocktechbrew59
Download Presentation

Which Crypto Wallet App Type Should I Choose?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Which Crypto Wallet App Type Should I Choose? BY - BLOCKTECH BREW

  2. About Crypto Wallet App Before we proceed to review the best BSC-supporting crypto wallets, there are a few things that you must consider. When you set out to explore crypto wallet app, there are a few points that you must first get clear. These key points are: • Should I get a software or hardware wallet? • How secure is the wallet? • How the wallet stores my private keys? • What are account recovery options in the wallet? • Does the crypto wallet support other blockchains along with BSC? Also, there are different types of crypto wallets in the market based on custodianship, usability, and security. It’s important that you understand these wallet types before making your choice. Let us have a look at each one of them.

  3. Custodial Vs Non-Custodial Crypto Wallets One major factor that you must consider while choosing a crypto wallet is the custody of the private keys. Why is the custody of private keys essential? Security of the private keys is crucial as the one who is in control of your private keys can access all your cryptocurrencies.

  4. Custodial wallets • Custodial wallets are the ones where the third party has the authority over your private keys. In these wallets, your private keys are stored online on third-party servers which are prone to cyber-attacks. In a way, you can say that you do not own the private keys in the true sense. • People consider non-custodial crypto wallets safer than custodial crypto wallets. It is because, in non-custodial wallets, you have complete custody of your private keys. The third party only provides software assistance. The private keys are stored locally offline on your device. It is your responsibility to ensure the security of your private keys.

  5. Non-custodial wallets • Non-custodial wallets seem safer as you have private keys, but if you lose them you cannot recover your cryptocurrencies. In these wallets, you get a 12-word seed phrase that you must keep safe. It will help you recover your account in case of an emergency. • If you lose the backup seed phrase, you cannot recover your account. Not even their customer care can help you access your account. • On the other hand, custodial wallets are more convenient to use. In any case, if you get logged out of your account, customer service can help you access it. • Most of the BSC compatible wallets are non-custodial wallets where you own your private keys. It also allows you to seamlessly interact with Dapps on BSC.

  6. Hot Vs Cold Crypto Wallets • Hot crypto wallets are software wallets that are connected to the internet. Software wallets can be custodial or non-custodial crypto wallets. If you consider hosted crypto exchange wallets, those are custodial. • Cold crypto wallets are hardware wallets. These wallets are similar to hardware drives which you connect to your computer, transfer your cryptocurrencies and store them physically in the wallet. • Being connected to the internet hot wallets are prone to cyber risks. Whereas the cold wallet stores the cryptocurrencies offline. • People consider hardware crypto wallets as the safest option to store cryptocurrencies. But these wallets are impractical for crypto transactions. It will very inconvenient for you to use hardware wallets to interact with dApps on BSC.

  7. Thank You BLOCKTECH BREW Contact: Email: business@blocktechbrew.com • Website: blocktechbrew.com • Whatsapp: +971554738790

More Related