In the past, people were soo accustomed to physical wallets made of cloth or leather that imagining a fully digital method to store money was deemed out-of-reach by several baby boomers.
But, as more and more online payments came into the picture, the usage of a wallets went down.
Also, there’s a ton of things that traditional wallets couldn’t do — like telling your remaining money after you purchased your favorite blend of whiskey, or contain a transaction history.
In contrast, Millennials practically grew up with mobile payments, and are are now on the brink of experiencing a decentralized future, powered by cryptocurrencies.
With just one wallet, you can hold hundreds of digital currencies without worrying about ever running out of space. All are neatly packaged into clearly marked sections, so you don’t mix them up.
Also, a handy balance checker keeps track of crucial details such as when, where and how much you spent, added or withdrew. There is even an option to scribble a note next to any transaction you make so you can look back on it later and pinpoint exactly where that odd dollar wound up.
However, a single customary glance over the cryptocurrency world will appraise one of the horror stories relating wallet malfunctions, fake wallets, and why storing your currency in a crypto-exchange is a BAD, BAD idea.
Thus, it is really important to understand the fundamentals of having a strong crypto-wallet, and teaching others around you the same.
First, take a good look at the basic wallet types available in the market.
As seen, crypto-investors have two basic options to choose from, a Hot Wallet — that is connected to the internet at all times — and a Cold wallet — which isn’t.
Undeniably, acquiring a cold wallet is evidently better, as NOT being to the internet minimizes the chances of a hacker or malicious software gaining fraudulent access to your digital moolah.
Imagine going to a bank to deposit your jewelry/cash/Pokemon cards.
For the safe where your belongings are stored, the bank gives you a key.
Very, very similar to this concept, crypto-wallets come with a digital key. This are unique to your wallet and are the single-most important feature. We just can't let the key fall into wrong hands, and if, by some strike of misfortune, it does fall into the wrong hands, prepared to say goodbye to your funds.
Cryptos give you power to your own money, and due to their decentralized ethos, you become your own bank.
Digital keys often look like this:
Mind you, this alpha-numeric string is no mere jibber-jabber. Rather, it is a complex set of code that was used to reach this point.
Presumably, the safest way to store your key is on paper.
But, in case you have 100s of digital currencies where the HELL do you store 100 pages of paper ?
What if your dog eats your wallet up?
Also — your private keys are needed several times a day, when accessing and conducting transactions from your wallet.
Therefore, it is imperative to ALWAYS keep 100 pages of private crypto-keys handy.
Or, just use a hardware wallet.
Not only does it omit the veil of the internet, it also gives you peace of mind while being your own bank.
And, what if I told you one of my favorite blockchain projects was running a free wallet giveaway right now?
So a project I am following is indeed giving away a free wallet to inculcate crypto-safety habits amongst investors.
And if I write about airdrops, ICOs and interesting blockchain projects.
Why not create awareness about a novel initiative?
After all, the project deals greatly in data security, data monetization, and creating a massive public architecture that would be the basis of a futuristic smart city.
In short — a giant running machine — decentralized — that tokenizes all your data, and allows companies to use it when they deem fit, and when they PAY for it.
To read up more, and if you haven’t checked out Cybervein’s forward-thinking blockchain project yet, check out my article on the topic —
I also ardently follow this project, and the ongoing giveaway in partnership with Crypto Disrupt represents a responsible, putting the money where the mouth is, marketing effort.
Not one, not two, but 10 Ledger wallets!
The Ledger Wallet Nano is a new hierarchical deterministic multisig hardware wallet for bitcoin users that aims to eliminate a number of attack vectors through the use of a second security layer.
This description makes the wallet look like some kind of sci-fi weapon, but it in plain ol’ english, here’s all that it is —
A compact USB with an embedded smart card that stores all your private keys.
Salient Features —
P.s — I am no stakeholder of the project, but I write about projects I am deeply interested in.
P.P.S — Check out the project for yourself ?
P.P.S — The reason I am Bullish on Cybervien ? Check out their DAG architecture here —