Cryptocurrency is the growing new trend, while blockchain ledger technology is also giving way to central bank digital currencies (CBDCs). Crypto wallets are now becoming the latest trend, amidst the progress in the technology world.
From the beginning of 2020, Bitcoin has seen a price surge from its lowest point of $7300 to $9,600. This price increase is due to the fact that cryptocurrency, on the whole, is gaining trust and popularity among the public. Ethereum also succeeded in increasing its price by about $100 since the beginning of 2020.
This rise in prices seems aptly timed as the popularity of cryptocurrency seems more favorable. However, there are two significant security measures that need to be listed as more people join the crypto bandwagon.
Significance of a crypto wallet
Many people might believe that since unlike traditional currency, the digital currency has no physical form; therefore, it does not need a wallet. This is quite a wrong opinion as, like any currency, a cryptocurrency needs to be stored somewhere. Hence the crypto wallets are a proper necessity. Luckily, online wallets have gained more traction and popularity as more and more people invest in crypto. They are easy to use for sending and receiving funds.
It is an absolute requirement to have a crypto wallet in order to possess cryptocurrency, even more so to choose a provider of the wallet as they will be liable for your crypto assets. Some popular wallets with quality security standards are from Blockchain.com, Bitfoliex, and Coinbase.
Crypto Wallets account safety
The rise in crypto popularity has also caused a rise in digital crimes. Scams and phishing are a few of the crimes that people become victims of. The right way to stay safe is to have an adjacent email; two-factor authentication, along with a strong password, would protect from any hacker infiltration into your crypto wallets.
These security measures are not to discourage people from investing in crypto; in fact, these are learning curves that will only make you more opaque and resistant against any hacker infiltration.
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