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Five Things You Must Check Before Choosing A Cryptocurrency Wallet

Thursday, February 4th, 2021

With each day passing, the graph of cryptocurrency’s prevalence is hiking up. It may look a bit intimidating at the beginning but, its long term results are the main driving force. Even people who aren’t much comfortable with technology are willing to eagerly learn about Cryptocurrency. That’s the reason behind the eight percent of individuals in Norway, who own cryptocurrency; they belong to the ” 30-39 years ” age group. Investment is easy but finding a wallet that makes security of your money certain is difficult. And, we’re always here to help you out in opting what’s best for you. So let’s flick through these pointers in order to take stock of your wallet.

 

Reputation Of The Company

 

If you want to get your hands on the best cryptocurrency wallet, you have to do an extensive research first. In essence, always go with the renowned ones – the ones having the greatest number of acclamations / testimonials / international recognition – Opolo and Ledger. Do a research about the founders, their credentials and other achievements in the industry. Also check if the firm is insured. Looking at breaches in the past and how the company tackled it is a mandatory step too. 

 

Security Of Your Assets

 

Security of your assets: that’s our main goal here. No one would want his hard earned money, his efforts and time he has spent learning the technicalities of cryptocurrencies, to go in vain. For the same reason, you have to validate the fact that your device is fully protected from hackers. Evaluation Assurance Level (EAL) number is the gross rating you receive out of seven. Always choose a wallet with EAL5+ rating. Most of them come with EAL 1-5, Opolo being an exception, has EAL6+ rating. Your data should be safe inside the servers and you must scrutinize every detail about your keys e.g who is responsible for keeping them?

 

User Experience

 

See what other people have to say about them: Google their user experiences along with buyer reviews and keenly observe their remarks. Furthermore, have a look at the device, its interface, and size. The screen shouldn’t be itsy bitsy so you won’t feel like visiting an optician. Forbye, touch systems do not work well on smaller screens. Cryptocurrency integration is another vital factor you need to see. Your ideal wallet should be integrated with multiple cryptocurrencies or you have to download different softwares which may put your assets’ safety at risk. A few wallets are built for specific coins only, so, before opening your account, study which cryptocurrencies does your wallet support.

 

Backup 

 

The data inside the wallet is precious. It should be safeguarded well so it does not vanish away as a result of slight human error. The intended wallet must have a proper backup system so that if you accidentally lost your data or device got bricked, recovering it won’t be a tough row to hoe. Similarly, the procedure should be reliable, your account shouldn’t be easily accessible to anyone, it must contain a backup link, password and passphrase to get it back on the track.

 

Platforms

 

Well, that’s a cakewalk. Last but not the least, platforms should be kept in mind before choosing a cryptocurrency wallet. Do you wish to access your only wallet over multitude platforms? If your answer is yes, then you should look into their accessibility. However, it’s always better to walk on eggshells. Therefore, using different wallets on different platforms is highly recommended. In this manner, if you lose access to one of your wallets, by accident, then you won’t lose all of your assets. 

To make your endeavours worthwhile, it is imperative to examine every aspect of your prospective wallet. We hope that now you have a clear picture of your intended wallet. At last, it all depends of you, your needs and capital ( to be invested ). Taking everything into account, you have to clinch your ideal device.  

If you found this article helpful, please let us know with your reviews and queries too. Likewise, don’t forget to share within your circle as you never know who might benefit from it.

Why You Need To Switch To Opolo Wallet

Tuesday, January 19th, 2021

At Opolo, our main goal is to serve our customers in the best possible manner and make their investment worthwhile. We are always observant of the swift technological advancements in the Blockchain industry. Owing to this, we have built Opolo Cryptocurrency Hardware Wallet with state of the art technology. This is what makes it unparalleled. 

If we start talking through the reasons you need to switch to Opolo Wallet, it’ll take us a couple of hours. To save your precious time, we have cut them down to five foremost motives that will make your turnaround a lot more easier. With no delay, let’s quickly jump right into our talking point.

 

EAL6+: The Greatest Level of Secure Element Certification

EAL certifications verify the safety of your crypto assets in the hardware wallets. The best wallets in the markets usually fall under EAL1 to EAL5 category. With Opolo, your funds are secured offline with an EAL6+ rated safe chip. 

IOT Secure Certification: we have the privilege of being audited by an external and renowned security company named ‘ Digital Security Paris. It is impossible for hackers to access your data/assets if they are safeguarded by Opolo Hardware Wallet. There is no doubt that it is the best Cryptocurrency Wallet worldwide. 

 

Notable Features Taking Safety to Another Level

As mentioned earlier, our product is made to unburden you from the fright of fall on. To ensure the safekeeping of your resources, we have incorporated some exclusive features into our device; those are as follows:

Every wallet comes with its distinctive key which is used to determine its genuineness. Say bye bye to defrauds!

 

USB Encrypted

The correspondence between the wallet and the desktop/ mobile application is end-to-end encrypted with the most shielded encryption algorithm to date i.e. AES CBC with a key length of 256 bit.

 

Protection From Theft

If you fail to enter your password correctly  after the seventh try, the device will be blocked and your data will be automatically deleted. 

 

PCB Encapsulated

Be confident!  We offer the best possible protection available against any hardware-based attacks. Vandalism of the device circuit and the chips is out of question as OPOLO wallet PCBs are potted with chemicals so that nobody can even try to destroy them.

 

Randomized Keyboard

It is an additional security step you don’t see regularly on the wallets. The keys always appear randomly on the keyboard in order to protect and shield your passwords and passphrases. This also assists us in protecting the device against any modification of the touch panel chip that gets access to the data from the touch screen. 

 

Virus Free

Yes, viruses are everywhere, even in hardware wallets! But you don’t need to worry as OPOLO firmware is signed with OPOLO keys and encrypted when installed on the device. This helps in protecting the device from malfunctioning firmware installations. The device will be blocked if any firmware installation attempt is made without being logged in.

 

3.2 Inch Wide Interface 

We pull out all the stops to guarantee a user friendly experience. If you are not comfortable zooming in on the nanoscopic screens, then we have great news for you. Opolo Wallet comes with a wide 3.2″ display screen that provides an enlarged and a more clear view. This enables a smooth password or passphrase entry – minimizing the chances of error or mistyping. Likewise, it’s far more easy to type on the touch screen instead of typing on the stiff buttons.

 

Broad Range of Coins / Assets Are Available From A Sole Software App

It is our vision to provide most of the blockchains amalgamated into OPOLO. Consequently, there are over 100 coins (blockchains) and 1,500 tokens added in the initial version of OPOLO Cosmos. As it is a leading hardware wallet in the market, we provide all of the blockchains on a single device with a single app to access crypto assets. All you have to do is download one app and you will be able to work with all of the blockchains and tokens. As simple as that!

 

Easy Mnemonics Backup 

Backup or restoration of the mnemonics is just a single touch away with the aid of an Opolo card. Otherwise, the process is pretty much time consuming: it takes more information than half an hour to enter twenty four words just to restore a wallet. That’s arduous! Thanks to Opolo for finding a way through!

 

These were only a few of the reasons you  need to ponder about and take action, to look after and secure your assets by switching to OPOLO Cosmos. By now, we hope that you are well aware of the factors you need to keep in mind before purchasing a hardware wallet. In addition, we really hope that you have found our product the most ideal one according to your needs. 

Please let us know, in the comments, if you found this article helpful. Also, please share, you never know who might benefit from it.

Some Demerits of A Ledger You Must Know

Tuesday, January 19th, 2021

Are you ready to invest your capital in cryptocurrency, to unburden you from all of your financial constraints? If you haven’t given it a thought, then what are you waiting for? If you’re reading this then certainly you don’t belong to the happy-go-lucky tribe. After all, it’s never too late! Likewise, if you already have decided, then congratulations! You just successfully ensured a secure future!

People with economics in major would definitely know what a ledger is. If you do not belong to that area of study, there is no need to worry, we got your back! In this article, you will find anything and everything you need to know about ledgers, their demerits and what specifications you should consider before using up your savings into it.

 

What Is A Legder

Normally, we see ledger as a tool for data management and for storing confidential information. It is very much like the database system, used in banks, for record keeping. Furthermore, blockchain is itself a type of ledger used to record data and add it to the chain of networks. With that said, this inclusion occurs only after the respective authorities verify the transactions.

This recording, of all verified proceedings, commences at the very start of cryptocurrency. A new block is mined and affixed to the chain every time the former one gets filled by data; the fellow network partakers are responsible for this and hence, are called ‘miners.’ The selected partakers keep a copy of the ledger in their wallets. Check out Cryptocurrency Hardware Wallet. However, not every ledger is the same. Prior to investing your time, energy and value into the Blockchain industry, you must do a thorough research to make your efforts gainful. Here is a beginner’s checklist to consider and points to keep on mind about their functionality.

 

Demerits of A Ledger

 

Dependence on Journal

One of the most common demerits of a ledger is its dependence on the journal. Each and every transaction, either authentic or mistakenly done, is added to the journal. In case of any wrong proceeding, the information will be added to it and can also result as a mistake  in posting them on the ledger. 

 

Final Accounts Preparations

A Ledger is not arithmetically accurate that is why ‘ trial balances ‘ are made to check whether it’s accurate or not. Therefore, they are of no use in the preparation of final accounts. 

 

Slight Inaccuracy

A ledger is not downright accurate. External efforts are made to ensure error free results. There is always a need to encapsulate the affairs and in order to examine its arithmetical accuracy.

 

Threat From Hackers

Another major problem of a ledger is its vulnerability which is of paramount concern to many people. Some of them also think of it as ‘ unsafe or vulnerable ‘ as they can be accessed by anyone, anywhere. 

 

Safety of the Documents

As these are prone to ambushes from the hackers, this puts the protection of confidential documents at question. Privacy is a vital matter for everyone and its guarantee is necessary in order to apprehend the rest of everything.

 

Safety Precautions

Wondering how to make sure that your data is safe? Keep on reading, we have the solution to your problem. As described below, we have gathered a few security measures to safeguard your particulars. These methods will make certain that you are cautious so that the hardware wallet does not fall prey to predators thus shielding your details.

 

Don’t Share Your Recovery Code ( twenty four letters code ) With Anyone

Never ever do the mistake of sharing your recovery code with anybody or it can discommode you.

 

Don’t Save Your Password/ Recovery Code on Any Other Device

Never ever click that save your password icon on any device e.g. smartphone or desktop as it could be used against you. If someone will get access to it, your information can get hacked.

 

Recovery Sheet Backup

Always make sure to have a secured hard copy of your recovery sheet. So, in case you accidentally lost the soft one, you can get back to your account with its help.

 

Only Trust The Hardware Wallet Interface 

Only believe what you see on your wallet’s screen and nowhere else. In spite of this, be cautious with the interface too as the softwares can get nobbled too.

 

The potential Blockchain industry holds is immense. These statistics are a proof of how prevalent they are becoming:

In 2020, 4.2 billion US dollars were spent on blockchain solutions. 

Howbeit, nothing comes for free. In order to bring about prosperity, you have to keep your eyes wide open. 

We hope that this article has eliminated your concerns and you are more confident about your choice. Please let us know, in the comments, your remarks/queries. Don’t forget to share this article within your company, you never know who might benefit from it.

Blockchain Wallet: What Is Its Purpose and How Is It Used?

Wednesday, January 13th, 2021

According to recent statistics, there are 64.43 million Blockchain Wallet users around the globe and this figure is growing speedily. Which indicates that people are already well-aware of its lucrativeness and utilizing it to its utmost potential. Do you know that you can bring about a good fortune with these, too? Even in 2021? You can achieve financial independence, irrespective of your age! If you want to know how then keep on reading, this article is for you!

Every now and then, you might have heard a lot of people talking about investing in Cryptocurrency or buying Bitcoins which is impossible without a Cryptocurrency Wallet. With each day passing, the Blockchain technology is becoming more and more prevalent in the financial sector. Let’s quickly take a gander at the term ‘ Blockchain. ‘

What is Blockchain?

It is a secure system responsible for documenting information in such a way that it is almost a no-win for hackers to get access to the data. Every transaction is added to the chain; these chains are continuously increasing because of the addition of more blocks to it. However, before hopping on to the wallets, let’s catch a glimpse of some of the ‘ electronic currencies ‘ to be kept in them.

Bitcoin and Ethereum

● Bitcoin is a form of digital currency which cannot be stored at the bank. If you want to keep your money outside the bank, buying bitcoins is the best option for you.
● Ethereum: another form of cryptocurrency. Unlike Bitcoins, it is used by megacorporations in devising far out programs. As Ethereum and Bitcoins are both cryptocurrencies, they are stored in hardware wallets.

Now that you’re familiar with the main terms, let us dive deep into the topic i.e. Blockchain Wallets. We’ve come up with the ultimate guide to Blockchain Wallets that’ll help you to opt the best one for you and gain profit maximisation.

What are Blockchain Wallets

It’s a modern and digital form of a wallet, also known as E-wallet, used to administer and keep Ethers and Bitcoins. It helps users in the transmittals of cryptocurrencies. Moreover, it is also used in converting the cryptocurrency back to the local one. Trading of cryptocurrency is impossible without possessing an E-wallet.

BLOCKCHAIN, a software firm, established by Peter Smith and Nicolas Cary distributes blockchain wallets.

How to set up and use a Blockchain Wallet

Account opening process is simple and totally free. The best part is that the procedure is done online. You should have your email id and remember its password. After entering these two, you will receive a confirmation email (with a link attached). Then comes the last step, you have to verify your account by clicking on the link.

And you are good to go! Getting a wallet is as easy as ABC. Afterwards, you will be given a Wallet ID (same as of account number in banks). To access your wallet, you need to log into your account from the official Blockchain website or via the mobile application.

Your current balance of Bitcoins and Ethers will be displayed on your wallet’s main interface. Likewise, your latest cash proceedings can also be seen here. You can also check the value of your digital currency in your local currency from the wallet.

Payment procedure

If you need Bitcoins or Ethers, you can ask other users with your desired amount. Concurrently, the system will produce an exclusive address ( to be sent to third parties ) ; it is then changed into a QR Code – which keeps the financial data. To acquire this data, a digital device is required. Investopedia describes this procedure pretty much similar to Paypal transactions.

Buying and selling of Bitcoins is also done through these wallets. Here, you would be required to grant funds through your debit card or bank account. You can also interchange your Ethers with Bitcoins or your Bitcoins with Ethers, in accordance to the current rate of exchange. This process does not happen immediately as it requires some time to enter the swapping into the blockchain.

Types of fees:

● Blockchain wallets charge their users with ‘ Dynamic Fee ‘ which can be variable – depending on the size of transaction and the circumstances of the network at that time
● If you want a swift transfer, let’s say in one hour , then you will be charged with ‘ Priority Fee ‘
● On the contrary, ‘ Regular Fee ‘ is charged to those who are willing to wait more than an hour. All of these fees can be tailor-made, however, can result in cancellation of process if set very little

By now, we are confident that you have a crystal clear picture of Blockchain Wallets and their usage in your mind.

Please let us know with your queries and remarks in the comments. Also, please share this article, you never know who might benefit from it.

OPOLO wallets welcomes Expanse Coin and Thundercore token, now available on OPOLO wallets platform

Thursday, November 19th, 2020

Starting now, Expanse coin and Thundercore token are a part of the OPOLO wallets family. You can now use these third party applications on OPOLOs firmware.

Thundercore token:

Thundercore is a public chain program that was launched back in March 2019. ThunderCore offers a smart contract interface that is completely compliant with Ethereum, enabling developers to migrate their applications to ThunderCore in just a few minutes; second-level confirmation, cross-chain and other innovations make it much simpler for developers and users. The platform offers instant transactions and it also gathers feedback, insights and data on how the platform is being used by developers to develop decentralised applications.

Expanse:

Expanse is a cryptocurrency that is visualised as completely decentralised and autonomous in a way that almost no other cryptocurrency currently exists.

It was developed as a secure Ethereum fork by valued and trusted cryptocurrency developers James Clayton, Christopher Franko, and Dan Conway. Expanse tried to distinguish itself by not using an ICO to crowdfund the currency, but through generating value through the goods that its team builds on the platform.

They also have a smart contract system known as Borderless Technology that is very quick to use and forms the DAO (decentralised autonomous organisation).

OPOLO Wallets:

This is one of the most secure hardware wallets in the market today. The wallet is completely encrypted with an SE chip and offers the longest passphrase setting in the entire market. Moreover, the wallet is EAL6+ certified in both hardware and software. With OPOLO you get a user friendly interphase and an integration of thousands of tokens and more than over a hundred coins.

How to send and receive digital currency?

Thursday, November 19th, 2020

Sending, receiving and exchanging digital currency is easier than ever before. OPOLO wallets give you one platform where you can send, receive, manage, and even exchange different cryptocurrencies all in one place. How? Just keep reading and find out for yourself.

When you want to send or receive cryptocurrency, it is important that you first get a cryptocurrency wallet. Once you have your wallet set-up and ready to use, you will first need to type in the public address of the one receiving the digital currency or give your public address to the recipient, who will put it into his/her cryptocurrency wallet to receive.

This is a very simple task, some wallets have a QR code scanner for this purpose, and on others, you can simply copy and paste the address. After this, chose the amount that you want to send (some wallets require additional information, add as asked), and then press send (or whatever your wallet has named the send button).

For the user, this is as much as they need to do. Once the transaction is made, it is sent to the public ledger, also known as a blockchain, for verification. When, the transactions are verified through cryptography, they are unable to be reversed.

Advice for the anxious user:

If you are one of the anxious types of people and are worried about the status of your transaction, you can check the status of it on the blockchain using block explorer of the coin you have sent. Certain wallets have this feature built in to their wallets as well.

Let us talk about the process in more details for the more novice individuals:

It is important to note that managing, receiving, and sending digital currencies may differ in some wallets. As each has its unique system. However, almost all hardware wallets have the following process in general:

  1. First, log in to your hardware wallet
  2. You will see an icon that says send, receive, or transfer. Click on that button
  3. Choose the required option. Whether you want to send, receive, or trade cryptocurrency. One thing to remember is that you can receive and send only to similar coins. For example, litecoin to litecoin, bitcoin to bitcoin, and so on, this means you cannot send litecoin to a bitcoin wallet and vice versa.
  4. For senders: First type in the public address of the person you are sending the digital currency to and then select the amount you would like to transfer (some wallets may charge a transaction fee, so make sure you have the needed amount). After your type in the required information, double check them for complete accuracy. You do not want to send crypto to the wrong person now would you? Because once a transaction is made, you can not reverse it. After doing so, press send, after which you confirm your transaction one more time.
  5. For receivers: Receivers only need to send their public wallet address to the sender. This can also be done through a QR code in some devices.

Tips for happy digital asset sharing:

  • Before sending a large amount of digital currency, first, do a test run and send a small amount of cryptocurrency. This is to make sure that you are indeed sending your digital currency to the right receiver.
  • Try not to use third party applications and services, as many of these applications and services are frauds. Only use verified and well known systems for your transactions.
  • When buying a new wallet, look for certifications. These certifications are proof that the given statements about the product in question are indeed true.

Why did the transaction not go through?

New users of digital currency are often asking this question on the web. They usually get their problems sorted on their own. Because there was a never a problem, to begin with. Sometimes your transactions requires patience, sometimes these transactions are instantaneous. All of this depends on the server traffic. Remember how miners are supposed to confirm each transaction that occurs? Well sometimes there is an overwhelming number of transactions, and it may take some time for the miners to come towards yours.

So just remain patient; your job was done the moment you made the transaction. However, for the transaction to be complete, it needs to be uploaded on the blockchain, and this can sometimes take a certain amount of time. The time can range from a minute to several hours. There is no need to worry!

OPOLO hardware wallets let you exchange Cryptocurrencies

Most individuals exchange coins through a third party. Which means that there is a middle man making money off each exchange that you do. It is like giving free digital currency to someone for a task you can do yourself. OPOLO wallets allows you such power that you do not need anyone but your own wits to manage your digital currency.

You can exchange your cryptocurrency on the wallet and its application. The feature is built into the OPOLO wallet.  

Why choose OPOLO:

OPOLO hardware wallets is relatively new in the market. But it already has a better user interphase and secure element than many others. First of all OPOLO wallet feels like an android device, thanks to its 3.2inch touch screen and interphase. The relatively big screen makes it a hundred times easier to log into your device as well as manage your cryptocurrency.

OPOLO hardware wallets is the only crypto wallet to have an EAL6+ security certification for both software and hardware. Most wallets only have EAL5+ or less certification, and it is never for both the software and hardware. OPOLO wallets also has the capability to send, receive, manage and exchange your digital currency on one platform.

Moreover, OPOLO hardware wallets has a 124 character long passphrase and key phrase option. Which means you can set a very long security passkey.

For more details click here.

OPOLO wallets welcomes Thundercore token, now available on OPOLO wallets platform

Thursday, November 19th, 2020

Starting now, Expanse coin is a part of the OPOLO wallets family. You can now use this third party application on OPOLOs firmware. Both companies aim to make life easier for people in cryptocurrency world.

Thundercore token:

Thundercore is a public chain program that was launched back in March 2019. ThunderCore offers a smart contract interface that is completely compliant with Ethereum, enabling developers to migrate their applications to ThunderCore in just a few minutes; second-level confirmation, cross-chain and other innovations make it much simpler for developers and users. The platform offers instant transactions and it also gathers feedback, insights and data on how the platform is being used by developers to develop decentralised applications.

OPOLO Hardware Wallets:

OPOLO hardware wallet is one of the most secure hardware wallets in the market today. The wallet is completely encrypted with an SE chip and offers the longest passphrase setting in the entire market. Moreover, the wallet is EAL6+ certified in both hardware and software. With OPOLO you get a user friendly interphase and an integration of thousands of tokens and more than over a hundred coins.

You can download the OPOLO hardware wallet application on your IOS, Android, MAC, Windows, and Linux systems.

 

 

Sending Bitcoin to your Hardware wallet; a beginners guide

Thursday, November 19th, 2020

If any bitcoin was bought by you, it was probably brought from an exchange like Kraken, Gemini or coinbase, being the most trusted and mainstream coin exchanges. This means that if your bitcoin wallet is located on the exchange you used to buy your bitcoins, then the security of your wallet is in the hands of that particular exchange website.

This is one of the riskiest ways of storing your cryptocurrency. If you have been following bitcoin trends in the past few years then you would have seen all the stories of hackers stealing bitcoin from different users. If hackers get access to any of your private information, they can quite easily hack your bitcoin wallet.

These exchanges are all online and will not be used without the aid of the internet. For that very reason, Hardware wallets came into existence. Tapping into a cyber security necessity.

What are hardware wallets?

One of the best ways of keeping your cryptocurrency secure is by moving your currency into an offline medium. This is commonly known as cold storage. The method is known as cold storage because all your keys are securely saved on an offline medium.

The most popular cold storage mediums are hardware wallets also known as cold wallets. These devices solely exist to store your wallet information and currency. Moreover, these devices are protected through encryptions and key phrases.

There are quite a few hardware wallets in the market such a ledger, Keepkey and Trezor. However they do not offer the same level of security as OPOLO wallets. OPOLO wallets also has a much more user friendly interphase that helps you manage your digital currency in quick time.

So how does one send coins from Coinbase to their hardware wallet?

As a demo, we will consider OPOLO cosmos hardware wallet!

First connect your OPOLO hardware wallet to your computer and create your wallet. For this you will need to type in your pass code. Your passcode will only be used to access your wallet, each time you plug in and try to use your wallet. You will have to type in your passcode.

OPOLO then gives you recovery phrase option, where you can create a phrase that is up to 127 characters long. This is the longest recovery phrase any wallet has to offer in the market. You should write your Key phrase down and save it.

OPOLO gives you magnetic mnemonic cards for this purpose as well. Keep your magnetic mnemonic cards safe in storage. Because even if you lose your device, you can still access your wallet through the recovery phrase.

Bitcoin is already supported on OPOLO hardware wallet so you do not need to download its application or chrome extension. So once you created your wallet, all you have to do is view your wallet address. You can receive funds on your device through that. Remember bitcoins cannot be brought on your OPOLO device. They can only be exchanged for other coins in the market.

This is why these exchanges exist online. Because cryptocurrency can only brought through these exchanges.

Now log in to your coinbase account and go to the accounts page. Click on send button and type in your wallet address. Your currency will be sent to your wallet. Now you can keep your currency secure and sleep easy.

Important facts

Be careful while transferring your cryptocurrency. Try installing a firewall, antivirus device and use a trusted wifi network while making exchanges. Moreover, also remember that exchanges like coinbase charges a fee for each transaction that you make.

The fee is visible when you are making the exchange. Moreover the platform shows you just what amount of currency you will receive after the transfer. Some exchanges are as cheap as 1% fees, while some exchanges can cost you almost 15%.

Security risks of software wallets for cryptocurrency

Thursday, November 19th, 2020

The future of currency is digital and more people need to be aware of their options. There are many ways to store your cryptocurrency these days. Mainly these ways of storing digital assets are classified into two categories, which are software and hardware. The biggest difference between the options is that on is online and the other is offline.

Software wallets are often called hot wallets and these wallets are all online. Hardware wallets are known as cold wallets and these wallets are completely offline. For this particular reason hardware wallets have been deemed safer than software wallets.

Let us talk about software wallets in more detail:

Ever since Bitcoin was developed, digital currency wallets have existed. These software wallets come in mainly two forms, online and desktop wallets. On your IOS and Android phone, you can also download these wallets. Mobile hot wallets are also called hybrid wallets because of their mobility.

The fact that they are absolutely free and can carry all digital currencies is the best thing about owning a software wallet. Let us first address the “all crypto keeping” aspect. Each time a new cryptocurrency enters the market, a “ICO” is produced. If there is a place to store it, the ICO is only then functional. People who build digital currency are typically the same people who support it by creating a wallet as well.

The more prominent cryptocurrencies such as XRP, Litecoin, and Ethereum all also have various digital wallets for them. Each wallet has its own unique features, customization, and functionality to choose from. Less popular or less common cryptocurrencies usually have one wallet with basic features such as trading, selling, and buying.

A strong argument for hot wallets is the fact that they can hold new and less common cryptocurrencies, while cold wallets mostly cannot offer this feature.

Another point that makes hot wallets popular is the fact that they are free to use. All you need to do is find a hot wallet that matches your needs and then register to use it. The free factor is the main reason why these wallets are so popular, especially for the new crypto users. Another argument that makes hot wallets famous is that they’re free to use. All you need to do is find a hot wallet that suits your needs and register to use it. The free factor is the main reason why these wallets are so popular, particularly with new crypto users.

But are these wallets safe? Will your digital assets be completely secure?

If I was to be completely honest with you, then I will have to say that no, you digital currency will not be completely safe from hackers and cyber criminals when using software wallets. The security of your software wallet is only as good as the website you chose to get your wallets from. And if you look at history, even the CIA and NASA have been hacked and these companies have the best cyber security in the world.

All software wallets store your data on a cloud or an online server. Online servers are not that hard to hack, as we already know. You might be the victim of a malicious software or a fraud, and you might even be the victim of someone who knows the value of your digital currency.

While there have been several security steps taken by most hot wallet websites to ensure the protection of your crypto. It just takes a tiny loophole to lose all your digital currency, such as a website update. This has happened before and will continue to happen in the near future. For now software wallets are not that safe to use.

Some websites like coinbase, if you use their hot wallet, offer 100 percent insurance. This is pretty rare, though, and is very comforting. But with the same pledge, other websites will cheat you as well. Even if you link your cold wallet to a compromised computer device, most hardware wallets like OPOLO hardware wallet have taken some drastic safety steps. It’s still difficult to hack your digital properties.

So should you be using a software wallet?

It depends, if you for example are dealing with new cryptocurrencies or are very new to the crypto world and have minimal investment. For example you are trying to learn the crypto trade with a small budget, then yes you should use a software wallet. However, if you want to properly earn through digital currency and are going to invest in thousands then I would suggest you stay away from software wallets.

You can never truly escape the use of cryptocurrency software wallets. However, you can smartly transfer your crypto to a cold storage wallet. Currently online sources for storing cryptocurrencies are not completely secure. Maybe in the future, but for now software wallets are not safe from cyber criminals.

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