How should I choose my wallet?
If you had been an early Bitcoin adopter, you would have been fortunate enough to interact with Bitcoin Core, the open-source Bitcoin protocol published by Satoshi Nakamoto himself. In doing so, you not only downloaded the entire Bitcoin blockchain to use your wallet and its function but evenly downloaded the integrality of the keys containing your bitcoins and of each address used. Put it simply, it was quite complicated to own bitcoins!
You will likely interact with a variety of wallets as a crypto-user or crypto-hodler. Some wallets are designed for increased security (hardware wallets) while others are suited to everyday users for routine payments easily carried out through a smartphone. Consider your hardware wallet as your numerical safe while the app used on your phone is equivalent to your pocket wallet.
As we stand, if you’re looking into small amounts of investments, you can download mobile applications like Coinomi if you’re on Android or iOS.
For higher volumes of investment, we highly recommend to acquire a hardware physical wallet like the Ledger Nano S, a true numerical safe.
Please refer to our next article “Configuring your wallet in the safest of manners” to get started!
Configuring your wallet in the safest of manners
Crypto assets allow you to have total control of your numerical assets without having recourse to a trusted intermediary, firm or bank. This given power comes alongside a certain responsibility, that is, you are entirely responsible of securing your assets.
This may sound a bit scary at first, after all, we’ve all heard misinformed myths revolving the security of crypto-assets such as “Bitcoin isn’t secure” or “hackers are going to steal your money”. Forget about it! In 2018, ultra-secure and simple solutions exist, and are right across the corner.
It is, however, essential that you adopt the right measures from the very beginning. First, you will be asked to choose a PIN code while setting up a wallet. Keep in mind that this code enables total access of your funds if someone holds your phone, or hardware wallet; hence, don’t pick the easiest of codes. For instance, we do not recommend choosing your birthday or that of a relative.
You will then have access to your seed phrase that enables a direct access to your funds. If ever someone takes a hold of this, in whichever location, then this person has the capacity to seize your funds. For this very reason, it is quintessential that you write down your seed on a physical paper rather than on your phone or computer. Do not take a picture of it, obviously. Once this is done, store the paper in a safe location, eventually in two copies, and avoid keeping it with or next to your wallet.
Once you’ve done this, you’re all set to grab some crypto-assets in serenity!