Are you convinced of investing in bitcoins, but you are hesitant to start because of all the news about cyber frauds that targeted the bitcoin industry? It may be right to have some apprehensions, but it should not be the reason for not trying at all. Many have been successful, and who knows, you might be one of them.
One way to get started correctly with your bitcoin investment is to find the ideal wallet. But before that, you have to read enough materials about bitcoins to have at least a clear grasp of the whole industry. You then make an account that will not take you a lot of time and effort. After making your account, you may now have to choose which bitcoin wallet you will choose.
You must take a lot of precautions when choosing a crypto wallet. Selecting a wrong one and easing your guards can mean loss of your investment all at once. A bitcoin wallet is where you store your public and private keys. Basically, a wallet is a program that you use to send or receive bitcoins.
Here are some helpful tips that will help you decide which bitcoin wallet you will be choosing.
Hot or Cold Wallet
You must choose if you will be using a hot wallet or cold wallet. A hot wallet is also called an online wallet. If you plan to do bitcoin transactions daily, an online wallet is right for you, although it may not be very secure. You may also be compromising your privacy. Offline wallets or cold wallets may not be very accessible but maybe more secure. It is ideal for those who store more bitcoins.
For beginners who want an active bitcoin life, an online wallet must be up for them. But before you get started, it helps if look at these security features first.
Website Profile – Check if the two-way authentication, username, and passwords are being used. You should also go for websites with HTTPS as they are proven to be more secure than those with HTTP only.
Multisig Option – this requires the use of more than one key to allow a bitcoin transaction.
The best bitcoin wallets are secured and those that have easy and simple procedures. It may not be good to be using confusing steps. Usually, online wallets are more user-friendly.
It is best if you select a wallet that allows an encrypted backup. Backups are essential to access the restoration process when needed.
It is important to know clients’ perception about a bitcoin wallet. You can search the internet or join some bitcoin users’ communities. You can hear from them their experiences with a particular bitcoin wallet.