Keep Your Cryptocurrency Investments Safe by Utilizing a Crypto Wallet
There has been a lot of buzz around cryptocurrency lately and even more so during the high peak in December of 2017 when the crypto market saw a mad buying frenzy. Fear of missing out (FOMO), the market, at that time, attracted a slew of investors buying up what they could in the hopes of becoming rich.
Well, that was then, and now the entire crypto market as a whole has settled to well below all-time highs set in December but still averaging higher prices than roughly a year ago. Suitable for those that invested early and not so good for those that invested during the high December month. The good news for all investors is that cryptocurrency is sticking around and not going anywhere, contrary to what others might be saying. According to Migual Torress, a writer for the website WikiTribune, “No one knows what will happen to “private” cryptocurrencies like Bitcoin in the long term, but with governments preparing to launch their own digital currencies, they’re definitely here to stay”. So what are investors to do with their investments? Simple, hold and wait for the market to get back to the highs seen in December. You might ask, can I just keep and maintain my investments within the exchanges where I bought them? The answer is, it’s not advisable, and a better, safer option is to transfer them to cryptocurrency wallets that you control.
Most of the significant cryptocurrencies in circulation reference a wallet that you can store your coins/tokens in. In general, there are five types of wallets available: online, mobile, desktop, hardware, and paper, each having its own advantages and disadvantages.
Take, for example, the cryptocurrency DeepOnion, which provides a currency technology that is completely anonymous and untraceable with all transactions sent privately through the TOR network. DeepOnion utilizes a desktop wallet which not only safely stores your tokens (investments) but also provides a service to send and receive encrypted messages and a service called DeepVault which offers document integrity verification through the use of the company’s blockchain.
Upon transferring your tokens to your desktop wallet, you can encrypt the wallet by creating a passphrase of 10 or more random characters, or eight or more words. This security feature is advantageous because even though your tokens are stored on your desktop wallet, anyone having access to your computer (your desktop wallet) can transfer the tokens out unless you encrypt the wallet which then requires the user to enter in the passphrase you created to complete the transaction.
Keeping your cryptocurrency within a crypto wallet will not only give you peace of mind that your investment is safe but also opens you up to airdrops and other benefits offered through the wallet.