If you have a small, large, or diversify portfolio of cryptocurrency it will be wise to invest it to a Crypto Wallet. They are relatively easy to use and provide autonomy over your wealth. Once you move your tokens from the exchange to the wallet, you are protecting investment from stolen by hackers, being sees by the government, or lost and liquidated from an exchange.
You would be surprise the amount of time crypto users have been hack and their tokens stolen by anonymous individuals. As of July 2022, it is reported that about $1.9 billions has been stolen by hackers and scammers. In 2021, that number was $3.2 billions of user money.
So, it is recommended to invest in a Crypto Wallet. There are two types of crypto wallet a Cold (Hardware) Wallet and a Digital Wallet. They are both worth having, depending on who you ask. I personally have both. I find them both useful, but the Cold Wallet are much safer.
The great thing about the Cold Wallet is basically you are storing your digital assets into a physical hardware wallet, and it is removed from the internet. This is done by moving your tokens from the exchange platform to your wallet which look like a UBS key. For example, if you live in Canada, you would not be able to purchase XRP due to regulation issue and an ongoing case with the SEC, but through the exchange provided the Ledger platform. Some exchange does not allow to you to store XRP and other Altcoin on their platform. All you need is to create an account for the crypto you wish to buy and then moving it to your wallet.
But there a few things you need to know when you decide the get a Hardware Wallet.
1. Safeguard your 12 Word Secret Phrase. Do not share it with anyone and make sure all you need to do is download there that keep somewhere where you will remember. Even make a copy encase you do lose it you’ll a second copy to retrieve your crypto.
2. The hardware can be lost or broken, so make sure that you are very careful with your hardware. Also, you might want to do some research about the size of the wallet with you have a large portfolio. For might self I have the Nano Plus S, which is convenient due to the size of my portfolio.
A Digital Wallet has the same concept as the Hardware Wallet except that your wallet his connected to the internet and only requires an App to store your cryptocurrency. This might leave you vulnerable to hacking as the are not store in a Cold Wallet, but the advantage is that not susceptible to a lost, stolen, or damage Cold Wallet. And if you happen to lose and break your devices is download the App back on the new computer or mobile device.
I strongly advise to do your own research if you are thinking of get Cold or Digital Wallet and which is best for you. There are some informative articles that you can find on the internet in your search for a wallet. Here is some wallet that you might want to read about:
MetaMask (Digital Wallet — Best for Ethereum)
Coinbsae Wallet (Digital Wallet — Best for Beginners)
Ledger Nano (Best Hardware Wallet)
Trezor (Hardware Wallet)
SecureX (Hardware Wallet)
SafePal (Hardware Wallet)
Bluewallet (Best Mobile Wallet)
Hope you join this reading and I get more of your support. Please remember this famous quote “Not Your wallet, Not Your Crypto, Your Wallet, Your Crypto”. If you are truly interested in investing into a hardware wallet, please see my link below for the Ledger Nano.