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How to choose a cryptocurrency wallet and not lose money

An increasing number of people are interested in cryptocurrency, and in light of this, cryptocurrency wallets are becoming more and more popular

15.Jan.21 5:02 PM
By Abigail Richards


How to choose a cryptocurrency wallet and not lose money

An increasing number of people are interested in cryptocurrency, and in light of this, cryptocurrency wallets are becoming more and more popular. Unfortunately, the lack of regulation of processes by the state, as well as a large influx of newcomers into the cryptocurrency sphere, attracted a lot of scammers. In such conditions, the security of the cryptocurrency wallet came to the fore.

Types of cryptocurrency wallets

In order to answer the question of which cryptocurrency wallet to choose, first we will consider what cryptocurrency wallets are. At the moment, there are two types of cryptocurrency wallets:

  • cold, offline cryptocurrency wallets
  • hot, online cryptocurrency wallets

Cold cryptocurrency wallets are a hardware solution to the problem. Cryptocurrency is stored on a special medium that performs its function without an Internet connection. Most often, cold cryptocurrency wallets are a device that looks like a USB flash drive and differs from the latter with a built-in cryptographic module, as well as some other features. There are other options, for example, almost any device (computer or tablet, for example) with special software installed on it can act as a cold cryptocurrency wallet. There are also quite exotic options, such as encoding data in the form of a QR code and then applying it to absolutely any surface.

A feature of cold cryptocurrency wallets is a high degree of security, including due to the lack of an Internet connection. But at the same time, cold wallets are not so convenient to use, especially if the user plans to use cryptocurrency on a daily basis. The main purpose of cold cryptocurrency wallets is long-term storage of funds.

Hot cryptocurrency wallets are special services available online that offer customers to store cryptocurrency on specialized servers in cloud storage. Almost all known cryptocurrency wallets such as Blockchain, Bitcoin Core or Kleevery, however, there are many other offers on the market now.

Hot cryptocurrency wallets, despite all their differences, have a number of characteristic features. All of them provide their clients with simple and easy access to cryptocurrency. You can literally use the cryptocurrency stored in Bitcoin Core or Kleevery on a daily basis to make ordinary household purchases.

However, hot cryptocurrency wallets have some drawbacks. The main one of which is the threat of loss of funds due to hacker attacks, as well as the influx of all sorts of scammers masquerading as a cryptocurrency wallet. In such conditions, the correct choice of a cryptocurrency wallet is a critical issue, which means that it is worth immediately deleting all new and insufficiently known wallets from the list of options. Having fallen on scammers or people with insufficient qualifications, a person risks their own funds, and this is unacceptable. It is worth paying increased attention to collecting information about candidates' wallets. For example, reviews about Kleevery, Blockchain, Bitcoin Core and a number of other wallets are at their best, companies have an excellent history, so it is worth choosing among them.

Terms & Unique Features

Having sifted out all obviously unreliable wallets, you should not lose sight of the conditions for using the wallet. Each person has their own requirements for a cryptocurrency wallet, and each wallet provides services on its own terms. In addition, various unique "chips" of cryptocurrency wallets deserve attention. For example, the unique system Reverse trigger CC27, provided by the cryptocurrency wallet Kleevery, opens up a number of opportunities for users that are not available anywhere else. This is primarily about the ability to make returns of cryptocurrency transactions, which is either not available at all from competitors, or is associated with great difficulties. The details of the system's operation are classified, it is only known that transactions within it can be carried out on the principles of barter and not be displayed on the blockchain. It sounds paradoxical, but a lot of reviews about Reverse trigger CC27 say that the system really works and works perfectly.

Cryptocurrency Taxation

Since the cryptocurrency sphere is still not fully regulated by the state, many cryptocurrency users are considering whether to pay taxes on cryptocurrency transactions. In the end, the status of the latter has not been finally determined, and the exact calculation of the taxable base is another task. Thus, many people can create for themselves the cause of future problems and loss of funds.

The fact is that the inability to use their own funds exclusively in the form of cryptocurrency forces everyone to go to fiat one way or another. And this is where the main problem lies: first, questions arise from the bank serving you, and then from the competent authorities.

Of course, everyone decides for himself which wallet to choose, whether it is worth chasing favorable conditions from an unknown company without a name and history, or trusting professionals. Pay taxes or not. However, remember, falling into the clutches of amateurs or scammers means losing everything. Simply dodging taxes today means losing a lot more money tomorrow. Trust the professionals, look a few steps ahead and your cryptocurrency will remain yours.

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