Betting your money on the success of a cryptocurrency project is just one of the numerous aspects of being involved in the crypto space. In addition to just buying a digital asset, an investor is faced with the task of varying his Investments to make profit and also another important task of keeping these investments in a way that ensures that they don’t get lost in a very tragic way. Just like fiat and every other store of value,safekeeping is a very important process and is as well a very tricky process.
Electronic security itself is a relatively weak safekeeping strategy. Compared to the older mechanical way of keeping things safe, electronic security is more penetrable and easier for foul players to gain access to information saved using electronic security options. Depending on the value of your cryptocurrency, safekeeping is an extremely important practice. Avoiding grave losses in this space might just be a function of how best you can keep your digital assets safe and away from a sea of hackers and social engineers trying to get away with these assets in the most cruel way
Several options are available to store your cryptocurrency. These options vary in safety and flexibility as well. Mobile wallets are unarguably the most used cryptocurrency storage auction but they are in fact grossly inefficient when it comes to keeping cryptocurrencies safe. Mobile wallets are often used to connect to the internet and this exposes them to phishing attacks; being flexible and portable also makes it more likely that your mobile device and the wallet contained in them might land in the hands of the wrong people.
Ledger and Trezor hardware wallets are the two most popular offline digital asset storage Options. These devices vary in price and it could cost about 50 to 200 dollars to purchase a functional hardware wallet. For the average cryptocurrency investor, this might be too costly. Here are even cheaper hardware wallet options.
- Safepal: Safepal is backed by popular cryptocurrency exchange – Binance and can be purchased for as low as $40. It connects to the safepal mobile application and allows users store digital assets offline.it has an inbuilt camera to enable users scan QR codes and execute transactions. It currently supports bitcoin, ethereum and Binance smart chain tokens.
- Secux: Secux hardware wallets are designed using contemporary technology and relatively simple user interface. Prices could vary between 99-140$. A touch screen panel allows users to control and execute transactions.
- D’cent: D’cent hardware wallets flaunt a unique biometric security. It presents a top-level security and is equipped with Bluetooth connectivity and a USB port. Price could be as low as $70 depending on preceding discounts.