The great cryptocurrency revolution is here! And with it, comes a whole slew of new obstacles for investors to navigate in order to avoid fraud and theft in the digital domain. After all, cryptocurrency is valuable, it’s limited, and it has a lot of power in the new world.
As people become less entranced with traditional banking practices, there has been a lot more money pouring into platforms around the USA and indeed the rest of the world, with more investment going digital than ever before.
As such, there should be some newfound security considerations to have when you’re looking at investing a little more into your Crypto account – most notably a secure digital wallet.
Offline wallets are programs or systems that you can have to hold your cryptocurrencies in a secure and physical manner (if you use a USB). The number of tokens you have will always remain the same, and while the value may fluctuate, the number of tokens you hold will not be changing if stored in this manner.
This is especially useful for those who worry about cybercriminals hacking into their online trading platform and cleaning them out. Something that has happened in the past and is an unfortunate risk in the investment world.
When you get your digital offline wallet, consider putting a password on that as well. But bear in mind, there are some who had bitcoin encrypted on an offline wallet, forgot their password, and it is now forever encrypted and locked away on the dusty USB forevermore.
That sad story does lead us to say that not having a password is also a detriment, so in our humble opinion it’s best to have the password for the encrypted wallet stored somewhere safe and known only to you.
Enjoy your newfound peace of mind.