Decentraland Wire has released a report about the best decentralized hardware and software wallets traders can use to secure their crypto assets.
The recently released report talks about how important it is for traders to have at least one, but preferably more, crypto wallets to ensure that their assets are safe. Topping the list are Ledger Nano and Overbite, the former being a hardware wallet, and the latter being an app.
For more information, visit https://decentralandwire.com/10-best-decentralized-custodial-crypto-wallets-reviewed-for-2022
The latest report coincides with a New York Times article about how millionaires have lost their crypto assets because they forgot their passwords, or somehow got hacked. According to the report, around 18.5 million Bitcoins, equal to around $140 billion, appear to be stranded in wallets and trading accounts because the owners could not remember their passwords. Due to cryptocurrency’s private and anonymous nature, there are no built-in systems for password recovery – the only way for traders to access their accounts is by inputting their passwords.
Decentraland Wire recognizes that it is not always easy to “just remember” passwords, especially for traders who do not input their codes regularly. The crypto expert explains that this part of human nature prompted many companies to make online and offline methods of remembering passwords, which, in turn, led to the creation of crypto wallets.
The cryptocurrency expert explains that there are different types of crypto wallets: web, mobile, desktop, paper, and hardware. Paper wallets are simply slips of paper where the trader’s private key is written, but more sophisticated ones come in tamper-proof containers with QR codes printed for more secure authentication. Hardware wallets do the same thing but are usually laser-engraved on indestructible stainless steel.
Further, the report explains that hardware or offline wallets are fully protected from cybercrime. As long as the trader keeps the wallet on their person or in a very secure location, this system is hard to beat. For hardware wallets, Decentraland Wire recommends the Ledger Nano because of its size and convenient user interface.
For software wallets, the crypto expert recommends Overbite, because traders can use it across different platforms. The app also educates new traders and helps them make purchasing decisions.
“Consumers can store and handle blockchain assets and cryptocurrency through crypto wallets securely and efficiently. They make it possible for users to trade, send, and get cryptocurrency,” a spokesperson said.
More information is available at https://decentralandwire.com/10-best-decentralized-custodial-crypto-wallets-reviewed-for-2022
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
Release ID: 89085706
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