#software wallet

Looking for a secure way for storing your cryptocurrencies? Here’s a complete guide for some of the best ways for safeguarding your crypto assets.

After owning your cryptocurrency, the most important thing you should consider is how to store it. Let me aware you that cryptocurrency does not have the same types of protection as money in a bank account or similar to investments made via a broker. Being the owner, you are responsible for crypto storage. 

Stay relaxed as you have a list of options for storing cryptocurrencies, but finding the right one is the toughest job. Let us together explore and find the most suitable option for your crypto portfolio. 

Role of Crypto wallets. 

Cryptocurrency wallets are similar to normal wallets which we usually use in actual life but the only difference is they can store only digital currencies. In present times, every individual wishes to launch his/her own crypto coin with own brand name, hence it is obvious that the need for crypto wallets is in demand today and future too. 

Regardless of the business, the key functionality of crypto wallets will remain the same. Crypto wallets have become the necessity of every blockchain application to store their digital assets, mostly trading or exchange platforms.   

Ways of Storing cryptocurrencies. 

You have many distinct ways to store cryptocurrencies, including hardware devices, software applications, as well as a simple piece of paper. Once you understand more about each storage method, you can select the wallet or wallet that maintains your crypto safe. 

Custodial wallet

Third party, like a crypto exchange, stores your cryptocurrency. 

Simplest and most convenient option.

Average Cost - Free

For instance: Binance, BitMex, Bitgo, and Blockchain.com 

Cold Wallet

Hardware that stores crypto offline. 

High level of security

Average Cost- $50 to $150

For instance: Ledger, Trezor, Keepkey, Bitbox, and SafePal. 

Hot Wallet

App that stores crypto online/virtually

Ease of use and Convenience

Average Cost - Free

For instance: Mycelium, Electrum, Exodus, Trust Wallet, and Blockchain wallet. 

Paper Wallet

Physical storage of crypto private keys. 

Free way to store crypto offline

The Time It Takes to Update a New Bitcoin Wallet to the Blockchain

I realized today 9/14/16 how long it takes to download and update a new bitcoin wallet to the blockchain. I’ve had the same wallet since 2010. I have not started a new one in a few years. When it started it was at 7 years, 37 weeks behind. It took one full day to get to 5 years, another day to get to 1 year, 7 weeks. It seems like its going to take the better part of today to finish updating.

You…