A crypto wallet allows you to store, send and receive your crypto. They typically come in the form of software on a desktop or mobile, or a physical device. Every wallet has a unique address, which usually comprises a long string of characters.
Sign up for a Coinhako account to set up a wallet for free. Once your account is created, you will automatically get access to your bitcoin wallet and be able to buy, sell, store, send and receive cryptocurrencies.
There are a plethora of options out there for you to choose from — most wallets can usually store bitcoin and a wide range of other cryptocurrencies on the blockchain. Cryptocurrency wallets can be categorised into four categories; hot or cold wallets, and custodial or non-custodial wallets.
Coinhako moves over 90% of customers’ funds into cold storage to ensure the best security possible for users who trade with us.
Custodial wallets grant users complete ownership over their holdings. Custodial wallets most commonly come in the form of hardware wallets that are only connected to the internet when a transaction needs to be made.
Seasoned crypto traders who have a deeper understanding of digital currencies may opt for custodial wallets, which award them full control and responsibility over their funds. This means that no third-parties (such as exchanges) are involved. Similar to cold hardware wallets, the risk of custodial wallets comes when users lose their hardware devices or forget their passwords.
Hot wallets are created when you sign up for an account with an exchange, or set up digital wallets through mobile or desktop platforms.
While cold wallets are typically quite secure, the consequences of losing or forgetting your password to your cold wallet could be financially catastrophic. If you choose to move your cryptocurrencies to a cold wallet, you should take extra precautions to store your password in a safe but retrievable place.
Yes! You can move your crypto holdings from your Coinhako wallet into a hardware wallet using the “Send” crypto function.
All you have to do is simply:
There are specific instructions attached to different models of a hardware wallet. The general steps include obtaining the address corresponding to the hardware wallet. Do verify the steps directly from your respective hardware wallet provider.
No one wants their crypto to go missing overnight, and while cybercriminals are a dime a dozen, there are a few tips you can follow to store your bitcoin securely.
We cannot overstress the importance of 2FA. This step adds an extra layer of security to your wallet, and makes your wallet more resilient against hacking attempts.
All you need to do is sync up Google Authenticator or any other Authentication app - your mobile or desktop wallets. Each time you try to access your wallet, you will be prompted to enter a 6 digit code, which you can get by launching your authenticator app.
Do note that these are time sensitive and usually refresh every 30 seconds.🤖Install Anti-Virus Software
Setting up anti-virus software is a good way to ensure your devices are protected, and that your data is not compromised.
Cyber criminals can leverage on malware to tamper with your device, so it's advisable to run scans frequently to make sure you’re in the pink of cyber health.
Stronger passwords are harder to crack. Passwords that are used for multiple accounts or platforms may be compromised in data breaches, so it’s definitely wiser to use a fresh one.☠️Do not click on suspicious links
It pays to be vigilant online, as clicking or accessing suspicious websites may allow malware or viruses to infiltrate your devices.
🔓Always use a secure internet connection
Avoid accessing your wallet while being connected to a public network, as these networks may be susceptible to cyber security threats, and are not as secure.
🔑Keep your private key PRIVATE (** for cold and non-custodial wallets)
Keep it private! Your private key should be for YOUR eyes only. Never share this with anyone, or give it to them to make transactions on your behalf.
We hope this article has helped you understand crypto wallets better!