< Back

Benefits of Using a Digital Cryptocurrency Wallet

by Bitforx

Posted onJan 21, 2019 by Bitforx

We had an unusual opportunity to witness the dawn of the cryptocurrencies. The first ever cryptocurrency wallet was software that users had to install on their computers, connect with the network, download the entire Blockchain and interact with it. That's your old, traditional cryptocurrency wallet.  

Today, everything is simplified, and it seems like we are on the path of adoption of these new technologies. We quickly realized the necessity of digital currency portfolio management. Users needed a fast, more comfortable means of money management. They were tired of backing up the private key, managing only one currency and taking tiring steps to switch around the coins. 

Why do we use a digital cryptocurrency wallet?

We use a digital cryptocurrency wallet to make sure that an experienced third party will keep our private key. We search for a secure crypto wallet with fiat and crypto support to make the cryptocurrency economy experience more comfortable for us. 

You want a digital cryptocurrency wallet for maximum security

You will be able to store your digital currency safely for weeks, months and even years. Often digital wallets offer hot and cold storage options. You can use the hot wallet for general financial transactions, and cold wallet to keep your crypto assets secure. Cold wallet holds the digital currency offline, making it unhackable and less vulnerable to malicious attacks. 

To double and triple the security of the of the cryptocurrency wallets, developers add Two-factor authentication option. Users won't be able to log into their accounts or withdraw cryptocurrency without providing a one-time, disposable code.

You want a cryptocurrency wallet with multiple currency support

Bitcoin isn't the only cryptocurrency we fell in love. Many altcoins have made it to the list of the favorite currencies, and we want to have them on our wallets too. That's why we seek for the multi-currency digital wallet. We want a cryptocurrency wallet that has fiat and crypto support and offers us multiple cryptocurrencies. What's best than having your favorite coins in one place? Only a possibility to switch between them of course. Some digital wallets offer inside exchange platform that allows you to switch your coins in between. 

You need a cryptocurrency wallet with the option to build a diversified portfolio

This feature makes the wallet an ideal addition to your cryptocurrency-related tools. Whether it's an app on your phone or a desktop cryptocurrency wallet, a crypto portfolio option is an asset. You'll be able to put together your favorite altcoins and see what changes they are going through. 

You need a cryptocurrency wallet to perform regular financial transactions

If you want to use your digital currency, you will have to get a cryptocurrency wallet. The first reason to ever acquire such technology is to use it for regular financial transactions. If you need to pay someone in cryptocurrency, sending money is painless and easy. And what's most important, transaction fees are lower than the regular transactions with the mediation of banks. 

There will come a time when our payments will come in crypto. We will be able to pay for goods in Bitcoin and altcoins in every shopping center and online shop. Until then, use this guide provided by experienced team members of Bitforx and get ready for future means of payment. 

< Back