fbpx
The first countries to adapt bitcoin will be the ones who flourish the most

The first countries to adapt bitcoin will be the ones who flourish the most

Cryptocurrencies have become a major talking point since they first pierced popular culture in 2017. Going from a relatively unknown, unstable market the current total worth of Bitcoin alone, as of June 2019 reached $41 Billion. This isn’t counting all of the other cryptocurrencies that are currently active in the industry at this time, combining those to the initial figure would give a large amount of value.

From this value, nations who are quick to get behind the growing buzz of cryptocurrencies will be able to profit, through business tax, the jobs the cryptocurrencies will generate and much more. Some nations are already thinking about this and are exploring ways in which they can profit from the cryptocurrency boom.

How Blockchain Has Aided the Boom in Malta’s Economy

There has been much optimism about the economic growth of the small Mediterranean island in recent times, with growth in 2018 settling at 6.2%. This has been further compounded by the release of the European Commission’s annual growth forecasts for 2019, where Malta has appeared at the top of the list, with a growth expectancy of 5.2%. Ireland is the runner up in this aspect with a predicted growth of 4.1%.

 

Real Malta GDP growth

Source- https://ec.europa.eu/info/sites/info/files/economy-finance/ecfin_forecast_winter_07_02_19_mt_en.pdf


One of the reasons for this explosion in economic growth can be attributed to the warm reception of cryptocurrencies in the country. Even other countries known for embracing technological advancements have fallen behind Malta in this aspect.

A big part of the reason for this is due to the passing of ideal legislation surrounding blockchain and cryptocurrencies by the country’s Prime Minister, Joseph Muscat. This embrace of blockchain technology has allowed Malta to lure a number of well-known, sizable cryptocurrency operations onto the country’s shores. For example, BitBay, Zebpay, and Binance have all relocated from their native countries to Malta, so that they can enjoy a more comfortable regulatory environment.

How Blockchain is Permeating Education in Malta

Of course, all of these business ventures in Malta are going to need employees. In local news, Malta Today has quoted the European Commission’s report, stating that the new job opportunities provided by blockchain firms have been a key contributing factor in the nation’s economic resurgence.

Interestingly, there has also been a movement towards initiatives to improve the growing blockchain market in Malta. Led by Oxford University researcher Joshua Broggi, the institution is going to be named Woolf University and will be aimed at offering a wide variety of courses, both on and off-campus. The idea is to offer tuition to people across the world by offering them a series of personalized tutorials that can be flexibly suited to the student.

Interestingly, the university will be run entirely on blockchain technology, to avoid incurring expensive administrative costs through the automation of administrative processes. Furthermore, the security provided by blockchain technology will ensure that the university’s systems and degrees earned through them will be incredibly secure against attackers. These degrees can also be validated using blockchain technology.

Students and staff at the university will sign-in through the use of smart contracts, that will confirm items to the institution, such as attendance and the completion of any assignments by students. Students will also be able to pay their tutors through the blockchain, whilst the university will provide students with micro-credits that can be directly applied to their degree.

Broggi is planning to open five different sites for Woolf University, however, he has stated that due to the welcoming nature of Malta to blockchain technology, it was an obvious first choice. As one would expect, Broggi initially planned to raise funds for the university through an ICO, however, he eventually managed to find enough private finance so that he could avoid making a public offering.

Woolf University has already garnered the attention of a number of professors from well-established, elite universities, such as Oxford, Cambridge, George Mason University, Kings College London, Leipzig University and Kyoto University.

It should come as no surprise that the running of such an institution would also make a contribution to the Maltese economy by creating jobs for lecturers and generating more revenue on the island itself through tuition fees and student living.

The Future Outlook for Blockchain in Malta

Malta is rapidly earning the nickname of “Blockchain Island” due to its more reasonable approach to legislation surrounding blockchain and cryptocurrencies. The island nation is a great example of the potential for countries to make strides in their national economy by being more open-minded with the development of new financial technology and avoiding the usual trap that a lot of countries fall into, where they regulate the market so heavily that it is almost impossible for it to grow.

The figures from the European Commission support this line of thinking and if the development of cryptocurrencies and blockchain goes further in Malta, it won’t be a surprise to see even more companies relocating to the Mediterranean, to avoid overbearing regulation. 

Inactive Bank Accounts Are Bigger Than You Think

Inactive Bank Accounts Are Bigger Than You Think

Given the prevalence of bank accounts in the modern world, and the necessity of having one in first world countries, it would be easy to assume that there are only a small number of people on the planet without a bank account. This assertion would be incorrect, in fact, a large number of people do not have a bank account at all.
Considering the huge buzz centered around cryptocurrencies, it is also surprising to see that there are a large number of inactive accounts within the cryptocurrency space. 

Inactive Bank Accounts

In 2018, the World Bank released information pertaining to the current climate for global financial inclusion. The provided figures give an unprecedented look into the subject. The data from the World Bank showed that despite the fact that 67% of the world’s population had a bank account in 2017, up from 61% in 2014, growth may be slower than we think. Of the increase in that three year period, 80% of those new accounts are currently inactive. Meaning that they have had no ingoing or outgoing transactions for over a year.

When you only apply active accounts to the percentages, the share of people with a bank account increased from 52% to 53%, which is a much smaller improvement. The survey from the World Bank included answers from 150,000 participants.

Bank accounts are getting more common globally, but not active ones
Countries where the share of adults with bank accounts is falling

Source


The number of inactive accounts is of concern to financial institutions because if a user doesn’t consistently utilize their account, they will not be able to attain the benefits that the account provides, furthermore, those accounts also provide minuscule value to the issuers of the accounts. Only inactive accounts with large balances will be able to generate value for the bank and the customer.

Out of all of the different countries surveyed, it was found that the countries with the largest populations, China and India were also the countries with the most financially excluded people. The survey also gave the participants the opportunity to explain their reasons for not having a bank account. The figures show that the main reasons for exclusion are a lack of access to money, the cost of using the services, access to services and a lack of trust in financial institutions.

With the World Bank only having one more year left until the deadline for their Universal Finance Access by 2020, they will need to think about the realistic deadline for UFA and how the steps they are going to take to achieve this goal. The World Bank has pledged to aid the inclusion of 1 Billion people, Visa, Mastercard, and GSMA have pledged a collective 1.5 Billion people, along with other institutions also making pledges.

Inactive Crypto Accounts

It is obviously going to take a lot longer for cryptocurrencies to see universal use across the world than it is for bank accounts, however, that does not mean that cryptocurrencies are doing badly with the accounts that they have now.

In fact, Bloomberg, using information gained by market research firm Flipside Crypto has stated that an unprecedented number of previously inactive Bitcoin wallets have become active again. Delving further into the figures shows that the number of Bitcoin wallets that have been inactive for a period of 1-6 months had dropped by 40% between March and April 2019. This caused a surge in the price of Bitcoin at the time and was indicative of people warming up to the idea of buying Bitcoin again.

One of the biggest concerns with inactive cryptocurrency accounts within the market is those of large cryptocurrency Whales. These are individuals with huge cryptocurrency holdings, with the transfer of said holdings being able to directly influence the market price of Bitcoin. For example, there are currently concerns about a dormant Bitcoin Whale, holding 80,000 Bitcoins. This is worth over $700 Million and if this Whale decides to cash in on their holdings, it could cause a market crash, according to analysts at Whale Alert.

People in the market are valid in their concerns about previously inactive Whales, as it was found in December 2018 that $1.5 Billion worth of Bitcoin was transferred from previously dormant cryptocurrency wallets, with a concerning number of these transactions being from the top-20 Bitcoin wallets. For example, one such wallet has been dormant since 2013 and moved over 60,000 Bitcoin, worth $245 Million to an unknown address. The concerns stem from the fact that Whales are also known to crash the market price after selling, so they can purchase more cryptocurrencies at a lower price, holding until they can flood the market again.

In fact, the top 3 cryptocurrency wallets that have been dormant for 5 or more years have a collective total of over 150,000 Bitcoins, which is a mind-boggling amount. Outside of the top three, there are a number of users with holdings of over 10,000 Bitcoins. This is a large amount of value stored within inactive wallets.

One of the biggest questions that normally surrounds these inactive wallets is the reason for the wallet being inactive in the first place. Due to the high level of anonymity behind cryptocurrencies, we rarely ever learn the reasons for this inactivity, although the most commonly given reasons are, the loss of private keys, the incapacitation of the wallet holder, the holder is continuing to hold for a future sale, or the owner forgot about their holdings.

Only time will tell as to whether or not these dormant accounts will “wake up” in the future and sell their holdings, although the marketplace is aware of the potential consequences of such an event occurring.

*Feature Photo by AJ Colores on Unsplash

How To Protect Your Crypto, By an Ex-Hacker

How To Protect Your Crypto, By an Ex-Hacker

The most grievous security breaches in the crypto world come from hacks and when a hack occurs and there are either, a large number of victims, large losses, or both, the media will draw attention to this straight away. Despite this, smaller successful hacks will hardly go reported. In fact, Foley and Lardner have published a report stating that that 71% of the most prominent cryptocurrency traders and investors believe that theft is the biggest risk plaguing the industry.

Be Careful Of Applications on App Stores

There is a larger proportion of Android users falling victim to hacks, due to the fact that their operating system does not use two-factor authentication. Forbes has claimed that due to the open operating system preferred by Android, it makes it less secure than iOS. Hackers have been known to create apps on behalf of cryptocurrency sites on the Google Play Store.

The most well-known case of cryptocurrency users experiencing a hack through an app on the Play Store occurred in October 2017. Poloniex is an American cryptocurrency exchanged, which suffered hackers posting a fake app onto the Google App Store, which faked the role of a mobile gateway for the exchange. Traders wrongly downloaded the app and their personal information was stolen, with malware analyst Lukas Stefanko, stating that 5,500 users had been effected before the fake app was removed from the store.

How to Avoid This Issue: If you are unsure about the legitimacy of an app, the first thing you should do is visit the website for the project. Usually, from the website, there will be a direct link to a valid app. You should also make sure that two-factor authentication is enabled on your apps, to add another layer of security and should avoid downloading apps that you do not need

Public Wifi

During October 2017, an irreparable flaw was discovered in the WiFi-Protected-Access Protocol. It became possible for attackers to use a KRACK attack to cause the user’s mobile device to connect to the hacker’s network. From this, any information that would pass through the WiFI network would be available to the hackers. This includes private keys for cryptocurrency wallets and these risks are most prevalent in high-traffic areas such as railway stations and airports.

How to Avoid This Issue: It is never worth it to make a cryptocurrency transaction on a public WiFI network, all it takes is one KRACK attack and you will likely lose your holdings. Just make the safe choice and wait until you are on a secure network. You should also always update the firmware on your router to ensure the best possible security.

Fake Websites/Communications

Fake websites or site cloning has been a method of attack since the beginning of the internet boom. This method of phishing has remained in popular use in the current age of the internet. One way in which an attacker can do this is by registering a domain that is one letter short of the official address. Hackers will then clone the entire website in the hope that internet users will not notice their error and will put their personal details into the site, allowing the scammers to steal their information.

Alternatively, attackers may send an email to cryptocurrency users, perfectly copying the communications sent from official cryptocurrency projects. Within these communications, they will encourage users to click on a link in the text, prompting them to put in their personal details, allowing attackers to steal them. A report by Chainalysis has estimated that $225 Million has been lost as a result of cryptocurrency phishing scams.

Source

How to Avoid This Issue: One of the best ways to avoid this issue altogether is to bookmark the correct websites that you will be regularly visiting, this way you do not need to worry about typing the link incorrectly. You also need to remember that you should never give your personal information to anyone, no legitimate business would ask you for your account details over email.

CryptoJacking

Cryptojacking is a rapidly expanding problem within the cryptocurrency community, with 2.9 Million instances recorded in the first quarter of 2018, which was a 625% from the final quarter of the previous year according to a report by McAfee. Cryptojacking itself is a type of attack, whereby the attacker will place malware on the victim’s computer, which operates hidden crypto-mining activities on the computer itself.
There are some types of cryptojacking malware that can also read the personal information stored on your computer, and as a consequence of this the attacker may not only be able to freeload from a person’s computer, but they can also transfer the victim’s cryptocurrency holding to their own wallet.

How to Avoid This Issue: One method of preventing cryptojacking from occurring would be to invest in high-quality antivirus and anti-malware software. Such software would be able to detect any malicious programs and can remove them from your computer. Another prudent measure that you can take would be to avoid downloading software from unverified locations, as these locations carry the greatest risk.

Unscrupulous Add-ons

It’s not a guarantee that an add-on designed for your browser is going to be safe. In 2018, the MEGA Google Chrome extension was replaced by hidden malicious code that was said to be able to harvest sensitive information from sites that its users visited. Tens of millions of people downloaded the addon and were put at risk, even though it was initially believed that the risk only pertained to popular sites like Google and Facebook.

The opposite was confirmed when Riccardo Spagni, a Monevo developer confirmed that both Monero and Ethereum private keys could also be harvested by the addon. ZDNet later released a report confirming the damage done by the MEGA extension, which Google pulled from the Chrome repository, stating that Google, Amazon, Github and other organizations had been affected by the breach.

How to Avoid This Issue: One of the easiest ways to ensure you are not a victim to dodgy add-ons is to not download a large number of add-ons that you don’t actually need. The less you download, the lower your risk of vulnerability. Furthermore, if you do need to download a browser add-on, you should conduct a bit of due diligence and look around the internet for further information on said add-on before downloading.

Lack of Common Sense

One of the main reasons that people fall victim to thieves, wanting to steal their information is due to carelessness. It must be realized that when handling valuable assets such as cryptocurrencies, you are always going to need to do your due diligence and maintain a high level of alertness.

In closing, there are a few other things to consider that will greatly increase the security of your cryptos. Firstly, you should never share your private keys with anyone, no matter the circumstances. Secondly, if you have your private keys in a physical format, you should always keep them in a secure location, such as a safe. You should keep your anti-virus and malware protection up to date to ensure that whilst you are online, you are at minimal risk of falling victim to a cyberattack. Going further from your private keys, you should also never share your personal details with anyone, be careful of hackers posing as cryptocurrency projects through email, as legitimate businesses will never ask for your details in this way.

We’ve Stopped Showing Ads to Protect User Privacy

We’ve Stopped Showing Ads to Protect User Privacy

We have removed our product from the Facebook Audience Network

A few months ago we stopped showing ads in order to prevent any possibility of improper use of the private data of our customers. We respect the privacy of our customers and want to make sure that our product remains free of invasive advertising.
To protect the rights of Coin Wallet customers to retain full control of their personal information during online crypto transactions, we have removed our product from the Facebook Audience Network. This decision was made after significant deliberation. Below, we outline how we came to this decision and what Coin Wallet customers can expect moving forward.

Why Facebook advertising is bad for privacy

Social networks like Facebook or Google have become ubiquitous with internet use. With their buttons and widgets installed on millions of websites, they have unprecedented power to target users for advertisements. The Cambridge Analytica scandal and other recent cases have raised public concerns about the misuse of public data. Despite this, Facebook continues strategic partnerships with dozens of tech conglomerates like Microsoft and Amazon that access user information in exchange for certain promotion services.

Facebook does not only track the activity logs, private chats, and user-uploaded content on its own social media platforms. It also actively pursues collecting user data all over the Internet. Through permanent trackers embedded in their advertising widgets and ‘like’ and ‘share’ buttons, the company can follow users across websites and apps that participate in the Facebook Audience Network.

The most important information about you for the company is not what’s written on your Facebook profile. It’s what you do on your device throughout the day. For example, if you use a fitness app that hosts advertisements, Facebook is able to identify you as the target audience for workout apparel. Using this data made available to them by Facebook, workout apparel companies know to target their advertisements to you via apps, Instagram, and other channels in the Audience Network.

So far, the existing integration of Audience Network and services provided by Facebook and Instagram allows Facebook to map the browsing behavior and activities of the vast majority of users. Apart from GDPR regulations on cookie usage, electronic data collection activities are not comprehensively regulated by any legislation and pose a significant threat to users’ digital rights. They can lead to unsolicited profiling of the audience and manipulation of consumer behavior.

What we’ve done about it

Each crypto wallet contains highly sensitive financial information. At Coin Wallet, we are committed to providing customers the highest level of security and privacy. Not sharing wallet data with third parties is an essential piece of this. In line with this position, we have eliminated all ads completely from our product and barred Facebook from accessing customer data or tracking their usage of Coin Wallet.

As usual, we continue to guard the personal data of all our customers with stringent security measures. These include AES-256 encryption and BIP 39 passphrase encryption. We never reuse addresses and always enable safe access to the web version with Tor or VPNs. This ensures the total privacy and anonymity of your transactions, even to us.

Our data policy reflects our commitment to safeguarding user privacy to the highest extent. If crypto exchanges and other industry service providers adopt these steps, the security of crypto investors can be significantly increased.

How To Ensure Your Crypto Is Safe & Secure In Your Wallet

How To Ensure Your Crypto Is Safe & Secure In Your Wallet

Cyber Security is of enormous importance in this modern age. Ensuring the safety of your personal information, account passwords, and digital assets is crucial — especially with the significant rise in cybercrime over the last decade.

According to Accenture, security breaches have skyrocketed by 67% over the last 5 years. 

Cybercriminals are using many malicious tools, such as malware, ransomware, and viruses, to target individuals. But these malicious tools aren’t just designed to access your sensitive information. As the popularity of cryptocurrency has risen dramatically over the last few years, cyberattacks on cryptocurrency holders have also increased. Many reputable cryptocurrency exchanges, including Binance, have also been the victim of security breaches.

Some crypto users have also become victims of fake cryptocurrency wallets — having their holdings stolen as soon as they transfer them. Keeping your crypto and other digital assets safe is imperative. In this article, we’re going to provide you with a list of tips to improve your cybersecurity — keeping your crypto portfolio safe from cybercriminals. 

Tips On Keeping Your Crypto Wallet Secure:

Keep Your Private Key & Recovery Phrase Safe:

This may seem obvious, but ensuring that your crypto wallet’s private key and recovery phrase are kept safe is crucial. To do this, you want to keep multiple copies of both your private key and recovery phrase. The best way to do this would be to write your private key and recovery phrase on a sheet of paper and keep them hidden somewhere secure.
Keeping an offline backup of your wallet keys and recovery phrases in a trust location is essential if you want to ensure the security of your crypto holdings. 

Bonus tip: To further protect your private key and recovery phrase, you can split each into two or more pieces — storing them in separate locations. This is definitely something you should consider if you’re going to store your sensitive data on a computer or online.

Consider Hardware Wallets

Also known as “cold storage”, cryptocurrency hardware wallets enable you to store your cryptos and other digital assets offline securely.
Hardware wallets are becoming increasingly popular amongst crypto enthusiasts looking to store their holdings offline securely — the market is expected to boom to nearly $500 million in 5 years.

Hardware wallet market
(Source: mordorintelligence )

You can easily connect USB hardware wallets to your computer — where you can safely manage your crypto holdings. You will be able to send crypto to your hardware wallet’s address directly from your current wallet. 

We recommend storing larger amounts of crypto on a hardware wallet and only keeping small amounts on your online wallet for day-to-day use. There are many hardware wallet solutions available on the market. The most notable brands include Ledger and Trezor.

Use Two-Factor Authentication

Two-factor authentication (2FA) is one of the best ways to ensure the safety of your crypto wallet. 2FA offers an extra layer of password security to your crypto wallet. Many popular wallets offer two-factor authentication as standard — you can easily set this up in your account settings. You’ll be able to connect your crypto wallet account with a 2FA app such as Google Authenticator. The app will generate time-based one-time passwords, refreshing every 30 seconds. 

Alternatively, many wallet providers will give you the ability to receive SMS or email alerts, providing you with a specific code every time you want to log into your account — keeping you one step ahead of hackers.

Never Store Your Details Online

This goes without saying — storing your private keys or your recovery phrase online could be a bad decision. Notable crypto investors have reportedly had their holdings stolen due to storing their wallet details online. Storing your private wallet data online can leave you vulnerable to having your wallet access by cybercriminals.
Avoid saving your sensitive data on emails, social network sites, or note-keeping platforms such as Evernote.

If you must store your details online, it’s best to follow our advice above — split your data into multiple pieces and store each piece in a different location. Even if cybercriminals can gain access to one part of your data, they won’t be able to access your crypto wallet without all the pieces of your private key or recovery phrase.

Use VPNs When Logging In

This point is extremely important if you’re traveling to different locations — away from your home network — and decide to use public Wi-Fi.
We strongly recommend using a reputable VPN service if you’re going to access your online crypto wallet using a public Wi-Fi connection. Free internet connections are notorious for having cybercriminals breach the network, gaining access to sensitive information from all individuals using the network. 

This is why using a trust VPN provider, is imperative when access your crypto holdings using public internet connections.

Installing Antivirus Software

Installing a trusted, advanced antivirus software onto your computer or mobile device is essential in this digital age. Malware has been on the rise over the last 10 years — with hackers now targeting cryptocurrency users with malware.

(Source)

Antivirus software providers, such as Norton, will equip you will all the essential cybersecurity tools. This will enable you to secure all of the information stored locally on your device and help you protect your device from cryptojackingMost antivirus software providers will also have integrated web protection — using advanced AI and machine learning techniques to detect potential threats, such as malware and phishing attacks — helping to protect all of your sensitive information from hackers. 

Using antivirus software eliminates the threat posed by online criminals when you’re logging into — and using — your online crypto wallet.

Always Download A Trusted Wallet

With the rise in fake cryptocurrency wallets and apps, it’s more important than ever to ensure you’ve downloaded a trusted wallet.
Always double-check the developers behind your chosen wallet — even if the wallet or app is available on a reputable app store such as Google Play or the App Store. CoinSpace, provides a collection of trusted, verified cryptocurrency wallets to store Bitcoin, Ethereum, Litecoin, and more.

Conclusion

You can be faced with many cybersecurity risks — especially when you’re storing your cryptocurrency and crypto wallet data online. Using the tips in this article will help you to significantly increase your cybersecurity measures, reducing the risks posed by crypto wallet hackers and other cybercriminals. Being proactive is the key to great cybersecurity. By using a combination of the practices outlined above — especially cold storage, two-factor authentication, and antivirus software — you will be able to securely store and transact your crypto without having to worry about becoming a victim of cybercrime.

Feature image by Moja Msanii on Unsplash

 

The Importance of Choosing The Right Crypto Wallet

The Importance of Choosing The Right Crypto Wallet

Although cryptocurrencies have existed for more than a decade, their popularity truly blossomed in 2017, bringing thousands of platforms and millions of users to the forefront of finance in the digital age. 

Today, cryptocurrencies serve a seemingly endless number of purposes as they power decentralized platforms, facilitate ecosystem transactions, and, perhaps most prominently, exist as a speculative asset in a market collectively worth more than a quarter-billion dollars

Indeed, Bitcoin, along with dozens of other digital assets, is one of the most notable investment vehicles today, competing, and often winning, against other commodities like stocks, bonds, gold, and oil. 

Despite its burgeoning popularity and profit-making opportunity, cryptocurrencies are still relatively new, which means that it is especially crucial that crypto traders – both those that have been involved in the market from the beginning that those that are just getting initiated – understand the tools of the trade. 

These tools certainly include things like hardware adoption and exchange participation, but every crypto trader needs to start with the right crypto wallet. 

Crypto Wallets 101 

To some extent, understanding a cryptocurrency wallet is as simple as the name implies. Just as people in the past would store their cash in a physical wallet, cryptocurrency users store their tokens in a digital wallet.  However, crypto wallets do more than store money in a digital billfold. They are akin to a bank, a safe deposit box, and a vault all combined into a single service. Simply put, a cryptocurrency wallet is a technology used to store, protect, and share digital assets. 

Because digital assets exist only in code, choosing the right wallet is critical. It’s the digital fortress protecting your assets, and it’s the exchange mechanism that makes crypto trading possible.  What’s more, users have a seemingly endless array of options to choose from. CoinMarketCap reports on more than 2,400 different digital currencies, and each project typically comes with its own wallet service. In addition, there are hundreds of companies offering their own wallet services that are compatible with multiple projects and that adopt different priorities. 

Fundamentally, these services are accessed using a unique address comprised of both a public address and a private keys, but, beyond that, the distinctions are numerous and nuanced.  As “Assurance in a Blockchain World,” a report by big ten accounting firm Deloitte, notes, “While there are several wallet providers, it is important for entities to consider the risks associated with the security of the platform and the availability of the assets.”

In other words, making the right choice is a critical decision point for every crypto trader. 

Understanding the Options 

There are numerous cryptocurrency wallet services, and they each fall into one of five categories. Understanding the purpose and process of each wallet service can help make the selection process easier and more accurate. 

Online Wallets 

Also known as cloud-based wallets, these services are famous for their convenience and usability because of their always-on, always-accessible nature. Unfortunately, what online wallets gain in convenience, they exchange for security.
Online wallets are susceptible to fraud and theft. As a service that is continuously connected to the internet, online wallets face a litany of potential attacks. Also, fake bitcoin wallet scams can be especially prevalent. 

For instance, a 2017 scam related to Bitcoin Gold cost investors $3.2 million, in just one example of how fraudsters are looking to take advantage of cryptocurrency investors. 

Desktop Wallet 

Desktop wallets are wallet applications downloaded directed to a user’s computer. This service is only accessible on the device to which it is installed, making desktop wallets significantly more secure than online wallets. While viruses or malware can still impact desktop wallets, users have much more control over the wallet’s protective status and overall integrity. 

Mobile Wallet 

In today’s mobile-first digital environment, mobile wallets are especially enticing. These services download as smartphone apps. Mobile apps share many of the security features of a desktop app, but they do carry additional risk because of the precarious nature of smartphone security. For instance, if a user loses or breaks the phone, they may be unable to access the crypto assets.

Hardware Wallet 

As the name suggests, hardware wallets use a physical device to store users’ private key. Often, this means that the information is kept on a USB drive that users insert into their computers when they want to exchange tokens online. Hardware wallets are often considered to be one of the safest storage options because they are almost always offline, meaning that bad actors don’t have an opportunity to steal your tokens when you’re not looking.  

Paper Wallet 

Widely considered the most secure approach to cryptocurrency storage, paper wallets are a physical expression of ownership. In this case, the public and private keys are printed on a piece of paper that typically includes a scannable QR code that provides quick access to a crypto wallet. 

Recommendations 

Of course, other distinctions should be considered when choosing a crypto wallet. Most importantly, users should access a service’s reputation and functionality related to security. Certainly, convenience and usability are essential, but if crypto investors lose control of their digital assets, the forever nature of decentralized assets makes it difficult or impossible to recover lost or stolen tokens. 

At the same time, custodial or noncustodial options can be a philosophical and practical distinction for many users. 

Moreover, consider a service’s coin support. Make sure that your wallet selection can support the currencies that you trade most. Having to manage and oversee dozens of different wallets is a hassle and a security vulnerability. As much as possible, bring your business under one roof.

Few decisions will be as important to crypto traders as the wallet service that they select. Don’t make your decision to quickly, and don’t miss an opportunity to explore the ways that Coin Wallet can up your trading game with comprehensive crypto wallet service. 

Disclaimer

 

Be safe & secure: We highly recommend that you read our guide on How to Prevent Loss & Theft for some recommendations on how to be proactive about your security.

 

Always backup your key: Coin. You do not create an account or give us your funds to hold onto. No data leaves your computer / your browser. We make it easy for you to create, save, and access your information and interact with the blockchain.

 

We are not responsible for any loss: Litecoin, Bitcoin Cash, Ripple, Ethereum, Bitcoin & Coin, and some of the underlying Javascript libraries we use are under active development. While we have thoroughly tested & tens of thousands of wallets have been successfully created by people all over the globe, there is always the possibility something unexpected happens that causes your funds to be lost. Please do not invest more than you are willing to lose, and please be careful.

 

Translations of Coin: The community has done an amazing job translating Coin into a variety of languages. However, Coin can only verify the validity and accuracy of the information provided in English and, because of this, the English version of our website is the official text.

 

MIT License Copyright © 2015-2018 Coin

 

Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions:

 

The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software.

 

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.

You have Successfully Subscribed!