Why Do You Need Cryptocurrency Wallets to Hold Your Bitcoin?

Cryptocurrency Wallet Cryptocurrency for Beginners

Negosentro | When it comes to storing cryptocurrency, it’s important to know how to store your cryptocurrency so you can keep it safe. No matter whether you’re trading and investing on exchanges, or you’re a miner (or even using cloud mining services), you need a way to keep your crypto coins or altcoins (the smaller currencies that have emerged over the years) safe from hackers, and cryptocurrency thieves. So how do you do this? Well, you need to have a cryptocurrency wallet. In this guide, we’ll tell you a little bit about why.

Protection from Hackers

In the recent years with the Bitcoin and altcoin (Etherium, Dash, and even Monero) market boom (which is still worth plenty, don’t let the supposed market crashes fool you), there has been a recent increase in hackers who have ended up coming up with everything from viruses, to secret miners, and more that can steal your coins. Not only that, but hackers have also been literally doing everything they can to hack servers for popular exchange services. By having your own cryptocurrency wallet, whether it’s a software wallet, or even just a hardware wallet, you can increase your protection against losing what you’ve worked hard for.

Being Able to Trade

In order to trade currency, there are many security features that having your own wallet has. Rather than having to deposit all of your funds into an exchange, you can test the waters of an exchange service by only depositing a little bit of your funds from your wallet at a time, which helps to keep your coin safe. Most of the time, you don’t have this option when you link an online wallet to an exchange, and scammers can often see how much coin you have, which leaves you vulnerable to attack.

Be Able to Avoid Freak Accidents

In a recent mishap, there was a Bitcoin company owner who didn’t have everything set in stone and everyone’s keys secured to them. He had an unfortunate accident which led to his passing, and in doing so, every single user that was a part of the exchange ended up losing their keys because he kept that information and took it to the grave (nobody knows what ever happened to those cryptocurrency keys).

While it seemed like a real heist, it wasn’t, but everyone had to suffer for one company owner’s neglectful mistakes. By having your own wallet, you can easily keep tabs frequently on cryptocurrency keys and back them up so you wouldn’t have to worry about something like this happening.

Conclusion: The Exchange Wallets

Most websites offer wallets when you sign up for an exchange, and of course this is nice, but some people don’t realize they should still have their own wallets that are personal and private. Not only that, but most exchanges are only site-based, so if you wanted to pass something along, you’d have to have your own wallet in order to give that cryptocurrency key to a friend or loved one to trade in later. But what if you could do so over a website like Facebook?

Well, https://rubix.io/ is one of those few that is offering that security, which is a nice touch. Of course, you’d still want your own wallet, but by having a wallet on a secure exchange that could be traded over Facebook to friends and family, you can always keep backups of your coin if needed so you can add an extra set of security in the process.