Everything You Need To Know About Best Ways To Store Cryptocurrency

The security and safety of your cryptocurrency assets are paramount. Cryptocurrencies are in very high demand now amid growing consumer and merchant acceptance. For example, big brands like Microsoft, AT&T, Starbucks, Amazon-owned Whole Foods, and dozens more now allow you to pay for their products with bitcoin.

Despite the positive news, cybercriminals know how valuable crypto assets have become as well, and they will not pass up an opportunity to obtain them from unsuspecting victims. If you have been following cryptocurrency news, you may be aware of the hacking of crypto exchanges and the resulting theft of vast sums of money. Some crypto exchanges have taken it upon themselves to begin refunding customers after losing assets to hackers. For others, shutting down after suffering crippling losses due to security concerns was their only course of action.

The cost of cryptocurrency crime is soaring. To be more precise, losses due to cryptocurrency crimes exceeded $4.5 billion in 2019, more than doubling from the previous year. This goes to show that users should be very vigilant about the custody of their crypto assets. Users retaining full control over crypto assets is always the preferable option.

Storing Your Cryptocurrency

There are many reasons to properly store crypto assets, instead of constantly buying and selling them. If you purchased a crypto asset as an investment, holding it for the long term is advised. Doing so allows for its price to appreciate, so the asset can be sold for a profit in the future. You may also want to store your cryptocurrencies for transaction purposes, such as paying for online purchases and bills or – if you are a business owner – for making payments to your employees

Whether you are looking for short-term or long-term storage, it is essential that you store your crypto assets safely and securely.

DAOWallet is an excellent cryptocurrency storage provider. It uses a cold storage method, which ensures client funds are well protected against external threats. In fact, this wallet solution caters to gamers. With the free DAOWallet, you can play games and receive real-time payouts and store all your bonuses in one place. Additionally, the wallet supports instant in-wallet swapping of cryptocurrencies, making exchanging digital assets fast and easy.

DAOWallet currently supports instant swap for several cryptocurrencies, including BTC, ETH, and BET. Users can encrypt their private keys safely inside the device, as well as safely transfer payable keys to the game with the wallet using RSA public encrypt.

DAOWallet is also a payments solution provider serving both consumers and businesses from casinos to online retailers. It is easy to get started: all it takes are just a few clicks thanks to its streamlined registration and user-friendly interface. Even accepting payments is a breeze: creating invoices is simply, customers can pay through a variety of cryptocurrencies, and their accounts will be credited upon completion of the transaction. This approach removes any hassle and friction from accepting crypto payments, and negates market volatility to boot.

Cryptocurrency uptake has been on the rise as both consumers and merchants discover they can save a lot of money on transaction costs. In addition to retail, the casino industry equally sees rapid adoption of cryptocurrency payments. Besides cryptocurrency transactions being fast and cheap, the fraud risk is low, and customers can benefit from pseudonymity. It is no wonder that betting accounts for 50% of all Bitcoin transactions. Given the thousands of cryptocurrencies that exist today, there are still many options to explore.

Cryptocurrency Wallet Storage

Cryptocurrencies are typically stored in digital wallets. You need a digital wallet not only to hold your crypto assets, but also to facilitate transactions. For example, the bitcoins you buy or receive from others will go into the wallet. Similarly, the bitcoins you spend on purchases or transfers to others will come from the wallet.

Cryptocurrency wallets typically exist as standalone storage. That being said, some crypto exchanges and marketplaces offer wallets as part of their overall ecosystem.  This makes the storage of assets more convenient, but the user has no full control over his or her portfolio.

Two main categories of cryptocurrency wallets can be identified: hot wallets and cold wallets. Hot cryptocurrency wallets are those consistently connected to the internet. They allow for convenient access anytime and anywhere. A hot wallet is ideal for those who trade cryptocurrencies regularly. However, they have a serious drawback. Being connected to the internet constantly makes this wallet type susceptible to attacks, which can lead to the loss of your crypto assets.

On the other hand, cold cryptocurrency wallets are not connected to the internet all the time. The offline storage of cold wallets makes them highly secure against external threats. Cold wallets allow you to receive funds at any time, but transferring funds out of the wallet is restricted. This ensures that only the authorized person can access the funds in the wallet. Cold wallet storage is ideal for those who want to hold their cryptocurrencies for an extended period, whether it be weeks, months, or years.

Conclusion

In the end, it all comes down to having a reliable cryptocurrency wallet that suits your individual needs. How you manage your wallet is also important, especially in terms of ensuring safe and secure custody of your cryptocurrency holdings. DAOWallet offers everything a user needs. It prioritizes security without compromising on convenience.

It is important to conduct best practices at all times, regardless of which wallet tpe one chooses. For example, exposing the private keys generated for this wallet will undermine the security of both the wallet and its associated assets. Therefore, it is best to access your wallet through a secure internet connection and on your device.

Another safety tip: never divulge too much  about your crypto holdings on social media. Doing so can draw unwanted attention and make you vulnerable to targeted hacking attacks that could lead to the loss of your crypto assets. Your crypto assets are your business only, and o one else should know about them.

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