Storing your cryptos: 3 elements that make a good cryptocurrency wallet

Access to private keys

make sure your wallet gives you access to your private keys, because, in theory, you cannot freely access your cryptocurrencies if you do not have the private key of the wallet that contains them. This is not your app password or your exchange trading account password!

The private key is usually an access key to a single address (account), while the seed phrase or passphrase is an access key to the whole wallet, which can contain several addresses.

Passphrases are issued randomly, and each address has a unique private key. Anyone with access to the private key of an address has full control over the cryptos linked to that address.

If you’re using a wallet that doesn’t give you access to your seed phrase, you technically don’t have a control over your cryptos. This is the case of wallets at the level of exchanges such as Binance. In case of trouble, withdrawals of funds from such wallets can be blocked and you will be helpless in the face of the situation.

Restore functionality

Managing all your private keys can be a huge effort if you need to trade many cryptocurrencies from different chains.

However, the procedure is greatly facilitated by a wallet equipped with private key management tools.

Every crypto holder should know how to store and protect their private keys. That’s why Trust Wallet makes it easy for you with just one backup phrase. One key to store them all! #ProofOfKeys https://t.co/o68OgW0DTh https://t.co/lStVhdDUN6

Your private keys may be available through a recovery cloud service. Thanks to this function, each new wallet you create sees its new private keys immediately saved on the cloud (Apple or Google). All your private keys are stored in the cloud.

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You must generate a unique password to decrypt the keys, which are stored in encrypted form. To regain access to all your wallets and all your cryptos if you lose your smartphone for example, simply reinstall the wallet application and connect via Apple or Google and enter your password for Backup.

Modifiable blockchain fees

The fees you pay to validators and miners on the public blockchain can be changed on some of the top wallets. They often offer 3 options: slow, medium or fast transactions. If you choose the “fast” mode, the cost of the transaction will be higher, but it will be completed faster.

The ability to choose the amount of costs is important. If you need to buy a cryptocurrency quickly, for example, before its price goes up, you may want to speed up the transaction and prioritize it in the queue. Otherwise you can leave the default settings which allow you to save on costs.

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