Wallets are an integral part in the crypto trading process. Throughout this page, we’ll be looking at what a desktop wallet is and it could serve as a custody solution.
The variety of wallet services has grown significantly and this includes their supported devices. You might have seen some traders completing transactions from their phones or tablets, but the first wallets that were used were all on desktop. Let’s take a look at what they offer you.
Crypto wallets
As we’ve discussed in our previous sections, crypto wallets are a digital representation of your physical wallet. A private key grants you access to the storage of your digital asset. The need for wallet services arose when the amount of cryptocurrencies increased. Instead of purchasing Bitcoin on their network, you could now have a service provider that allowed you trade Ethereum and Ripple as well. Naturally, more and more wallet services made themselves available and now we’re stuck with the conundrum of figuring out which of them provide decent digital asset security.
Benefits of desktop software
Never tell a desktop lover the benefits of your device, the community firmly believes that there is no computing alternative. They aren’t wrong either. No handheld device is capable of performing at the benchmarks that are set by desktop devices. Let’s look at how this can benefit your best crypto wallet.
Faster reaction times
Your desktop setup will always process information more efficiently and have faster internet speeds (if you are using an Ethernet connection). This means that you will receive information from the markets slightly faster than other devices. The difference is quite small but we’re all familiar with the extreme volatility of crypto markets. A split second could prove to be the difference between making a profit or a loss. It is also more likely that the desktop has your undivided attention compared to distractions while using mobile wallets.
Higher degree of security
The number one consideration for anything related to a crypto wallet is digital asset security. If there is security then you invest your hard-earned funds into the custody solution with peace of mind. With a desktop, the chances of your device being stolen is considerably lower than that of a mobile device. You are also more than likely using one internet connection compared to your mobile phone which is constantly connecting to public networks. For someone to actually infiltrate your desktop device, they’d likely have to be on your home network.
Recognizing a legitimate service
Despite the benefits, the online world is riddled with crypto wallets that are illegitimate. These are usually fraudsters hoping to make a quick buck by gaining access to unsuspecting victims accounts. Let’s take a look at how you can spot these sites and protect crypto.
Licensing
The first thing to keep an eye out for would be the license of the service provider. They likely have to register as a financial authority and are licensed by some external regulatory body. You can usually find their seals at the bottom of the service provider site and you can always validate the license with the relevant commission. A license ensures that the hot wallet crypto service abides by strict regulations and rules before they are able to conduct their business. Always check for this before you open your account.
Security methods
Another important characteristic of a quality service would be leading security methods. These are not specifically advertised but the most basic of which would the https:// before the service provider’s URL. Next, you could browse through the privacy policy to see where information is stored and what is done to keep it safe. Hopefully the service will make use of encryption methods and offer two or even three factor authentication such as a crypto smart-card. Usually illegitimate services won’t go through the trouble of setting this all up.
Reliable custodian services
Why search any further when the best option may be right under your nose? Here at Vaultavo, we have identified all the faults with current custodian services and pioneered the way to create a service that is both convenient to the client and entirely safe. Our information is all protected within a military-grade facility and access is very strictly monitored. Your digital assets will have unprecedented levels of protection and the verification network ensures that only authorized individuals can transact.
We also offer some of the best products for customers to transact with their cryptocurrencies. You can expect to receive a biometric crypto smart-card once your account is up and running with Vaultavo. This card shares the benefits of a traditional credit card, however, it has an increased security factor as transactions are only requested once the fingerprint of the cardholder has been verified to transact with the digital assets. For an extra level of security, you can assign a network of authenticators who then have to approve the transaction before the funds are moved.
Conclusion
With all this information about online crypto wallets in mind, you should be able to determine which device would suit your needs the best to protect crypto. Many appreciate the convenience of mobile devices while others rely on that split second of information processing to make their calls. We usually make use of more than one device to get the best of both worlds and to have a backup if one device begins to slow down.
Regardless of the device you decide to use, we can’t stress enough how important it is to open your wallet account with a reputable service provider platform. The license that has been obtained should be clearly visible and you should be able to check what security measures they have in place to safeguard your information. If you’d like to learn more about wallet services and the cryptocurrency scene, head to our page now to learn more!
Desktop wallets FAQs
Can anyone open a crypto wallet?
Before you can transact using cryptocurrencies, you’re going to need a wallet. Since crypto burst onto the scene, many are looking to get involved with online trading however the industry has largely been out of reach to the general public. Everyone can do it though! You’ll just need to be of legal age and have the necessary documents to verify your identity. Here at the Vaultavo Academy, we run through all of these details so you don’t miss a beat. Head to our page now to learn more.
What do I need to open an online wallet?
Opening a wallet can be quite an endeavor for those that aren’t familiar with online accounts. You will need some documents, personal details and some money to get you started. Usually opening an account is free but you may have to deposit a minimum amount to get it up and running. No matter the case, you’ll find relevant information here on our site and you can learn more about the cryptocurrency industry in general. We recommend that all traders browse through some of the topics we have covered here.
Are desktop wallets legit?
With many services moving into the online realm, you will surely come across one or two fraudulent offers. This is the unfortunate reality of the internet and the best you can do is prepare yourself with some key indicators which should identify illegitimate services. We have developed our own state-of-the-art custodian service here at Vaultavo and our experts have put together some guides to help you identify offers that aren’t all that they seem to be. Head to our Academy now to learn all of this and more!
Do wallets offer insurance?
This will depend on the wallet service that you have registered with. Some of them may offer coverage if they are at fault, while others simply trust in their security systems to keep their client base safe. It’s an important consideration to make if you plan on investing large sums of money into the online crypto trading industry. Why not browse through one of the industry leaders when it comes to insurance of digital assets? Our service caters to any interested clients and you can also take advantage of our flagship products.
How do I trade using my wallet?
This is the difficult part. If you are using a trading platform that has a storage service within their trading service, you might want to consider if you are at risk. You can always keep your funds safely with one provider and transfer your budget to the actual trading platforms. There are numerous ways to do this and we discuss the benefits and drawbacks of each of them right here at the Vaultavo Academy as well as alternative options such as hard wallets. Be sure to browse through the information here before you get started.