We think everyone should own crypto. But buying it is only half of the process. How do you keep it safe? Let’s talk about cryptocurrency wallets, and if you need one!
June 06, 2021 · 5 min read
Do you need a cryptocurrency wallet
The next 12 months look to be a period of massive growth for the crypto industry. As mainstream sources continue to cover cryptocurrency and blockchain, we’re seeing its popularity soar. It can be difficult to find simple, helpful information, and if you’re just starting out, it can be overwhelming. This is a great place to start. Many people want to know, how do you get a crypto wallet, and do you need one?
As always, if you’re new around here, welcome! We’re excited to have you here. The Divi Blog is a place where you can start your learning journey, with easily digestible information about all things crypto!
We will always champion option three, but there are different answers for everyone. So instead of telling you that you must use your own wallet, we’ll give you all the information you need, to make the best decision for yourself! Before we get into choosing a wallet, there are some considerations that are important to understand within the context of storing cryptocurrencies.
A 12 - 24 word string of words, your seed phrase is everything. It’s your failsafe should anything go wrong with your wallet. If you lose your password, or your computer or phone dies, then you’ll be able to regain access to your funds. This is incredibly important to understand. Your seed phrase should never be disclosed over the internet, or to anyone you do not trust. Giving it away essentially hands over control to anyone who has it. Treat it with caution!
To spend cryptocurrency, your wallet must use your private key to sign off on a transaction. If you have your own wallet, you have complete control over your private key, and therefore your funds. This is very important.
This makes it both incredibly exciting, yet less regulated than traditional markets. This presents an incredible opportunity for innovation and growth, but sadly also attracts people who wish to part people with their money. Fear not! With a simple understanding of cryptocurrency and good internet hygiene, you’ll have nothing to worry about!
Now, whether or not you ‘need’ a cryptocurrency wallet will depend on a number of factors, such as your risk tolerance. Objectively, a hardware wallet is more secure than leaving your coins on an exchange. If you trust a third party, you are relinquishing control and trusting their security. There are many benefits to having your own wallet:
Divi Wallet takes all of the stress and complexity out of the process. A beautiful user experience covers up the complex blockchain features, allowing you to get on with the important things, like paying back your friends, or earning rewards through our masternodes or staking vaults! Divi Wallet leverages the incredible power of blockchain, and you wouldn’t even know it. Instant global transactions, near-zero fees, and very competitive ways to earn. We think it’s the best multi-cryptocurrency wallet on the market, and it’s only getting better. Oh and it’s completely non-custodial, and always will be. Some other examples of non-custodial wallets are coinbase or exodus wallets.
If you have decided that leaving crypto on an exchange is the best option for you:
At the end of the day, the only person who can adequately decide whether or not you need a crypto wallet is you. And to make that decision, you need to be armed with the right information - and how it relates to you! We hope this blog has been helpful, and that you’re in a better position to make a decision!
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