Store cryptos are the most crucial thing if you have invested in cryptos. That is because if you buy cryptos, then you need a place to keep them safe and secure. Now, there are a number of ways to store your cryptos. But in all of those ways, you will need a wallet to store cryptos. So, setting up a wallet is important for you to know. And you can do that with these methods:
Hosted Wallets
When you buy cryptos from any third-party apps, your cryptocurrency will be stored by a third-party wallet, and that is called the hosted crypto wallet. Now, it is called hosted wallet because the third party will store your holdings for you. Like banks where the authority will keep your money for you. The main advantage of a hosted crypto wallet is that you won’t have to worry about losing your key or password. You have heard many times that people are losing their wallet keys and passwords, but you don’t have to worry about that because even if you lose the password or key, you won’t lose your cryptocurrencies, and you will be able to recover them later. How to set up hosted wallet:
Choose a Trusted Platform
Your main concern is security and privacy when you store cryptos. So, you need to find a trusted platform that provides high security so that your cryptocurrency will be safe.
Create Your Account
You now have to open an account on the platform that you have chosen. Just create an account with all the necessary info of yours and verify your account.
Self-custody Wallets
This wallet is entirely dependent on you, and no third party will manage your account of cryptocurrencies of yours. Now, the team will provide you with the software that is needed to store all your cryptocurrencies. But keeping it safe and secure is your responsibility. You will have to set up a key or password that you have to remember so that you can access the account. However, no one else will be able to access the account. However, if you lose your password or key, then you will lose everything that is because there’s no way to recover that password or key. At the same time, if someone else also finds your password, then that person will be able to access all your cryptocurrencies. How to set up the wallet:
Download the App
You first need to download the app where you are going to store all your cryptocurrencies.
Create Account
You have to create your account with the necessary information of yours in the wallet app.
Write Down Private Key
You have to set a 12-world private key that will be needed to access the cryptocurrencies. If you lose that, then you won’t be able to access your assets.
Transfer Cryptos to Wallet
You can’t buy cryptocurrencies in the traditional way. So, you have to transfer the cryptos to this wallet from elsewhere.
Also Read : What Are the Major Drawbacks of Stablecoins
Hardware Wallet
It is an offline device that is small in size, more specifically, the size of your thumb. You will be able to keep all your cryptocurrencies on there. And you will get a private key that will help you to access your assets. It’s an offline device, so the security is extremely high.
Buy Hardware
You need to buy the hardware first. There are a number of great brands available in the market that you can choose from.
Install the Software
Each brand of this wallet has its own software. If you have chosen and brought the hardware, then you need to download and install the software according to the hardware.
Transfer Your Cryptos to the Wallet
Now, it’s time to transfer all your cryptos to the wallet that you have just set up.