The crypto community is undoubtedly one of the most stress-free, financially stable means. If you have to make your money or your assets work for you, you must understand what the crypto community entails. However, if you are a crypto enthusiast or an investor, you need to keep your assets as safe as possible. Keeping your assets safe is more important than investing in them in the first place. If you have assets, and you lack the knowledge of keeping them safe, you might lose them in no time.
The crypto community is advanced, and digital has put it on the top list of hackers worldwide. Maybe you’ve even had your crypto account hacked once, or you’ve read of the crypto exchange platforms that have been hacked, and you are being skeptical about having digital assets. You shouldn’t! There are numerous crypto recovery services with seamless recovery processes that could help you recover your assets, but you need first to understand why you need a crypto wallet. We often compare having our assets on exchange platforms to having them in cold wallets. Now, this is where most people get it wrong.
If you have doubts regarding where to have your assets, here are some reasons you should use a crypto wallet.
It’s safer than crypto exchange platforms
As mentioned earlier, more than having crypto assets, it is essential that they are kept safe. Crypto exchange platforms are safe. However, they are not as safe as cold wallets. Exchange platforms are more susceptible to hacks than cold wallets with layers of security. Exchange platforms would require your mail, a password, and maybe a 2FA for those willing to use it as a means of keeping their platforms secure. However, a typical crypto wallet would only require unique mnemonic phrases or words, maybe 12 or 24, depending on the wallet to keep your assets safe. So, it’s easier to hack the one with email and password than the wallet with phrases.
It’s less complicated to use
One of the reasons why investors keep their assets on exchange platforms is because of the ease of selling when the time comes, and for others, it’s just easy to trade with the asset without going through the transaction charges. However, it is essential to note that using the crypto wallet is less complicated. You don’t need to move your asset from one part of the exchange to the other or try selling an asset before you can buy another asset. When it comes to opening an account, all you need is the cold wallet and your mnemonic phrases. However, the exchange platform would require your details and means of verification which could be tedious, especially for those who wish to maintain their anonymity.
Recovery is more feasible with crypto wallets than with exchange platforms
It’s easier to adopt crypto recovery services when you lose your assets in your cold wallets. Or maybe you forgot your password on some crypto exchange platforms. Some of the top crypto hacks that have taken place recently are primarily on exchange platforms, and some of them haven’t been figured out. So, crypto recovery services on cold wallets are possible with a workable probability rate than exchange platforms.
How do you keep your crypto wallet safe?
This is one frequently asked question, especially regarding crypto recovery and wallets. Keeping your wallet safe is relatively easy if you understand the worth of what you have in the wallet. More than having a crypto recovery service at your fingertips, it’s advisable to ensure your wallet is firsts safe at all costs. Here are some of the ways to keep your wallet safe
Don’t share your seed phrase with anybody
The seed phrases could comprise 12 or 24 words, depending on the wallet of your choice. The most important thing to note is not to share these phrases with anybody because whosoever has it can assess your assets anywhere.
Have a crypto recovery service ready
You can never be so sure of yourself, so always have them at your disposal. These services could help you recover your “once lost” wallet passwords or accounts for a token. Their services are always more what you stand to gain when you adopt them. They give you the optimum value for your money while helping you find your assets.