RATE Group | Important Points to Keep in Mind When Choosing a Cryptocurrency Wallet
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Important Points to Keep in Mind When Choosing a Cryptocurrency Wallet

01 Sep Important Points to Keep in Mind When Choosing a Cryptocurrency Wallet

Posted at 10:04h in Cryptocurrency News by

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The choice of which cryptocurrency wallet to use is arguably one of the most important decisions for anyone interested in cryptocurrency. Like almost any other storage system, the choice of a wallet usually involves some form of trade-off between security and ease-of-use.

Security Considerations

Top on the list of priorities when choosing a cryptocurrency wallet is the security features on show. Virtual currencies have in recent times become the target of many cybercriminals. Many notable cryptocurrency exchange platforms have suffered hacks resulting in the theft of digital coins running into billions of dollars.

2018 began with the high-profile Coincheck attack which saw hackers carting away more than $500 million in NEM tokens. In June 2018 alone, two South Korean-based platforms – Coinrail and Bithumb – also suffered hacking attacks. In all of these cases, the attackers were able to steal funds from the platform’s so-called ‘hot wallets’ (online wallets).

With this…

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