Where to store cryptocurrency

Cryptocurrency is gaining a firmer foothold in our lives every day. Many people invest in different coins, some sell them, and some buy them. But one question remains open for most users - where to store cryptocurrency. Let us now understand this question in detail.

Types of cryptocurrency wallets

Before we understand where to store cryptocurrency, let's define the main types of wallets. Among them stand out:

1. Electronic. They can be created online on any financial website. For example, on a crypto exchange, exchanger and so on. To do this, you do not have to download third-party applications or have special software. You just need to register. You will have access to your wallet anytime and anywhere. It is enough just to use your phone or laptop. Among the disadvantages of this type of wallets - weak protection due to the remote method of registration, and storage of data on external services. The latter can lead to hacker attacks.
2. Apps for your phone or tablet. You can download such apps on AppStore and GooglePlay, depending on what kind of smartphone you have. This is a fairly reliable wallet option, they are very easy to use, but they take up a lot of space on your phone or computer and have limited functionality.
3. Software crypto wallets. They are installed on a computer. To do this, you need to download an application from the website. Such wallets are divided into thick and thin. The first are a full-fledged version of the programme with the possibility of mining and other functions, but they have a fairly large volume. Since they take up a lot of space on the hard disc, low speed is possible. As for thin wallets, you will need even more time to work with them, and they have limited functionality. The advantages are that they are easy to use, have a user-friendly interface, and the disadvantages are that they take up a lot of memory.
4. Hardware. Resemble a standard flash drive. They are the most reliable, as access to them is not transmitted via the Internet, but is generated locally, stored on a flash drive. Special chips and PIN-codes are used to protect against fraudsters. And in order to restore access to a lost wallet, a mnemophrase is used. Such wallets are as reliable as possible, and it is almost impossible to hack them. But at the same time they have a corresponding cost. To carry out the operation, you need to transfer the crypto from the hardware wallet to the software wallet, and after the operation is completed, you need to transfer it back. This takes a lot of time.
5. Electronic on paper. This is a piece of paper about the size of a note with all the keys written on it. They are inexpensive, but they are easy to lose. 

How to choose a cryptocurrency wallet?

Where is it safer to store cryptocurrency, and how to choose a wallet? There are several criteria that will help you make the right choice:

• Ease of use. If you are a drey-trader, some types of wallets will not be suitable for you to save money, as you will need instant access to them. For beginners, too, it's better to choose cryptocurrency wallets with the simplest interface possible. If you need comfort and convenience, pay attention to all the nuances - quick access to the account, the minimum number of actions for transactions, a convenient interface and so on. And be sure to remember your passwords, because without them you will lose access to the wallet.
• Security. One of the most important criteria when choosing a cryptocurrency wallet. Give preference to those types of wallets that will ensure the safety of your keys, and the risk of fraudulent transactions and theft of funds will be minimal. Before choosing a wallet, be sure to check it out and make sure that the company you plan to entrust your funds to is as reliable as possible. Do your own research. The company should have a reliable security service, a strict verification procedure and positive reviews.
• The possibility of controlling the cryptocurrency wallet. This point should also be considered when choosing a wallet to store your funds. After all, you should be able to fully control them. For example, software and hardware wallets provide full control over their own user keys, but exchanges will store these keys for you. If this factor is not decisive for you, and convenience is more important, then you can give preference to exchanges. Only beforehand familiarise yourself with user reviews and carefully study the chosen exchange.
• Compatibility. Take into account the fact that not all cryptocurrencies are compatible with a particular wallet. Before choosing a wallet to store your funds, carefully check which tokens it supports. This is necessary to understand whether you will be able to enter and withdraw the currency you plan to trade.

If you carefully study the types of cryptocurrency wallets and take into account the above criteria when choosing a wallet, your funds will be in safe hands, and you will not have to worry about something will make fraudulent transactions with your crypto.

Where to spend crypto?

We have figured out where to store bitcoin, ether and other types of crypto, and now let's talk about where and how you can spend them. Cryptocurrency is not only suitable for investment. It can be used as a payment method as well. You will be able to pay for groceries in the shop, entertainment, going to a restaurant, to the cinema, goods in the shop of household appliances and so on. To do this, you need to withdraw the crypto to a bank account via P2P service or issue a special bank card. Thus, transactions can be carried out in any place where Visa and MasterCard are accepted.