How to set up your own crypto-wallet and which is the safest?

You don’t have to be a cryptocurrency fan to notice that the news around them has gained momentum since the end of last year and has not perished even after the biggest bitcoin, along with the entire cryptocurrency market, fell sharply in May.

However, cryptocurrencies have been a popular financial asset for investors since the beginning of their trading on the stock exchanges, who saw their potential even in times when digital currencies were not widely known, and were able to buy and “value” at incredibly low prices.

However, many people perceive cryptocurrencies only as a financial instrument, thanks to which it is possible to get rich quickly and easily. Even these views and the fact that it is still something “new” give cryptocurrencies their high price volatility, for which they are popular with traders whose goal is to earn on their price fluctuations. However, we focused on monitoring graphs and indicators in a recent article and today we will look at the other, “safer” side of how to deal with cryptocurrencies.

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Wallet versus stock market – what’s the difference?

If you want to buy cryptocurrencies as an investment and keep them with you for a longer time, or use them directly for payments or various services related to them, keeping them directly on the stock exchange where you bought them may not be the right way. In that case, you hold them on a “binding” wallet, which you created by creating an account on the exchange and which is under the supervision of a third party, ie the exchange that manages your cryptocurrencies, just as a traditional bank keeps your fiat money in a current or savings account. .

The advantage is that you do not have to worry about losing the password or “key” to your wallet, because the vast majority of regulated exchanges verify the identities of their clients and it is therefore clear to whom the cryptomen account belongs.

But despite the fact that the vast majority of the big exchanges we buy at offer security levels that are not so easily broken, in recent months it has become clear that even the biggest giants, such as Binance, have do not prevent the pressure of the regulators and face widespread problems.

The disadvantage of such possession is therefore not only a lower level of security, but also fewer options, which you can do with your cryptocurrencies. Therefore, the right way is to keep cryptocurrencies on your own wallet in the same way as you hold cash, for example.

Full control over your cryptomas