Where you keep your money is probably not as much of a concern as it once was.
After all, you can keep your cash in a wallet, your savings and checking in online accounts, and you can even put your money into a range of different investment vehicles.
Of course, we prefer to keep a lot of our cash in crypto and you probably do, too, if you’re reading this article.
But what makes “where” you keep it so important with cryptocurrency that is different from other places?
After all, most countries have regulations in place to protect banks from theft and fraud. Ditto for stocks and securities.
But when it comes to cryptocurrency, there are often few if any protections for buyers and sellers.
So where you keep your crypto coins stored is actually really important. You hear a lot about how blockchain technology’s vaunted security features. But, when held on an exchange, are crypto coin really vulnerable? Where does the security feature come into play?
Thankfully, because it is so vulnerable , cryptocurrency is also extremely robust in its security measures when held offline. How do you do this? Through a cryptocurrency wallet.
You don’t have to be a savvy tech user to understand how to use a wallet and store your cryptocurrency offline but many users are scared of this method nonetheless.
It is, however, the only sure-fire way to make sure that your cryptocurrency isn’t stolen from your exchange of choice and you’re left with nothing. Although it is not virtually impossible, hacking a crypto wallet is extremely difficult and it is the most secure choice among all the other storage options.
Because, let’s face it, if you and everyone else that has an account at the crypto exchange is robbed, how are you going to be reimbursed? You won’t be and everyone will lose what they held with the exchange. It happens more often than you would think.
That makes learning the ins and outs of a crypto wallet really important. This puts the burden of security on you but also offers you the most robust way to secure your investment. And, really, it makes sense: As an unregulated medium of exchange, users cannot have unlimited potential for value increase and simultaneous unlimited security in case it is a fraud or stolen. There has to be some risk involved. Luckily, cryptocurrency holders can vastly limit their chances of having their investment stolen through an exchange hack.
In this article we’re going to give you an overview of one of the most popular ripple wallets out there – Toast Wallet.
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