More and more investors are shifting their focus from traditional investment instruments to Bitcoins and other cryptocurrencies to profit more. However, with the gain in popularity, the demand is also increasing, and the prices of crypto-related companies are skyrocketing almost daily. Although cryptocurrencies are being hammered at times, financial pundits believe that it is necessary for price correction so that the crypto market becomes less volatile in the long run and expands more.
Keeping Bitcoins and other cryptocurrencies safe from hackers and scammers are of utmost importance. Since cryptocurrencies are decentralized, the trading platforms maintain the anonymity of the traders. As you open a cryptocurrency trading account in one of the best trading platforms, you are offered a hot wallet by the platform.
Cryptocurrency transactions are irreversible and untraceable. So if the coins are stolen, there is nothing you can do. Therefore, you should select the wallet judiciously and can think of the desktop wallet for safe trading. It would be best to remember that scammers and hackers are always hovering on the trading platforms trying to loot the investors.
As you open a trading account in the best platform after completing the registration and KYC formalities, you can link your mobile number, bank account, and credit cards with the platform to transfer funds. To maintain total anonymity, it is best to use the BTM or the cryptocurrency ATM, bypassing the bank.
The trading platform-like link will automatically create a hot wallet for you inside the trading platform. You have the option of choosing between a cold wallet, mobile wallet or desktop wallet. It depends on your trading activities and your trust in the trading platform. However, you can use the desktop wallet for extra security of your coins and keys. Before using this wallet, it is time to know about it and how it works to avoid confusion.
About Desktop Wallets
If you dig deep into cryptocurrency, you will find three types of wallets, i.e., software wallet, hardware wallet, and paper wallet. A software wallet is further divided into a mobile wallet, online wallet, and desktop wallet.
Desktop wallets are cold wallets under software wallets that can be downloaded on any computer. It is one of the most cost-effective wallets, and you do not need to buy extra hard discs to store the coins and the keys. However, you should ensure that you maintain the system requirements and security of the computer in which you store the coins and keys. You can download the best desktop wallet from a secured platform. After downloading it, you have full access to the wallet and can also export the keys to juggling your cryptos on other devices.
Every desktop wallet has different features and functions, and therefore you should choose the wallet judiciously. Select the best wallet according to your system requirements and operating system and trade securely without any tensions.
The best desktop wallet has an individual core wallet for the cryptocurrencies in your stock. The wallets are feature-rich, and you can run a full node to validate your transactions. Though it is slow and takes much space in your computer, for the security of your Bitcoins and cryptocurrencies, you can compromise on them. It would be best if you synced the wallet when offline; it takes a little more time than other types of wallets. However, waiting a bit more is better than being robbed of the keys and the coins.
You do not need to be highly tech-savvy to use desktop wallets, and if you can trade in cryptocurrencies, you can easily handle these wallets. As you create a new wallet from the desktop wallet, your key and crypto are stored in the blockchain in reality and not on your desktop. There is no need to be a validator for syncing the entire blockchain; you can work only for your interest.
Security of the keys is prime in cryptocurrency trading, and you should not compromise. Although desktop wallets are not full proof secured wallets, they are much more secure than other software and hot wallets. It is time to gauge your risks and create a desktop wallet to trade securely.