As the price of bitcoin and other cryptocurrencies is growing, the demand for Cryptocurrency wallet development is also shooting up. The creation of Bitcoin was mainly intended to eliminate the need for a centralized chain of financial services. One can have full control over his money. A decentralized digital currency (like bitcoin) gives you the power to control and manage your own money. And, if you have invested in any cryptocurrency, you must be needing a secure Altcoin wallet for storing your coins.
First off, Let’s understand clearly What is Cryptocurrency wallet or Altcoin wallet?
It is a software program that lets you send, receive and store digital currency. In technical terms, the software stores private and public keys. And both the keys enable you to send and receive digital coins through the most-secure technology named blockchain and lets you monitor your balance.
Choosing a right Cryptocurrency wallet for your needs can be daunting, but here we are to help you out. We have listed some things you should consider crypto while choosing the best wallet for your Altcoins.
1. Is it secure?
You cannot neglect one thing in cryptocurrency wallets and that’s security. Offline wallets are comparatively safer than web wallets. Because offline wallets do not rely on third-party services. Online wallets are at risk of hacking attacks. Online or web wallets are vulnerable when it comes to providing a secure environment. So these online Crypto wallets should have strong authentication and security. Keep in mind if you have lost your private key, you will lose your coins. Thus you need to take proper precautions.
2. Multi-currency wallet
If you own a variety of cryptocurrencies, then you should look for multi-currency wallets for storing your different altcoins in the same place. This feature will help you manage multiple currencies on the same wallet.
If you consider anonymity as an important factor then choose a wallet that offers this. Does it have a verification process(Know your customer/ KYC)? Is registration essential for you when you use a wallet for the first time? Look according to what you want.
4. Control over your altcoins
Not having access to private keys for the cryptocurrency in your wallet means you do not have any control over your coins. If you have access to private keys, then you will be able to easily move your coins in or out. It’s an important factor to consider while choosing a wallet. With this, you will have full control over your digital coins.
5. Multisignature wallet
You need to check if the altcoin wallet has a multisig option or not. Multisignature wallets are like joint bank accounts in which more than one key is required to authorize the crypto-coin transactions. Here, like joint accounts, all the transactions would be authorized by more than one signature holder. For managing community funds, it is useful due to the trust it builds among all signature holders. Several groups of people are in charge to spend funds.
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- KYC Compliance
- Development of a secure Cryptocurrency wallet with Multi-level authentication.
- Multi-signature wallets are reliable as it requires a group of multisignature holders to authorize the transaction.
- Multi-currency wallet to store a variety of crypto coins.