If you want to make a fortune in the risky crypto sector, you need to take all necessary precautions to ensure the safety and security of your investment. This is where crypto wallets come into play to ensure your hard-earned money is not stolen by cybercriminals.
Australia is one of those countries that has not given cryptos the red-eye. In 2021, according to a YouGov study commissioned by crypto exchange Swyftx, more than a third of all Aussies under 50 owned or had owned cryptos.
So, with the rising popularity of crypto investments, Aussies should pick crypto wallets carefully to ensure a secure investment.
In this article, we will talk about crypto wallets and distinctive features of some of them.
What is a crypto wallet?
A crypto wallet allows users to receive and send cryptocurrencies safely and securely. It also safeguards private keys and passwords used to access digital currency.
Crypto wallets, unlike normal wallets, don’t store any cryptos. Moreover, private keys provide access to your holdings on the blockchain. Your private key is vital when it comes to digital currency ownership, and if you lose your private keys, you will lose access to your money.
Further, crypto wallets also allow you to send and receive cryptocurrency at the click of a button.
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Here are some of the prominent crypto wallets in Australia.
Trezor Model T
The Trezor Model T is a cutting-edge cryptocurrency hardware wallet designed with digital independence in mind. A hardware wallet is nothing but a crypto wallet in which, the user’s private keys are stored.
Moreover, it attempts to make it easier to safeguard digital assets. It prevents the theft and hacking of digital keys, passwords and cryptocurrencies.
The Trezor Model T offers an easy back-up mechanism and is the world’s first hardware wallet to use Shamir Backup (SLIP39) for enhanced security. In August 2019, Trezor launched the Shamir Backup, a private key security solution. It uses the Shamir Secret Sharing cryptographic algorithm, which was developed for Bitcoin in SLIP 39. And, the Trezor Model T is the first hardware wallet to implement this standard in the world. Shamir Backup protects a user’s recovery seed against the two most serious threats theft and destruction. A recovery seed in cryptocurrency is a set of words in a certain order that stores all the information required to recover a wallet.
Moreover, the Trezor team contributed to developing industry standards for recovery seeds (SLIP39, BIP44, BIP32, BIP39), which means that in the event of a device loss, anybody may recover their whole wallet using a 12-word recovery seed.
In addition, Trezor fortifies users’ accounts with U2F (Universal 2nd-Factor). It means, before authorising the service you are login into, it always uses its trusted display to provide you information about the authentication request.
Take a look at how strong Shamir Backup is compared to a single backup.
Source credit: Trezor
Ledger Nano X
Ledger’s crypto wallet is regarded as one of the finest in terms of security.
The Ledger Nano X is a hardware wallet that protects and keeps NFTs and digital coins offline. It also integrates a certified secure chip. The wallet is mobile friendly, connecting to the user’s phone through Bluetooth. It also includes a big screen for ease of usage.
The wallet is equipped with Bluetooth Low Energy (a wireless private area network technique) and it could be used with iOS or Android devices without having a cable. The Ledger Nano X also uses high security operating system, BOLOS.
However, while holding a crypto, your private key is your most valuable asset. Your hard-earned money is at risk if you lose your private key. To keep this key safe, Ledger Nano X offers the tightest security.
Moreover, the Ledger Nano X’s most remarkable capacity is installing up to 100 apps at once: including XRP, Ethereum, Bitcoin and more than 5,500 other tokens.
Another useful crypto wallet is Trust Wallet, which allows you to collect, purchase and store NFTs while also making crypto trading safe and secure. The wallet supports 1M+ assets and 53 blockchains.
For both newbies and seasoned crypto users, Trust Wallet has emerged as a top NFT wallet. Trust Wallet’s user-friendly, gamified design makes it easy for even the most non-techy crypto newbies to begin trading on cryptos and exploring the NFT world. NFTs are supported by Trust Wallet on both Binance and Ethereum Smart Chains.
In addition, NFT developers would be able to mint their collections on blockchains with lower transaction costs than Ethereum, thanks to the wallet’s multi-chain technology.
Moreover, the wallet does not save any personal information and protect crypto investments from fraudsters and hackers. You would be able to utilise decentralised apps without ever having to leave your wallet.
Another user-friendly crypto wallet is the eToro wallet. It offers investors a comprehensive crypto trading platform that is both strong and easy to use. You may effortlessly transfer the crypto you invest in on the eToro trading platform to your eToro wallet at any moment.
The wallet allows users to access the crypto space with the same login credentials they use for their trading account.
In addition, by using the conversion feature, you can convert supported coins into other cryptos in the wallet.
In Australia, cryptocurrency is currently more mainstream than it has ever been. With so much money at stake in the crypto business, Aussies must safeguard their funds by choosing the right crypto wallet. Any crypto investor, regardless of the amount of crypto they hold, should use a crypto wallet.
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