When you want to acquire cryptocurrencies such as Bitcoin, it is essential to have a digital wallet or purse that considerably simplifies the use or management of cryptocurrencies. However, currently, there are various types of wallets on the market, and it can be tough to choose the most suitable option. For this reason, here are some points that we should consider when choosing a Bitcoin wallet.
Security level
The security level of a wallet is one of the most essential features when choosing a suitable option to manage Bitcoins. At this point, we must bear that we can choose between a “custodial” wallet or a “non-custodial” wallet.
In a “custodial” wallet, the control of bitcoins is shared between the user and the company (also known as a centralized wallet); in this case, it is essential to know what level of security the company’s ecosystem has to guard all the private keys of this type of wallet.
On the other hand, when we talk about “non-custodial” wallets, we are referring to hardware wallets or desk applications, in which the level of security will depend only on the user, thus being exposed to any vulnerability that his equipment or device may present, since if a third party has access to this information, all the bitcoins contained in the wallet will be exposed. Because of this, using a “custodial” wallet is recommended since we can “leverage” the system and security standards of the company that provides this service.
Other points we can evaluate regarding security is to verify if the wallet has two-factor authentication (2FA) since this will give us an “additional” layer of security, besides checking if the platform has other protection measures such as identity verification, integration of security controls, etc.
Operating system compatibility
Although many wallets have a web version, the fact is that the most used function will be the mobile version. Because of this, when choosing a wallet, it is essential to evaluate its compatibility level with different operating systems of the mobile devices we use (smartphones, tablets, etc.)
We should bear that not all Bitcoin wallets are compatible with all operating systems, and some do not support specific systems. In this case, we should verify if the company supports the operating system that uses our mobile device. We can check this information in two manners: By reviewing the last update date of the application and checking if the application’s ratings refer to the lack of support for a specific system. We must consider that if one application does not receive constant updates, it may be vulnerable to more security problems.
User-friendly interface
It is essential to evaluate the user interface that the Bitcoin wallet offers since if it is friendly and easy to use, this will be helpful when managing our cryptocurrencies. On the other hand, if the user’s interface is low-quality, we will have problems managing bitcoins.
Reliability of the wallet
Another essential point when choosing a Bitcoin wallet is to verify how reliable the digital wallet is; this can be checked by reviewing the different comments or opinions of the wallet’s customers.
However, we must keep in mind that we will find different opinions (positive and negative) then it is recommended to see what is the ratio between positive and negative comments, besides checking what the views with “intermediate” ratings say, since these opinions are generally more objective or closer to reality; usually, people who have an unpleasant experience give the minimum grade, while users who have a good experience, often qualify with the highest score.
Additional functions or services
Another point to bear is whether the wallet has additional or complementary functions, for example, if it provides cryptocurrency exchange services and FIAT money, payment processors, IBAN accounts, etc.
Costs
It is essential to know the different costs of the wallet, such as transaction fees exchange between cryptocurrencies or FIAT money, etc. At this point, it is advisable to go to the “costs” or “fees” section that appears on the official website of the company and see if these fees fit the requirements of our company or business.
Customer support
It is essential to evaluate the customer support that the company provides; then, we will know the level of service quality, besides knowing if the company can solve any problem that may arise or answer any questions related to our wallet. We must bear that no matter how developed and modern a platform is, if the service and customer support are deficient, then the experience with the product/service will be unsatisfactory.
At this point, we can evaluate the company response time in its different (official) digital channels; another factor is the quality of these responses, for example, Do they answer what we are asking? Do they redirect us to another channel? Are the answers efficient?
Regulation
As we saw in our previous article, it is essential to verify whether the company providing this service is regulated by the competent financial authorities in this sector, as this provides a higher level of security and allows for a certain degree of supervision and control.
What do you think of this topic? Would you like to know more about the wallet or digital purse service?
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