Companies that accept cryptocurrencies as a payment alternative must have a digital wallet, which is an essential tool to store and manage cryptocurrencies such as Bitcoin, Ethereum, and Tether.
However, due to the different alternatives that exist on the market, it can be a difficult process to choose the ideal provider, due to this, companies must consider certain factors to find a Bitcoin wallet according to their needs and expectations. Next, we will learn about some factors to take into account when choosing a Bitcoin wallet for businesses.
Reliability and support
One of the first factors that should be taken into account when choosing a Bitcoin wallet for businesses is the level of reliability and support of the tool. To evaluate this point, we can verify the level of updates on the platform, in addition to the opinions or reviews of its users.
Another point to take into account in this regard is customer service since it will be useless to have a modern platform if its customer service is poor and cannot solve the problems that arise. To evaluate this point, we can contact the company on its different digital channels measure its response times, and verify the level of quality of its responses.
Know the different types of wallets.
Another factor that should be taken into account is knowing the different types of wallets that exist to manage cryptocurrencies. We must consider that there are currently various types of digital wallets; among the most notable are the following:
- Hardware wallets: Physical devices, similar to a USB stick, that store cryptocurrency private keys offline. They have the advantage of having a high level of security since it is not connected to the Internet. However, it is impractical for commercial transactions.
- Software wallets: Downloadable applications for computers or laptops that store cryptocurrencies on the device’s hard drive. This category also includes wallets accessible through a web browser and smartphone applications that allow access to cryptocurrencies at any time.
- Hot wallets: Within this category are Internet-connected wallets, including software wallets and some web wallets.
- Custodial wallets: Wallets are where a third party (for example, an exchange) holds the private keys on behalf of the user.
- Non-custodial wallets: Wallets where the user has full control over the private keys.
Security level
The security level of a wallet is an important factor to take into account, especially when choosing custodial wallets (a preferred alternative for many companies as it offers greater versatility). Due to this, it is essential that the Bitcoin wallet has different security measures, such as two-factor authentication (2FA), multi-signature support, private key control, and identity verification, among others.
It is important to keep in mind that companies that choose a custodial wallet will share control of the Bitcoin assets with the service provider, while on the other hand, companies that choose a non-custodial wallet will share the security of the assets. It will depend exclusively on the user.
Operating costs
It is important to evaluate the transaction and maintenance costs of the wallet, in addition to the conversion fees from Bitcoin to Fiat money (dollars or euros). To evaluate this point, it is recommended to visit the costs or fees section found on the provider’s official website; In this way, we will be more informed and familiar with all the commissions or costs when using said wallet.
Integration capacity
It is important to choose a Bitcoin wallet that has the ability to integrate with other systems, as this will allow you to optimize operations in Bitcoin. An example of this is the integration that the Pilsenga wallet has with payment processors and the Lightning Network system, which allows faster Bitcoin transactions at a lower cost per operation.
What do you think about this topic? Do you want to learn more about Pilsenga’s Bitcoin wallet service for businesses?
If you are interested in Pilsenga’s products or services (including Bitcoin wallets for businesses), you can contact us by visiting the following link.
