This Week in Bitcoin 02.04.2020:
Each week, the Coinme Private Client team sends a weekly email, highlighting the top industry news and stories. Included in that email is “This Week in Bitcoin”, your guide to the state of Bitcoin. Here are the top news in This Week in Bitcoin 02.04.2020:
One of the biggest questions I get from our clients is, “Now that I own crypto, what wallet do I use?”. There are so many options out there that I, as a seasoned crypto-fanatic, even have a tough time deciding. Let’s take a look at the two major types of wallets so you can make an informed decision as to where to store your crypto.
A hot wallet is the most used wallet out there. Hot wallets can be risky if you own a significant amount of cryptocurrency, but there are ways to mitigate most risk. Hot wallets are wallets that you can access via the internet, anywhere, at any time. They are easy to use and typically only require a username and password. Because they are connected to the internet and typically require basic login information, they are susceptible to hacking just like your social media account. Because of their ease of use, they are great if you plan on sending Bitcoin frequently or are holding small amounts of cryptocurrency. Exchange wallets, mobile wallet apps on your phone, and certain desktop wallets are considered to be ‘hot’.
A cold wallet is a wallet which holds cryptocurrency in a manner that is not connected to the internet. The most popular cold storage wallets are Trezor and Ledger. They are incredibly secure, but require more effort when sending and receiving digital assets. The hardware device needs to be connected to a computer and requires multiple layers of pin codes/passwords to access the cryptocurrency. Note, that if you lose the device, you will need your backup phrase (typically a twenty-word passphrase) to recover your funds. The benefit is obvious; the only way for someone to access your digital assets is to physically steal the device and PIN, or your backup passphrase.
Is there a happy medium? At Coinme, we go to great lengths to maintain the security of our clients’ Bitcoin. We are genuinely excited to unveil our new easy-to-use multi-asset wallet. Our team spent months listening to you and working diligently to create an easy-to-use wallet that is one of the first in the industry to be insured against loss. We are taking great strides at Coinme to be the best in the industry and this is one of the first steps to being your Quick, Easy, and Secure source for all things Bitcoin.
Make sure you own at least $10, $50 or even $100 worth of this amazing new asset class. Visit our easy and secure kiosks or speak to an advisor today. We do our best at Coinme to make it really easy. Give us a call. Contact us. Check out our partnership with Coinstar and visit a cash to bitcoin kiosk in a grocery store near you! For transactions greater than the kiosk limit of $2,500, call us. We’re here to help and make it easy for you.