Custodial Crypto Storage for Asset Safety | Best Hardware & Sofware Wallets 2022

Nov 30, 2022

Don’t be one of those traders who lost millions because they couldn’t remember their passwords. Decentraland Wire has created a list of crypto wallets that are safe and convenient, so you never have to worry about losing your password, ever.

Custodial Crypto Storage for Asset Safety | Best Hardware & Sofware Wallets 2022

Did you know that around 18.5 million Bitcoins, equal to around $140 billion, are lost or stranded because the owners couldn't remember their passwords? Due to cryptocurrency’s private and anonymous nature, there are no built-in systems for password recovery - the only way for traders to access their accounts is by inputting their passwords.

Decentraland Wire emphasizes the importance of having at least one crypto wallet to ensure that your assets are safe. Topping their recommendation list are Ledger Nano and Overbite, the former being a hardware wallet, and the latter being an app.

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Decentraland Wire recognizes that it is not always easy to “just remember” passwords, especially if you do not input your codes regularly. The crypto expert explains that this part of human nature prompted many companies to make online and offline methods of remembering passwords, which, in turn, led to the creation of crypto wallets.

The cryptocurrency expert explains that there are different types of crypto wallets: web, mobile, desktop, paper, and hardware. Paper wallets are simply slips of paper where your private key is written, but more sophisticated ones come in tamper-proof containers with QR codes printed for more secure authentication. Hardware wallets do the same thing but are usually laser-engraved on indestructible stainless steel.

Further, the report explains that hardware or offline wallets are fully protected from cybercrime. As long as you keep the wallet on your person or in a very secure location, this system is hard to beat. For hardware wallets, Decentraland Wire recommends the Ledger Nano because of its size and convenient user interface.

For software wallets, the crypto expert recommends Overbite, because you can use it across different platforms. The app also educates new traders and helps them make purchasing decisions. You have access to a lot of leverage on this platform, sometimes up to 10x, depending on what instruments you use.

“Consumers can store and handle blockchain assets and cryptocurrency through crypto wallets securely and efficiently. They make it possible for users to trade, send, and get cryptocurrency,” a spokesperson said.

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Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.

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