The cryptocurrency world is going through one of the most painful periods in its history. The process that started with the bankruptcy of FTX, one of the largest stock exchanges in the world, brought along a crisis that will not be easily forgotten. Recent developments reveal that a giant domino effect can be experienced in the crypto money industry.
So what to do to protect cryptocurrencies in this case? Now we will talk about a method that will prevent you from being affected by the collapse in crypto money exchanges. If you don’t want to be one of your crypto assets due to the stock market sinking, we strongly recommend that you take this content seriously.
You can use a ‘wallet’ to protect your crypto assets!
Holding crypto assets on exchanges is at times just as risky as investing in unknown cryptocurrencies. Because the stock market you use may have entered into a crisis. Despite your real crypto deposit, you may be seeing pages of numbers. Perhaps the stock market is in financial difficulty and preparing for bankruptcy. At this point, you should use either a digital (hot) or cold crypto wallet in order not to lose your crypto assets. In this way, even if the stock markets go down, your assets always remain in the wallet.
Crypto wallets have private and unique addresses. You can store major cryptocurrencies like Bitcoin and Ethereum and other altcoins in wallets. In addition, with these wallets, you can transfer money wherever you are in the world. All you need is internet access.
Crypto wallets can support different blockchain technologies. For example, an Ethereum blockchain-based web3 wallet may cover many coins, but not a different chain. Therefore, wallets that offer support for multiple blockchains should be preferred.
What is a hot and cold wallet? What is the difference?
Cryptocurrency wallets are divided into hot and cold. At this point, you can think of hot wallets as digital products. They are software-based and usually developed and released by major cryptocurrency exchanges. Cold crypto wallets, on the other hand, can be thought of as flash memories with special software in the simplest terms. Cold wallets are always safer than hot wallets. Because your crypto assets are stored only in that flash memory. Internet connection is not available. However, hot wallets are much more practical as they allow you to access your crypto assets from anywhere with internet.
So how do you become a crypto wallet owner?
Investors who want to have a cold crypto wallet should order products from companies that produce special hardware for this job, at which point the most popular brand is known as Ledger. The products of the company, which has been in the industry for years and offers cold wallet solutions, can be accessed through e-commerce platforms.
For hot wallets, it is first necessary to decide which team will use the crypto wallet developed by the team. Then, you should install the application offered by the developer team on a device such as a smartphone or computer, and create a hot wallet by following the instructions. So which hot wallet should you choose?
One of the reliable crypto money hot wallets is KuWallet. Launched by KuCoin, which is the world’s fifth largest cryptocurrency exchange by market volume and also lists popular parities such as DOGEUSDT, the digital wallet provides support for assets such as USDT, BNB or SOL in addition to BTC and ETH. In addition to storing these coins in KuWallet, investors can also transfer them to other users and exchanges.
By the way; KuCoin exchange, the team behind KuWallet, has two highlights. The first of these features is that if you fulfill the tasks given to you, you can earn a Kucoin crypto bonus of up to 500 dollars. Also, KuCoin takes very fast action on newly released coins. So if you are chasing new projects, using KuWallet together with KuCoin can be to your advantage.
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