Whether you’re new to Bitcoin and digital currency or you’ve used it before, everyone wants a good wallet to store their funds. A digital currency wallet is essential to receiving or sending funds and is one of the fundamental things that allow people to own and have control over their digital currency.
Your wallet is usually the main thing protecting your funds from being stolen or lost. So obviously, you’d want the best wallet you can have. Different wallets are used for different purposes and can even have some differing functions. To get the best wallet you can, you first have to know what makes a wallet good and what will make a wallet suitable for you.
Luckily, there are great wallet options available for your Samsung Galaxy, LG, Motorola or Google phones. You just need to decide which type you want.
All digital currency wallets fall into one of two categories. They are either a custodial wallet or a non-custodial wallet.
Custodial wallets are usually provided by platforms like PayPal or Coinbase. These websites or companies work as the “custodians” for your wallet. In other words, they are the ones who own and ultimately manage your wallet, not you.
When you sign up for an account, you are given access to your funds and allowed to move them around, but the company itself still holds the private keys to your wallet.
A good rule of thumb for figuring this out is checking whether or not your wallet provides a 12-word recovery phrase, passphrase or seed phrase. If you don’t have access to this, it’s a custodial wallet. (Note that some platforms, including online exchanges, often offer both a custodial and non-custodial wallet, depending on the level of your account membership.)
Non-custodial wallets include many dedicated phone applications like the Coin Cloud Wallet. These wallets give you complete control. This means that you, and only you, are entirely in charge of your own wallet and your own funds.
Rather than only accessing your funds by logging into a third-party account, you can directly manage your funds and move them around using your wallet address, any passwords or encryption you set up, and your private key. This is extremely secure and means that your private key (the thing preventing people from stealing your money) is only available to you.
The Coin Cloud Wallet app is a non-custodial wallet that’s very user-friendly. It provides a 12-word recovery phrase to protect your funds, as well as other security measures that you can optionally add. And you can download it for free on Google Play.
Not only is the Coin Cloud Wallet app a great wallet completely on its own, but it is also a perfect companion for Coin Cloud digital currency machines (DCMs). Coin Cloud DCMs give you the power to quickly turn digital currency into cash or vice-versa.
You can use pretty much any wallet with these machines, but the Coin Cloud Wallet is optimized more than any other to be compatible with them. There’s even a built-in map feature to locate Coin Cloud machines near you! The DCMs let you buy your digital currency with cash, and the wallet allows you to easily send it wherever and to whomever you want.
So, if you’re looking for a wallet that will give you full control over your money, you’ll likely want to use a non-custodial wallet. If you want a non-custodial wallet that is secure and easy to use, the Coin Cloud Wallet is what you’re looking for.
On top of everything we just went over, Coin Cloud Wallets also have a support team that you can call or text, standing by to answer your questions or help you with the process.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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