Money is very important. No one wants to lose their money, and maybe most of all, no one wants to have their money stolen. This leads to implementing various preventive measures, and one of the most overlooked is a wallet. It seems like a small thing, but wallets help you keep track of your money so it doesn’t get lost while also protecting it from potential thieves or threats.
Thieves have gone as far as getting technology to scan your credit card through your standard leather wallet. As a result, special metal wallets can now defend your credit card from these scanners, and your cash from other threats, like rain or dirt. Again, even though it seems like such a simple preventative measure, wallets can make or break the safety of your money.
People go through such great lengths to protect their fiat (government-issued money like USD) that it would only make sense to put just as much effort into protecting your digital currency. So what is the protective metal wallet equivalent for protecting your Bitcoin?
Interestingly enough, digital currencies are also stored in things called wallets. But usually digital wallets (how appropriate!) or mobile wallets.
These wallets, just like physical wallets, are tools to keep track of your funds and protect them from potential threats. The main difference between the wallet that holds your cash and the wallet that holds your virtual currency is that one is physical and the other is digital. Even if you use a hardware wallet, it still has a digital component. Either way, you want the safest and most effective wallet you can get.
So, what is the best mobile Bitcoin wallet for your iPhone? Well, the Coin Cloud Wallet application is a great bet, and it’s available for free in the App Store.
But what are some of the features that make a digital wallet good for you? And how does the Coin Cloud Wallet fulfill these?
Many digital currency enthusiasts are concerned with freedom, which includes control of their money. That’s one of the reasons digital currency is so enticing in the first place. It gives you complete control over your funds, how they are spent, and who has access to them.
When deciding what digital currency wallet is the best for you, freedom is something to keep in mind. There are two different types of wallets with two completely different approaches to that freedom.
The first type is a “custodial wallet.” This type of wallet is usually found on platforms like Coinbase or PayPal, which serve as managers or “custodians” to your account. You need to log into their website, which grants you access to certain functions like buying or selling digital currency. But you don’t even know your private key, which the custodian holds instead. So you can’t import your wallet to another application and can only do what the platform allows.
The second type is a “non-custodial wallet.” These wallets don’t put a third-party company in control of your private keys. Instead, you are the sole owner of your wallet, and no one else has access to your money at all. This is generally preferred for the freedom that comes with it, and the Coin Cloud Wallet is a great example of an easy-to-use non-custodial wallet.
The number one priority for anything that’s holding your funds will always be safety. Non-custodial wallets can be safer than custodial wallets because you and only you have your private keys (unless you give them to someone else). You can use your 12-word recovery phrase to put your wallet (and the money inside) anywhere you want, and prevent others from accessing it.
This control protects you against thieves who hack sites and services that provide custodial wallets. Along with these benefits, the Coin Cloud Wallet offers a handful of other protective barriers for you to use, such as biometrics and other options for encryption. It also works seamlessly with Coin Cloud digital currency machines.
You wouldn’t want a lousy wallet for your cash, so don’t get an inferior wallet for your Bitcoin.
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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