Are cryptocurrency wallets safe?

Cryptocurrency wallets safe?

Cryptocurrency wallets refer to the digital storage facilities for the private keys that allow access to virtual funds. They are the equivalents of physical wallets for fiat cash and come in a number of different forms to suit various devices and users.

There are five distinct types of wallets. These are online, mobile, desktop, paper and hardware wallets. Each one of them offers different utility features and security levels for users. Paper wallets offer the highest level of security since your private keys are not stored on any digital platform. They are immune to cyber-attacks and hacking attempts and are also secure from hardware failure.

Online wallets on the other hand are the most convenient since users can access them from any location. But they place the control of your funds in third party hands. However, wallet safety to a great extent depends on how an individual manages them. This simply requires that you ensure no one else accesses your keys and that you do not lose them.