What Should You Look For In A Crypto Wallet?
Even amid 2022’s crypto winter, it’s still essential to move digital holdings to a secure wallet. Opportunistic thieves and hackers are still as busy as ever trying to steal funds.
In fact, research from BestBrokers suggests crypto hacks and thefts are becoming more damaging. The firm reported 64 security breaches from January to mid-June 2022, a sharp decline from 251 hacks in the same timeframe last year.
However, data shows the average amount stolen per incident has jumped by 206% from 2021 to 2022.
Researchers believe thieves are focusing on higher-value targets in 2022, especially within the DeFi ecosystem, due to significant funding amounts flowing into the industry. For example, the Harmony crypto bridge reported a $100 million hack in late June 2022, the third notable bridge hack in 2022 alone.
In Case You Need A Refresher…
Crypto Wallet Market Continues To Grow In Strength
Many believe the risk of theft, coupled with concerns about centralized exchanges limiting fund access, are two key reasons contributing to the continued popularity of hardware crypto wallets.
New research from June 2022 revealed that the compound annual growth rate (CAGR) of the hardware wallet market from 2021-2027 (27.2%) will be more than double that of the global crypto exchange wallet (12.7%).
However, not all crypto wallets are made equal. There’s a vast array of options on the market. Still, not all of them provide proper levels of security, feature easy usability, and empower users by giving them control over their private keys.
Here’s why ByteFederal’s ByteWallet does all three, along with some other essential elements you should always look for in a crypto wallet.
Useful Crypto Wallet Features & Functionality
Ease Of Use: The best crypto wallets are accessible even for those unfamiliar with crypto. Smart developers know usability is vital as there are plenty of other options to download. The ByteWallet is optimized for user experience and can be downloaded on desktop, iOS, and Android for maximum flexibility. Users can quickly check out their portfolio and buy and sell cryptos like Bitcoin, Ethereum, Litecoin, Dogecoin, and Marscoin.
Security: Top-tier security is absolutely essential for crypto wallets. Many wallet users expect the same security features and even beyond those seen with traditional fiat banking applications. The ByteWallet is fully non-custodial, which means private keys remain in the users’ hands and not in the hands of an outside, third party. ByteWallet also has KYC and AML verification policies to mitigate the risk of scams or hacks. Users can securely login with a ByteWallet QR code at one of ByteFederal’s many physical ATMs.
Support: Good crypto wallets offer a range of support options and documentation to help users troubleshoot through issues. ByteWallet users can reach out via social media and phone with any questions. ByteFederal’s website also has documentation on how to use the ByteWallet.
Technological Features: The best crypto wallets adapt and innovate to introduce advanced functionality to users. ByteWallet users have access to the Bitcoin Lightning Network, opening up low fees and instant value transfer.
Fiat Functionality: Many enjoy using crypto wallets that offer a wide range of supported coins and transaction functionality. ByteWallet stands alone as it allows users to open a free crypto-friendly fiat bank account with a routing number. Bank account holders can conduct fiat transfers and cash checks, send wires, and order a physical crypto-friendly Visa debit card for payments.
Real-World Accessibility: The best crypto wallets also include opportunities for real-world integration and usage. ByteWallet users can log in to one of ByteFederal’s physical ATMs to buy and sell crypto and other assets, like gift cards, gold, and trade signals. Fees are built into the rates. Visit ByteFederal’s website to find a physical ATM among our countrywide network of 1000+ kiosks.
ByteWallet’s Unique Features Make It An Optimal Choice For Crypto Users
Crypto users should only rely on wallets with superior user functionality, robust security, good customer support, and advanced technological features that keep up with the latest innovations in the crypto space.
Click here to learn more about the many advantages ByteWallet has other options and learn how to download the tool.
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