Once you have bought your crypto you will have to store in it a wallet, which is an online portal where your holdings will stay. Experts like Robert Testagrossa however are recommending that you take this a step further and buy a hardware wallet for your holdings. With so many people new to investing and with crypto being an uncertain space for many, this is a great recommendation and today we are going to look at exactly why this is a smart move for every investor to make.
What is a Hardware Wallet?
A hardware wallet is basically a USB stick which has been designed to connect to software created by the developers of the wallet. This will enable you to store all of your cryptocurrencies on the stick, so that you can keep it on your person. There is no risks if you lose the wallet as you will have security protocols in place which will allow you to sync a new wallet when you have bought it.
Reduction of Risk
Crypto is getting more secure by the day and there are so many online wallets which offer 3 and 3 factor logins which ensure that you can keep your holdings safe. With this being said however there is always a risk and this is something which you can completely negate with a hardware wallet. Even though the risks of a hack are low, or of someone obtaining access to your wallet, there is still the possibility of this happening. What is more worrying is that if this does happen, you will have no way of getting those funds back. This is a decentralized market which means that there are no banks or financial institutions who will be able to help you out should something like this happen. Even if the risk level of losing your funds is 1%, that is still to high a chance to take when it comes to your investment.
Peace of Mind
Above all else, having your funds in a physical wallet just gives you the peace of mind that your holdings are absolutely secure. One of the reasons why so many people do not wish to invest in crypto is that they consider it to be an unsafe investment. When you throw a hardware wallet into the mix however this can completely allay any of those fears and instill confidence in those people. This market can be volatile and it can throw up the occasional security risk, there is no need to worry about any of that when you have invested in a hardware wallet.
These wallets are not even expensive to buy and for just $60 you can secure your investments and give yourself the peace of mind that your holdings are not going anywhere. Given this low cost and the clear benefits they offer, there is no reason for any crypto investor not to go down this route to secure themselves and their money.