List of Wallet Protocols You Must Have - Espay Exchange - PowerPoint PPT Presentation

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List of Wallet Protocols You Must Have - Espay Exchange

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There are different types of wallets where you can store your crypto. At the same time, some wallets are connected to the internet; some works offline. But most of these wallets are vulnerable. In this post, we will discuss about the wallet protocols you must have to keep your cryptocurrencies safe. – PowerPoint PPT presentation

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Title: List of Wallet Protocols You Must Have - Espay Exchange


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Introduction
  • Do you know where traders and investors store
    their cryptocurrency? They store it in a digital
    wallet, which is popularly known as a crypto
    wallet. If you want to trade crypto, you need to
    own a crypto wallet.
  • There are three critical components of trading in
    a crypto market, i.e., Cryptocurrency, Exchange,
    and Wallet. As we store our fiat currency in our
    wallets or bank accounts, similar
    cryptocurrencies are stored in a crypto wallet.
    Because the currencies dont have a physical
    existence, they are not physically stored in a
    wallet. Instead, you get a set of private and
    public keys that help you to transfer
    cryptocurrencies from one Wallet to another.
  • There are different types of wallets where you
    can store your crypto. At the same time, some
    wallets are connected to the internet some works
    offline. But most of these wallets are
    vulnerable.
  • Recently, there have been many cases where
    investors lost their crypto holdings because of
    vulnerabilities in the wallet protocol and
    exchange software. As all your currencies are
    stored in a wallet that is connected to the
    internet, there are many risks. To avoid this,
    you can use White Label Exchange Software and
    Secure Crypto Wallets.
  • If you want to keep your Wallet and currencies
    safe, follow our guide. In this post, we will
    discuss about the wallet protocols you must have
    to keep your cryptocurrencies safe.

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Crypto Wallet
  • It is a digital wallet where you can store your
    cryptocurrencies. You can use this Wallet to send
    and receive crypto. There are different types of
    wallets. Some wallets support only a single
    currency, while others can be used for multiple
    currencies. A wallet can be a physical device or
    a software program. It stores your secret keys,
    which are used to make transactions. Wallets are
    mostly developed by the Crypto Exchange
    Development Company. These companies develop
    exchanges as well as wallets.

Types of Crypto Wallets
  • Here are the different types of crypto wallets.
  • Desktop Wallet These wallets can only be
    downloaded and used on desktop or laptop. Once
    you download it on your computer, you can only
    access it from there.
  • Mobile Wallet You can use this Wallet from your
    mobile phone. You can download it on your
    smartphone and access your Wallet from your
    phone.
  • Web Wallet These wallets are directly connected
    to the internet. The Wallet provided can control
    your wallet functions. For example, when you
    store your crypto with centralized exchanges.
    While trading with the White Label Crypto
    Exchange, you can use any type of Wallet.
  • Paper Wallet Here, you can print your private
    and public keys on a paper and keep it with you.
  • Hardware Wallet It is a device that stores your
    private and public keys. It is very safe and
    secure.

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Crypto Wallet Risks
  • Funds are always stolen from places where it
    stored. And because you store your crypto in your
    Wallet, hackers will always try to find
    vulnerabilities. Once they find it, all your
    funds will be gone. Crypto wallets have always
    been prone to security risks. Here are the
    different types of security concerns related to
    the crypto wallet.
  • Malware
  • Phishing
  • Virus
  • Key Logger
  • Remote access to device

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Crucial Crypto Wallet Protocols
  • Here is a list of essential wallet protocols you
    must have to keep your crypto funds safe from
    hackers. You can easily avoid all the security
    risks by ensuring that your Wallet has all the
    below-mentioned security protocols.
  • Multi-Signature Multi-signature wallets works
    like a dual access wallet. It cannot be operated
    with a single sign. It needs two or more
    signature to initiate a transaction. Here the
    keys are distributed. It creates an extra
    security layer to protect your funds. Instead of
    using a single signature wallet, you can choose a
    multi-signature wallet to make sure nobody can
    infiltrate the Wallet.

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Crucial Crypto Wallet Protocols
  • Cold Wallet Cold Storage is one of the best
    security protocols. Instead of keeping most of
    your crypto in a hot wallet, you can store it in
    a cold wallet. Cold wallets are not connected to
    the internet. These are offline wallets. Paper
    wallets and hardware wallets are cold wallets.
    Because it is stored in a physical form, there
    are fewer security risks like viruses, malware,
    and remote access. Traders save most of their
    funds, i.e., approximately 80 in a cold wallet.
    It ensures 100 safety.
  • Warm Wallet Most of the people use the warm
    Wallet to store their crypto because it is a
    perfect blend of a cold and hot wallet. Here,
    unlike a cold wallet, you can directly make any
    transactions by confirming the transactions
    manually. This Wallet has enhanced security,
    unlike hot wallets. It is often protected by 2FA
    or multi-signature protocol. With this Wallet,
    you can easily send or receive money without
    worrying about any security risks. Most people
    save up to 15 of their funds in a warm wallet to
    keep it secure and ready to use.
  • Hot Wallet A hot wallet is used for day to day
    crypto transactions. The keys of this Wallet are
    directly connected to the internet, which makes
    it quite vulnerable. But it is essential to store
    your funds in a hot wallet if you dont send and
    receive crypto quickly. Most of the software
    wallets you use our hot Wallet. Just because it
    is more vulnerable doesnt mean your funds will
    be hacked. You can keep your Wallet safe by
    taking measures like choosing a strong password,
    keeping your device secure, and keeping your keys
    safe. Most people store 5 of their funds in a
    hot wallet, which helps them to transact with one
    another immediately.

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Crucial Crypto Wallet Protocols
  • 3FA Earlier, there was only a 2-factor
    authentication protocol to keep the crypto safe.
    But now, you can use the 3-factor authentication
    process to enhance your wallet security. In
    three-factor authentication, there are three
    layers of added security to protect your crypto
    wallet.
  • First Layer The first layer consists of a
    regular password to access the Wallet.
  • Second Layer The second layer includes something
    that only the user can access like, fingerprint
    or OTP.
  • Third Layer In the third layer, the users
    physical trait is used as an additional
    requirement like retina scan, authentication
    code, voice recognition, password, or OTP.
  • You have to go through their different
    authentication process to access the Wallet. For
    example, first, you need to enter your password,
    then use your fingerprint and then use the OTP
    received on your phone.
  • Web Wallet Most of the people storing their
    funds with exchanges use this type of Wallet.
    These wallets are pretty risky as the central
    wallet provider can control the wallet
    transactions. You can access these wallets
    directly from the web without downloading the
    app. To enhance this Wallets security, you can
    use strong passwords and make sure the browser
    does not copy the keys. Also, make sure the
    interface is isolated.
  • Security Apart from all these protocols, you
    also need to make sure the Wallet provides
    additional security. Choose reputed wallets only.
    Check for security protocols before signing up.
    Check locks like SSL security marks to avoid
    scams like phishing. Use a strong password and
    protected devices to access your Wallet.

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Crucial Crypto Wallet Protocols
  • KYC/ AML Make sure the wallet provider follows
    the proper KYC/AML process. Before you sign up
    with a wallet, you have to go through the KYC/AML
    process. Here your identity information is taken
    and screened. It is done to make sure that you
    are not a hacker or criminal. Nowadays, there is
    an e-KYC and AML process to check your identity.
    Your data is run through the government database
    to make sure you are a regular citizen and not a
    threat to the wallet security.
  • These are the wallet protocols you must have in
    order to protect your funds from internal and
    external threats. You can also use decentralized
    exchange platforms developed by White Label
    Crypto Exchange Software Development Company for
    additional security.

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