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Nevertheless that cryptocurrencies are not physical coins they still need to be stored in some place.
1. Wallets at centralized exchanges. One may easily open one’s wallet at one of the crypto exchanges. The advantages o such wallets that they’re nested in come secured places.
There are also additional services to the users of such wallets:
Binance – funds are SAFU (the financial reserves for the case to compensate the possible loss of users if hackers’ attack is successful)
Coinbase – cold storage plus crypto insurance
The drawbacks of such services are two:
– some cryptocurrencies exchange’s staff may be fraudulent as one has remembered the case of some exchanges such as Mt.Gox;
– the deposit and withdrawal fees of transacting cryptocurrencies while using such wallets may be perceived as high. But one may diminish this burden if one uses “native” for a cryptocurrencies exchange coins, i.e. Binance Coins for example when one operates wallet at Binance.
2. Wallet at decentralized platform.
Such wallets are in big demand from institutional investors entering crypto market from backyard and without trumps.
The examples of such platforms:
– Electrum https://electrum.org/#home
– Mycelium https://mycelium.com/
There are P2P platforms that works without fees but the issue of security and possible cover up of losses incurred by malicious steps by hackers doesn’t consist a case. The advantage of such crypto decisions is that the transactions are being performed smoothly. You surely control your private keys.
3. Stand alone own wallet.
There are numerous options to store its cryptocurrencies in stand alone own wallet. The feature of such options that one needs opening a specific wallet for each kind of cryptocurrency. One has to pay fee for cryptocurrencies transactions approval since the functioning of blockchains needs resources to perform it. One of the great thing of such options is that you still hold your private keys to cryptocurrencies you possess. This way of handling cryptocurrencies along with decentralized wallets evokes the issues from key controlling government bodies such as U. S. SEC.
The regulators are interesting to collect all private keys to cryptocurrencies citing the same practice that takes place in Wall Street when one speaks about securities trading and these securities are deposited in DTCC’s subsidiary, The Depository Trust Company (DTC). DTC was established in 1973, and emerged to downplay costs and securing clearing and settlement efficiencies by immobilizing securities and offering “book-entry” changes to ownership of the securities.
If you hold Bitcoins then you may choose Bitcoin Core https://bitcoincore.org/ and BitGo https://www.bitgo.com/ .
If you hold Ethereum then MyEtherWallet https://www.myetherwallet.com/ and ETHAdress https://github.com/ryepdx/ethaddress.org at your hand.
If you transact with XRP (tokens of Ripple Foundation) then you may use GateHub https://www.gatehub.net/ and Rippex https://rippex.net
