The steps to follow to get a cryptocurrency wallet for your business
A cryptocurrency wallet acts as a secure platform where users can store all their assets safely. You will have full control over your funds by using private keys. They act as safety boxes for storing ICO tokens, cryptocurrencies, and digital assets. You can store hundreds of digital currencies without facing any issues. Some of the popular cryptocurrency wallets are Electrum, Trezor, Ledger Nano S, MetaMask, and Trust Wallet. Cryptocurrency wallets can be used via desktop, mobile, web, paper, hardware, and online through a cloud facility.
The procedure to implement for creating a cryptocurrency wallet on MyEtherWallet (MEW)
- Go to the website myetherwallet.com from your browser.
- MyEtherWallet is open-source, has a friendly user interface, allows users to seamlessly swap between fiat and crypto, available on Android and iOS, and integrates with many hardware wallets like Ledger and Trezor.
- Click the option — New Wallet.
- Enter a strong password.
- Download your Keystore file and store it safely.
- Save and install your private key and never share it with anyone.
- You would have successfully created your wallet.
- Use your private key to log in and access your assets anytime and anywhere.
How to Safeguard your Assets Stored in a Cryptocurrency Wallet?
- Maintain confidentiality of your passwords and private keys — Once you have figured out how to get a cryptocurrency wallet, ensure that no outsider or third party has access to your password and private keys. Only you must have access to your password and private key. This will protect your funds from hacking and phishing attacks.
- Enable two-factor authentication — Every time you log in to your wallet, make sure two-factor authentication is present. It provides an additional layer of security for your data and funds other than just a password and a private key. Even if someone manages to get access to your password and private key, they will not be able to swindle funds from your account due to the presence of two-factor authentication.
- Diversify your investments — Manage your exposure to risk by avoiding storing large amounts of digital coins or tokens in one wallet or an exchange. Distribution of your investments in several wallets or different exchanges helps you to reduce your risk level when things go wrong in the market. You can get a backup of your funds in other wallets in case the funds go missing from one wallet.
- Update your software regularly — Ensure that you add the latest security enhancements to your software frequently. Update it not only on your wallet software but also on the device that you use, computer, or mobile.
As seen above, cryptocurrency wallets can be used for everyday purchases and investments. The process of creating each type of wallet is different depending on the security levels involved. It is best to opt for customized white label solutions as they contain all the needed features, are highly secure, and can be scaled to support a variety of coins or tokens.