Authorized crypto wallet distributor The Crypto Merchant announced the release of a new report highlighting the main security risk of “hot” wallets - a problem for which cold storage-based hardware wallets offer a workaround.
-- The release comes as The Crypto Merchant looks to educate readers regarding one of the most prominent vulnerabilities of hot wallets. While online storage systems are built to help crypto enthusiasts retain convenient access to their assets, the report notes that digital hackers can breach and exploit such channels for their own criminal purposes.
For more information, see https://www.thecryptomerchant.com/blogs/resources/what-is-one-potential-risk-associated-with-a-cryptocurrency-hot-wallet
Even worse, this threat exists on an ongoing basis, warns the report. Constant network connectivity allows crypto traders to monitor and manage their holdings at any time - but chronically online hackers enjoy similar privileges. As a direct result, Bitcoin and other valuable assets are at risk.
In effect, those who store their cryptocurrencies online should be prepared for their data to be stolen via the same means, says The Crypto Merchant - who nonetheless suggests a viable alternative.
“For this reason, many aficionados of cryptocurrencies advise keeping more digital assets in a hardware wallet,” explains the report. “Hardware wallets virtually prevent hackers from gaining access to your private keys since they keep them offline.”
The Crypto Merchant points to hardware wallets as a superior storage option in terms of security, a crucial consideration in an era where cryptocurrency continues to trend upwards. Research projects that more investors are entering this industry than ever, and for those newcomers, The Crypto Merchant recommends that they keep their newfound assets offline - not online.
Hardware wallets allow them to do exactly that, with The Crypto Merchant’s report outlining the more secure capabilities of such devices. Utilizing “cold storage,” hardware wallets are designed to shield the private keys that grant access to cryptocurrencies in a manner that’s far more difficult for hackers to outmaneuver.
Such wallets also offer added peace of mind for users in the form of the much-heralded “seed phrase.” This feature acts as a backup access route for crypto held in hardware wallets. If the original wallet is lost, stolen, or damaged beyond repair, seed phrases prevent users from losing access to their hard-earned assets - instead restoring their funds via another device.
Interested parties can learn more about hardware wallets - particularly those stocked and sold by The Crypto Merchant - at: https://www.thecryptomerchant.com/
Contact Info:
Name: Mark Venables
Email: Send Email
Organization: The Crypto Merchant
Address: 609 South Ridgewood Avenue, Daytona Beach, FL 32114, United States
Website: https://www.thecryptomerchant.com/
Source: PressCable
Release ID: 89159813
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