![]() ![]() I don’t have a relationship with either company I purchase my wallets retail directly from their respective sites. I am a fan of the Ledger Nano X and the Trezor Model T. There are several popular hardware wallets. It probably goes without saying, but don’t put all your crypto in one wallet. My suggestion is to have the percentage of tokens in any given wallet allocated to mirror your portfolio. ![]() If you have a substantial sum of crypto, you should keep it in several different wallets. ![]() Use your hardware wallets to store the crypto you are hodling (crypto-slang for holding). When choosing a wallet, make sure that it is compatible with the cryptocurrency you want to store in it. There are software wallets and hardware wallets. It is in the spirit of this last little bit of wisdom that I offer some workflow and process to help you protect your crypto holdings.įirst, make sure you are using a name brand digital wallet. In lieu of safety, or insurance, or even customer service, DeFi transactions come with a warning: “All transactions final.” And an admonition: “Protect yourself at all times.” Guarding the Vault Not only are banks good at protecting your money, in the United States, you can choose bank accounts that are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration so if something happens to the bank, your money is still safe. This is exactly as scary as it sounds, which is one of the main reasons people put their money in banks. Of course, there’s a catch… Now, you’re also in charge of guarding the treasury. If you’ve set up a digital wallet, bought some crypto, and collected a few NFTs and you’re starting to trade across a range of marketplaces and exchanges, you are starting to experience the exceptional financial freedom the world of DeFi has to offer. The moment comes when you realize there’s real money in your crypto wallet and you start wondering about hackers and ransomware and all kinds of bad stuff. ![]()
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