Cryptocurrency is trending in New Zealand. Approximately 1.5 per cent of New Zealanders already own cryptocurrency, with an estimated majority owning them as investment assets.
This article will give you six tips to help you find the best Bitcoin wallets for your needs.
1. Do Your Research
When looking for a Bitcoin wallet, it’s essential to research and compare different options. Each wallet has different features, so it’s essential to find one that suits your needs.
For example, some wallets are more secure than others, so if security is your main concern, you’ll want to find a wallet that offers the best security features.
Some wallets are better suited for beginners with features like an easy-to-use interface. In contrast, others are more suitable for experienced users who are comfortable managing their own digital currency.
Depending on your needs, make sure to find a wallet that’s right for you.
2. Consider Your Security Needs
Security plays a significant role in choosing a Bitcoin wallet.
If you’re looking for extra security, hardware wallets store your private keys offline, making them hack-proof. Consider an online wallet if you’re not too worried about security and want an easy-to-use option.
Some wallets even offer additional security features, like two-factor authentication or multi-signature functionality.
a) Two-Factor Authentication
Two-factor authentication is extra security that requires you to confirm your identity before accessing your wallet.
It is a feature that provides you to set up your wallet so that multiple people must sign off on each transaction.
A hardware wallet means that your private keys are stored offline on a physical device. It is ideal for storing high-valued bitcoins.
3. Compare the Features
In 2021, 8.4 per cent of men, versus 5.8 per cent of New Zealand’s women, owned crypto. It shows the market is steadily increasing every day.
Each Bitcoin wallet has different features, so it’s essential to compare and contrast different options before deciding. Some unique features to check are:
- a) The level of security each wallet offers
- b) The user interface and how easy it is to use
- c) If the wallet supports multiple cryptocurrencies or just Bitcoin
The best Bitcoin wallets in NZ also offer additional features such as in-built exchanges, price charts and news feeds, which can be handy for active traders.
There are generally three types of wallets for security: hot wallets, cold wallets and hardware wallets.
Hot wallets are the most convenient to use but also the least secure. They are connected to the internet and therefore susceptible to hacks.
4. Look for a Reputable Provider
The most important thing to look for when choosing a Bitcoin wallet provider is reputation. There are many scams and hackers in the cryptocurrency world, so you need to make sure you’re using a reputable provider. An excellent way to check this is to look for reviews and testimonials from other users.
5. If You Want to Use a Paper Wallet, Make Sure to Take Extra Security Measures
Paper wallets are one of the least secure options for Bitcoin wallets. If you decide to go this route, take extra security measures such as storing your paper wallet in a fireproof safe.
6. Avoid Web Wallets
Web wallets are hosted on a third-party website, and you risk losing your coins if the site is hacked or goes offline. If you must use a web wallet, choose a good reputation that is well-established.
Bitcoins are becoming more and more popular each day. As the popularity of bitcoins grows, so does the need for secure and reliable wallets to store them. If you are looking for a Bitcoin wallet in New Zealand, follow these tips to find the best one for you.