Now that you have decided to accept crypto payments for your New York business, it’s important to choose a crypto wallet business in NYC. Just like we store our money in wallets, a cryptocurrency wallet stores crypto coins. It’s software that authorizes users to access and manage their crypto assets.
What types of crypto wallets can you choose?
Cryptocurrency wallets that are online 24×7 are online wallets or hot wallets. These wallets are best suited for active crypto traders who want to be able to access their assets faster and trade these regularly. Cold wallets are offline wallets, and therefore, safer compared to hot wallets. These can be hardware wallets or paper wallets and are best for people who want to store their funds for longer periods.
How to choose the best crypto wallet for your business in NYC:
With a custodial wallet, your money stays with a third party, just like a bank. The bank is responsible for keeping your money safe. It’s important to find out from your wallet provider if you get insurance coverage in case the funds are impacted in any way.
Non-custodial wallets are where you have total control over the money. This is perfect if you don’t want to entrust a third party with your crypto. You are responsible for its security and no one has the authority to access your funds.
Define your purpose: You must understand whether you want to store the assets or use crypto exclusively for payment.
Control: You need to figure out whether you want complete control over the keys or if you are comfortable handing these over to a wallet provider. When you have many employees, you wouldn’t want one person with access to the private key. You have to figure out what the protections will be against the misuse of the keys.
Reputation: Take time out to research the wallet’s reputation. It is best to look at testimonials, accreditations, international recognition, and feedback from users. Make sure you check the credentials of its founders to be sure of its credibility. It’s essential to look out for instances of breaches that may have happened in the past.
Security: Since a wallet will hold your cryptocurrency, it must be secure. It’s necessary to look for wallets having top security ratings that are well-protected from hackers. Look for proof to be sure your funds will be safe from malicious attacks. The EAL or Evaluation Assurance Level provides safety ratings; focus on a wallet with a rating above 5.
Backup provisions: These have to be present for you to choose a crypto wallet business. Data in the wallet is highly sensitive and must be protected with adequate safeguards. Search for wallets with robust and efficient backup facilities so that data can be recovered quickly in case the devices are damaged or misplaced accidentally. Besides, the backup processes should be straightforward and simple.
Compatibility: The wallet you choose should be compatible with various devices and operating systems, like iOS and Android. Before selecting any wallet, make sure to check which crypto coins it supports.
User experience: This is one of the most crucial factors when deciding on a wallet. When the learning curve is too steep, you will struggle to understand the wallet’s features and functions. Research user reviews to see which wallets are beginner-friendly and have an intuitive interface.
Use these guidelines to find the best crypto wallet for your business in NYC. For more information on how to make your business more open to accepting cryptocurrency, go to GoCrypto.NYC.