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Online Wallets Explosion

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Since the beginning of 2020, Bitcoin has seen an increase in price from the lowest decline of 2019. According to CoinMarketCap data analysis, the original digital currency has increased in price from around 7,300 USD to 9,600 USD. This growth is due to the increasing trust and massive adoption that not only Bitcoin has seen but also other popular altcoins. For example, Ethereum has also seen an increase of more than one hundred USD since the beginning of the year. While Bitcoin Cash experienced an increase of 200 USD since the beginning of 2020.

This rise in the market comes just in time as the popular opinion of cryptocurrencies is more favorable. As more and more people join the wagon and invest in cryptocurrencies, there are two security measures, you should be aware of.

The importance of a wallet

While owning cryptocurrencies can be convenient due to the fact they don’t have a physical form, users still need a space where they can store their digital assets to keep, send, receive, or exchange them. Online wallets have gained more traction and popularity as more and more people invest in crypto.  They are easier to use and send funds so users can trade crypto in an easier way. It is indispensable to use one of these platforms otherwise there would be no way to own these digital currencies. It is also very important to choose your provider wisely since they will be in charge of keeping your assets safe. Make sure to choose a wallet that has high-security standards like Coinbase, bitfoliex, or blockchain.com.

Keep your accounts safe

With the rise of cryptocurrencies, there has been a rise in phishing and scams. In order to access your online wallets, you need to have an adjacent email account. It is because of the ease that hackers have to infiltrate email accounts that many crypto users end up losing their investments. Protect all of your accounts by implementing two-factor authentication and strong passwords. You should also be aware of what phishing scams look like and to be wary of any email that falls into your inbox.

If you wish to invest in crypto, don’t be discouraged by these measures of safety. On the contrary, as you learn and acquire more information, you are less likely to fall for scammers and hackers. If possible, try to invest a safe amount of your money into cryptocurrencies. They have shown over the years that their value is only going to increase.

Disclaimer: This is a paid-post and should not be considered as news/advice.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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