If buying Bitcoin is an investment strategy you take seriously, then storing your tokens properly is vital. These days, crypto users have many digital wallet options. You can download an app on your phone, purchase a hardware wallet, and keep everything offline.
However, by far the most popular choice is the Bitcoin web wallet. There are many benefits to storing your coins in a web wallet, as long as you choose a reliable service.
One of the best solutions is to create user-friendly Bitamp Bitcoin wallet. But first, it’s vital to familiarise yourself with the features of an excellent web wallet.
Once you embark on the Bitcoin journey, the crypto exchange platforms are the first stop. That is where users deposit fiat currency and buy Bitcoin and other cryptocurrencies.
But the vast majority of well-established brokerages also offer web storage for your coins. These wallets are also called custodial wallets since the platform serves as a custodian for your money.
They hold the private key that accesses your coins. While these types of wallets work well for some, opting for a non-custodial wallet allows users more control, as well as anonymity.
Easy to Use
Granted, this might be a somewhat subjective point, but user-friendliness does have an easy definition when it comes to the web interface. When choosing a web wallet, the registration process should be quick and straightforward.
Ideally, you won’t need to leave any personal information, and you’ll receive a private key and a recovery “seed phrase.” Upon registration, users should see clearly where the “send/receive” buttons are situated.
Your account balance and general overview should also be displayed, and the current price of Bitcoin should have prominent placement. Naturally, different wallets might have different layouts, but these are the essentials you’ll get if you create user-friendly Bitamp Bitcoin wallet.
If you choose a custodial wallet provided by the brokerages, you put a lot of trust into the hands of a single company. These registered and regulated brokerages are not based on open-source technology.
What does that mean, exactly? When a web wallet is open-source, everyone who has the right knowledge is welcome to improve it.
The code is available for the public, and numerous parties are working towards a common goal. That is why open-source Bitcoin wallets can provide anonymity to their users and quickly resolve any mistakes in the system.
Unlike with custodial web wallets, the incentive is not merely profit but creating a better experience for everyone involved.
A web crypto wallet worth your time should be available worldwide. Regardless of location, users should have access to their coins and not worry about geographical restrictions.
Preferably, you’ll also be able to see the Bitcoin balance represented in major fiat currencies to better understand how much money is in the wallet.
Advantages of Bitcoin Web Wallets
There is a reason why web wallets are the most popular option for storing coins – they’re convenient. You don’t need to install any software on your computer or your mobile phone. And you certainly don’t need to carry around a piece of hardware to unlock your coins.
Furthermore, web wallets are free as there is no registration fee. You can access your Bitcoin from any computer anywhere, as long as you have your private key or seed phrase. Since they’re hosted on the web, there is no way to delete your Bitcoin wallet or lose it somewhere.
If you’re a Bitcoin trader, a web wallet allows speed and convenience that hardware wallets do not. That said, there are a few downsides. First, you still need to trust your provider, but that can be solved by opting for an open-source web wallet.
The only substantial downside to web wallets is that they can be vulnerable in terms of security Being careful about phishing scams, storing your private key properly, and not falling for crypto scams is essential.
Store Your Digital Tokens Safely
Bitcoin beginners may steer towards the familiarity and convenience of custodial web wallets. But web wallets can be so much more than leaving the private key to your funds in the hands of a third party.
You can choose a non-custodial web wallet that offers an exceptional user experience based on open-source technology. When you hold the private key, you’re also the one who mustn’t lose it. Keep in mind that without a private key, there is no way to access your tokens.