A digital wallet is a software application held on a device like a phone or a laptop. These wallets are often restricted to only sending and receiving crypto, not exchanging through fiat. They are ideal for accepting crypto when purchasing at a CryptoATM. Digital wallets are ideal for holding crypto for spending on transactions.
The strength and weakness of digital wallets are that they are online, portable, and quick to transact with. Here are our best tips:
List of Dos:
- Backup your wallet app (in case device/app is compromised)
- Password protect your device
- Password protect your wallet app
- Perform your due diligence before funding a wallet
List of Do-Nots:
- Do NOT hold for a prolonged period of time
- Do NOT hold excessive value beyond immediate spending needs
- Do NOT carry a balance across vast distances (example border crossings to the USA).
Click to learn about other Wallet Types.