In this informative infographic, entitled “How Does Blockchain Technology Protect Crypto Wallets?” we discuss how blockchain tech can help secure digital eWallets. We begin by discussing how a crypto wallet works, as well as defining some key terms, such as: public keys, private keys, and keystore file. You’ll learn things like the fact that cryptocurrency itself is not actually stored in digital wallets, but rather your digital private keys. You’ll also learn the difference between public keys and private keys.

Next, the infographic talks about different types of wallets, their characteristics, their advantages, their disadvantages, and examples of each. It covers desktop wallets, mobile wallets, online wallets, hardware wallets, and paper wallets. You’ll learn things like that the most secure way of storing larger amounts of crypto for long periods of time is with a hardware wallet that has a screen, and that the most practical and easy to use type of digital wallet is a mobile wallet, which can make sending money quick, and accommodates additional features above and beyond both online and hardware wallets, such as QR code scanning, and more.

After that, we share with you some smart ways to keep your cryptocurrency wallet secure, which can be a great help to someone who’s new in the crypto field. Tips such as to make sure that you create backups of your digital wallet, and keep them in a secure place, which can save you from hardware failures and human slip ups. Or that you should choose a difficult and lengthy password, such as a passphrase, write it down on paper and store it in a secret place. Or that you shouldn’t store all of your Bitcoins or other cryptocurrencies in just one wallet or exchange, but rather diversify your risks.

After that, the infographic lists off and explains a number of extra security features that are great to find in a digital wallet, such as two-factor authentication, facial recognition, auto-lock, data encryption, and session restriction. For example, you’ll learn about how data encryption in some wallets can encrypt your data, including your private key, thus making it harder for any potential security breaches. And session restrictions, which limit the number of people that can be logged into your wallet at one time to one.

Next, we cover statistics on blockchain wallet users. You’ll see the rapid expansion of blockchain wallet users, how the number of worldwide blockchain wallet users have gone from under 5 million in the 1st quarter of 2015, to almost 25 million in the 1st quarter of 2018. And how from  January 2012 to July 2018, it went from below 100 users, to almost 100 million users, respectively.

From there, the infographic discusses the regulations and legal status of Bitcoin and cryptocurrency exchanges in various Asian countries, including: Japan, South Korea, China, Singapore, India, Malaysia, Vietnam, Indonesia, and Philippines. You’ll learn which country is the most hostile to crypto, which is the most friendly, and which are a little mix of both.

Next, we talk about how hackers usually hack Bitcoin, targeting people’s private keys and also mining pools, and we also give a number of statistics for you. Lastly, we discuss our Blockchains.my advanced and secure digital wallet app, and it’s multi-asset management.

We hope you enjoy the infographic below,

The BCMY team.

Blockchain Technology Protect Crypto Wallets