CRYPT.
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Rise of cryptocurrency
At least 1.5 crore Indians have invested in cryptocurrencies, signaling strong cryptocurrency growth in a nation where households are known to invest more frequently in gold and other safer assets. The growing number of crypto adopters also suggests a shift in the investment paradigm, driven mostly by the country's younger population.
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More Indians started investing in cryptocurrencies from 2020 as the Covid-19 pandemic led to a global economic crisis, resulting in higher volatility and depreciation in traditional assets like currencies, bonds, and equities. As a result, more people around the globe started investing in cryptocurrencies.
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The fact that people have been able to watch the wallet and see some transactions happening in the last few weeks should be a major concern. Irrespective of the owner of this wallet, it can attract undue attention. As a cryptocurrency investor or trader, it is advisable to have multiple wallets so as not to hold large amounts of cryptocurrencies in a single wallet or exchange. The blockchain ledger is designed to keep track and record all the transactions. This is the main benefit but it can also be risky for investors who have large amounts of coins.
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Anyone who is keen to explore cryptocurrency transactions can find them on the blockchain ledgers. Whereas the identity will remain concealed, where there are large transactions, they will draw attention. You do not even need to be a watchful investor to take note of such transactions. This means that every time you need to move your coins or tokens the other people will be able to take note of your wallet. It would be best if you can choose a couple of wallets so as to prevent unwarranted attention to your digital wallet.
A Single Wallet is Way Too Risky
he blockchain ledger is available to the public for scrutiny. While this may not be a bad thing, so to speak, it may raise a couple of concerns. Where there is a huge wallet, with large amounts of coins or tokens, everyone becomes aware of such a wallet. This literally means even criminals will find it appealing and you may end up losing your cryptocurrencies in a second.
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Even where you are not concerned about the hacking, there are worries that you need to bear in mind. Cryptocurrencies are decentralized and as such, if you lose your private key or passcode, you may not be able to access your digital wallet. This means that all your digital wallet contents may be lost forever, never to be recovered. The digital wallet private key code grants you access to the wallet. There is a risk of forgetting the code and there will be very little you can do to access your cryptocurrency.
Get Multiple Crypto Wallets
For the reasons discussed above, it would make sense to have your cryptocurrencies split across multiple wallets. This is one of the ways through which you can mitigate risks that are associated with crypto wallets. Should one of the wallets be hacked or should you lose the private key to a wallet, all will not be lost. Storing large quantities of coins in a single wallet is quite risky.
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Take time to look at our unified wallet that you can use. This will make it easier for you as an investor or a trader to safeguard your investment. Your coins should not be in one wallet as there are so many things that could go wrong.
Current scenario of the wallet situation
