Oct 29, 2024

Exodus offers mobile, desktop, and Web3 wallets that support dozens of Web3 networks Created by Staff Reporter @ibtimesuk Published 29 October 2024, 11:20 AM GMT Pixabay Bitcoin (BTC) investing transformed in 2024 with the US Securities and Exchange Commission's approval of BTC exchange-traded firms, which led to billions of dollars of inflows into the digital token . Investors increasingly pool money into Bitcoin as regulators and banking institutions recognize the digital token as an asset class. Extreme volatility and security concerns have long impacted the rise of BTC, especially during the 2022 FTX collapse. Despite this,growing acceptance of the digital asset and the blockchain technology worldwide for varying use cases and as an investable asset has helped BTC prices jump by 132% in the past year. Although lack of adequate regulatory oversight and high volatility around cryptocurrencies are among the top investor concerns, the real problems lie with the crypto exchanges, apps, and wallets for crypto storage rather than Bitcoin's future growth potential. Cryptocurrency fraud, mostly related to investments, cost Americans $3.9 billion in 2023, a 50% year-over-year jump from $2.57 billion. Threat actors increasingly use sophisticated techniques to steal private wallet access keys, lure investors into using fraudulent apps, and share sensitive data by impersonating someone you may know. Meanwhile, exchanges like FTX routed billions of dollars of customer funds to bank accounts of Hong Kong-based crypto firm Alameda Research instead of FTX. The SEC has heavily cracked down on companies engaging in crypto fraud in recent years as pressure mounts to introduce stringent laws around disclosures, market oversight, and enforcing anti-money laundering regulations. The US House of Representatives also passed a bill this year to establish a new legal framework for digital currencies, citing that it would enhance regulatory transparency and drive industry growth. Elsewhere, blockchain technology has garnered interest from the global banking industry. Top banks like JPMorgan are increasingly participating in crypto pilot projects with central banks and building low-fee, trustless financial ecosystems via blockchain-based platforms. The aims are to facilitate wholesale payment transactions, cross-border payments, and the seamless exchange of digital assets. The Challenges of Secure Bitcoin Storage When you buy Bitcoin, you can digitally store the token in custodial wallets with private keys managed by a third party, such as a crypto exchange. Or, you can store your assets in self-custody/non-custodial wallets, where you have complete ownership of your access keys. If your wallet holds funds online, it is called a hot wallet, whereas cold wallets store your assets in hardware disconnected from the internet. Cold hardware wallets can be connected online to trade crypto, with transactions requiring approval on a physical device, thereby offering a more secure trading experience. However, digital asset ownership requires additional security measures. If your crypto exchange is compromised, hackers may get access to the private keys of all custodial accounts, resulting in loss of money. Recovering assets from cold wallets might also become impossible if you forget your private access keys. Best practices dictate storing small amounts of crypto in online hot wallets for trading while storing the remaining in non-custodial cold storage accounts to help secure your assets from online threats. Companies like Exodus are addressing concerns about crypto storage by offering feature-rich, non-custodial wallets that can be further fortified by combining with hardware wallets from Trezor. Founded in 2015, Exodus, one of the best crypto wallet options in the industry, also offers mobile, desktop, and Web3 wallets that support dozens of Web3 networks and facilitate the secure buying, selling, and storing of NFTs and hundreds of cryptocurrencies. Exodus' top-notch security experts include top 10 HackerOne researchers focusing on cloud and application security to develop robust security framework architecture. This crypto wallet app never has access to your private keys since it was founded on the principle that customer key autonomy is a fundamental right for self-custodial crypto wallet holders. The company also carries out manual audits and leverages automation and open-source software to innovate secure products. How To Buy Bitcoin Using An Exodus Wallet? When you sign up and successfully verify your KYC details on Exodus , the platform will allow you to buy Bitcoin and other cryptocurrencies in your local fiat currency. You can add funds through bank transfers, credit/debit cards, or Apple Pay using third-party fiat API providers like Banxa and MoonPay on their mobile, desktop, and Web3 wallets. Similarly, you can sell Bitcoin for cash and withdraw to your linked bank account or Visa debit card. Each trade may incur transaction and network fees primarily depending on the transaction size. If you are using an Exodus wallet with Trezor's hardware wallet for enhanced security, you can easily swap assets between the wallets and keep them secure offline. Investing in crypto can be confusing for beginners, and complaints around customer service have impacted the industry overall. Issues like bank withdrawals, pending transactions, and platform outages continue to affect investor confidence, especially when they can't reach company representatives for resolution. The Exodus crypto wallet takes all steps possible to help users make educated investment decisions and overcome platform-related hurdles via their chatbots and 24/7 human customer support. Their dedicated team will also help you if you are new to crypto or want to learn more about their products and services.