Technology Crypto wallets: What you need to know

17:02  28 february  2021
17:02  28 february  2021 Source:   cnet.com

We need to talk about my crazy new $600 crypto hardware wallet

  We need to talk about my crazy new $600 crypto hardware wallet Bitcoin and other cryptocurrencies are all the rage right now. The deafening buzz surrounding NFTs has caused ethereum to climb, Elon Musk's tweets seem to constantly send dogecoin soaring, and bitcoin is flirting with $60,000 yet again after having climbed to an all-time high above $61,500 earlier this month. Countless people have been introduced to crypto markets for the first time thanks to all the hype right now. Companies like Robinhood and Paypal are also jumping on the bandwagon, making it unbelievably simple for people to buy bitcoin and other popular cryptocurrencies in their apps.

Crypto prices appear to have an unstoppable upward trajectory. With Bitcoin and Ethereum hitting all-time highs again this month, more people are investing their money in digital currencies. And they have a wealth of options to keep their investments safe.

a screenshot of a stereo © James Martin/CNET

Cryptocurrencies are stored in what's called a wallet, which has a private key associated with it, similar to a password. The easiest way to get your coins in a wallet is on the cryptocurrency exchange you used to buy your currency (think Coinbase or Gemini). But more mainstream companies, like PayPal and Robinhood, have also added options to buy, sell and store crypto.

PayPal Launches 'Checkout With Crypto' to Let Users Pay in Bitcoin and Convert to Fiat for Merchants

  PayPal Launches 'Checkout With Crypto' to Let Users Pay in Bitcoin and Convert to Fiat for Merchants PayPal will allow users to pay in cryptocurrencies like bitcoin and ether at millions of merchants in the U.S. starting today, according to an announcement from the company on Tuesday. © Screenshot: PayPal/YouTube Called “Checkout With Crypto,” the new service will let anyone holding crypto through PayPal actually pay using crypto and PayPal will convert it to fiat currency for the business that’s accepting the payment.PayPal launched the ability to buy cryptocurrencies through the platform in October but this is the first time users will be able to buy things with it.

James Martin/CNET © Provided by CNET James Martin/CNET

Crypto owners who want complete control over their investments can also rely on digital wallets managed by software locally on a user's own device. For an extra layer of security, you may consider using what's known as a cold wallet, which is essentially a local device like a hard drive that's not connected to the internet.

Companies like Trezor and Ledger make special drives specifically for cryptocurrency wallets. The companies say sensitive information isn't exposed even when the devices are plugged into your computer (just don't lose the device, or the key needed to access the data on it). Check out the video above for an in-depth look at how all these options work.

Letter to the Treasury Department: Jack Dorsey Disagrees with Crypto Regulations .
Jack Dorsey is not happy about the US Treasury Department's plans to regulate cryptocurrencies. He has now set out his reasons in a letter. © Shutterstock Twitter and Square boss Jack Dorsey in the summer of 2019. Cryptocurrencies have long been a thorn in the side of the US Treasury Department - in particular the fact that they enable anonymous transactions does not appeal to the competent authority.

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