FAQ

Could the makers of a Cryptocurrency wallet steal my Cryptocurrency funds?

Theoretically speaking, that is definitely a possibility. It is indeed possible for the manufacturers of your Cryptocurrency wallet to get into your wallet and take out your currency as they please. They can do that by virtue of some secret keys which are entrusted to them as the manufacturers. There have also been cases where users have faced problems in withdrawing funds from their accounts.

However, the most important point here is to always choose a wallet that is proven safe and has real good reviews from customers all over. An established wallet manufacturer will never indulge in such practices and will go to great lengths to protect your money.

What steps can you take to keep Cryptocurrency safe?

A great way to ensure the safety of your Cryptocurrency, especially if you are someone who is investing for a long time, is to keep your funds in cold storage. While hot storage does have its own advantages, it is most beneficial for cases where you need the funds close at hand and could withdraw them at any given time. If that is not true for you, and you are more of a long term investor, then it makes complete sense for you to opt for a cold storage due to the enhanced security features.

How long will it be before your wallet balance is updated after a transaction?

The amount of time a Cryptocurrency will take to reflect back in your wallet after a transaction is completed will be dependent solely on the Cryptocurrency itself and how long it takes to build a transaction block for that particular currency.

Bitcoins for example, require six confirmations before the transaction is completed, which translates to roughly an hour of time, varying as per the network load. Ethereum, on the other hand, requires 24 confirmations but takes just about a few minutes. It all depends on the kind of currency you’re using and the network load at the time.