Opinion: Problems you might face with crypto wallets and how to solve them

Published in

OKT Chain

4 min readApr 28, 2023

Disclaimer

The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the OKTC and are for general informational purposes only.

All information on the publication is provided in good faith; however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the publication.

If you currently own cryptocurrency, you’re likely aware of crypto wallets. Although it is the best way to hold your funds safely, you can face some problems while using a wallet.

To help users avoid potential problems in the future, let’s look at four common problems with crypto wallets and the best ways to solve them.

High transaction fees

High transaction fees can negatively affect the experience of crypto wallet users as they need to pay large fees just to send or receive even small amounts of money. This can be especially challenging for those who frequently make small transactions or use their wallets for everyday expenses. Fortunately, there are several solutions available:

The easiest way is to choose a wallet with lower transaction fees or different rates.
You can use off-chain transactions or layer 2 solutions such as the Lightning Network, which can speed up transactions and reduce fees.

A Small Selection of Supported Cryptocurrencies

As the number of cryptocurrencies is growing quickly, it becomes clear that the crypto wallet should be convenient and have a wide choice of assets on different chains. In some wallets, the choice is limited, so the users have to use two or more wallets for all their assets.

The best solution might be a wallet that supports multiple crypto assets on different blockchains so that users will be able to store, exchange, send, and receive all the assets they need.

Difficulty in Importing Wallets

Importing existing crypto wallets can be daunting, but don’t worry.

There is a solution that can make the process a breeze. Users can easily migrate between wallets with minimal effort and risk by utilizing a wallet that supports BIP39 for generating mnemonic codes. This offers a seamless transition for those seeking to move their crypto assets to a new wallet. So, whether it’s for convenience or safety reasons, choosing a BIP39-supported wallet can provide a simple solution to the complexities of importing existing wallets.

Wallet Developers Access to your Private Keys

The most important task while choosing a crypto wallet is the opportunity to have full control over your funds. Some wallets have access to the user’s private keys.

This can leave your crypto vulnerable to theft and other security threats to centralized systems.

Keep your assets secure and steer clear of potential risks by using a non-custodial crypto wallet, where all private keys are stored only on your device.

Arctic Wallet is a non-custodial multicurrency crypto wallet that helps store your cryptocurrency securely. With Arctic Wallet, you can easily buy, sell and exchange nearly 300 cryptocurrencies on 25+ chains using a mobile (Android or iOS) or desktop app. It is a software wallet unlocking every function a beginner or advanced crypto user may need in one place.

Other useful features you can find in Arctic Wallet:

Portfolio and full history tabs
Address book
Integrates charts to follow the price in real time;
Lower fees than any exchange wallets;
Fee customization for sending assets;
15 min exchange freeze;
Ensures privacy as all the data is encrypted and stored on your device, not authority servers;
24/7 support chat.

You can find the full review on this wallet here. Store OKT and other assets safely with Arctic Wallet!

About OKT Chain (OKTC)

OKT Chain (OKTC) is an EVM- and Wasm-compatible L1 built on Cosmos, focusing on true interoperability and maximized performance. At high scalability, developers can build and scale with low gas fees. The OKTC ecosystem and infrastructure, including the all-in-one multi-chain Web3 interface, enables a seamless experience for developers and users.

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