4 Common Crypto Wallet Problems And How To Solve Them

With the rise of cryptocurrency wallets in the new modern era, the technology surrounding digital assets has advanced hugely over the last decade or so. Whether you are a seasoned veteran or a novice beginner using cryptocurrency, you will have had to navigate crypto wallets to manage your digital assets, such as Bitcoin and Ethereum. Crypto wallets can now be used across lots of different industries as crypto becomes increasingly popular. Online streaming platforms, phone networks, the retail industry, and, perhaps most famously, the online casino industry have all widely adopted cryptocurrency payments. Those using online casinos have long since favored using crypto, such as trusted bitcoin roulette sites, for their rapid transactions, secure tech, and anonymity. 

Whilst crypto can often be seamless and instant, things can go wrong - especially when it comes to crypto wallets. Despite being generally secure and convenient, they are not a failsafe. Let’s take a look at the 7 common crypto wallet problems and how you can solve them. 

1. Lost Keys

One of the most common problems with crypto wallets is losing access to your private keys or your seed phrase. Without this, you lose access to your funds, which could be permanent if you can’t get these codes back. When it comes to decentralized funds and crypto, there is no option to recover your password. 

But there is a solution to this. One of the most effective ways to make sure you don’t lose your keys and access to your keys is by using a hardware wallet. This allows you to securely store your seed phrase in an offline setting. You can also spread this across multiple locations to enhance your security with the keys with an effective backup option. However, you want to make sure you don’t lose this hardware as well. Doing so could see your keys lost forever, like this unlucky man from Wales. Taking practice to never store your seed phrase in cloud storage or on your phone is also smart to avoid hackers or unwanted personnel. 

2. High Fees

Most cryptocurrencies can add on small transfer fees for their transactions, which can be hidden and impractical. The network congestion on blockchains (known as gas) can make things a bit more expensive than you first thought. 

To try and avoid these transaction fees, you can adjust features on your wallet to set custom gas fees. Additionally, using an intermediary business such as Arbitrum or Optimism offers lower fees than the standard networks. 

Equally, choosing the time when you are operating on crypto will change the fees you are paying. Fees vary depending on the demands, so it could be a wise idea to use tools such as Etherscan and Gas Tracker to seek out cheaper times. 

3. Malicious Activity

Crypto wallets and cryptocurrencies in general are very safe and secure. Indeed, they are one of the safest ways to transact finances digitally. But ultimately, there remains a risk of fake wallets and phishing attacks from malicious individuals. These cybercriminals seek to steal credentials and phrases from people in order to access their digital assets. 

To stay as risk-free as possible, you will want to download wallets from official sources. Obtaining wallets from trusted, verified sites ensures security. In addition to this, you will want to avoid fake domains and stick to your saved bookmark websites without delving into more dodgy websites. All of these trusted and legitimate websites will never ask for your seed phrase for transactions. 

 Once a hacker has access to your wallet and keys, a hacker will be able to drain your funds instantly. Due to the decentralized nature of crypto wallets are rarely recoverable, and there is no one you can go to gain these funds back. As further security measures, enabling 2-factor authentication, using encrypted websites, and using sites like revoke.cash to limit access are all good ideas. 

4. Not Syncing To Blockchain

There are times when your digital crypto wallet will fail to sync properly. This can be due to connection issues or network issues. This means that your wallet might show a wrong balance or have no transactions. To avoid this, you’ll want to ensure that you’re running the latest version of your wallet, manually refreshing to ensure that you are all up-to-date, and checking the network settings to ensure that your tokens are connected to the correct endpoint. 

Final Thoughts

The power of cryptocurrency comes in its decentralized focus, which takes the power away from governments and other financial institutions, but does leave crypto open to some issues for users. The security and control which crypto offers is perfect for financial transactions, but it does require you, as an individual, to brunt some of the responsibility. Understanding the common problems, having access to solutions, and implementing safety measures to make sure that you protect your digital assets with confidence are imperative.