Zero Wallets
Exchanges are fine but you’re always safer storing your coins in your own wallet. On top of that, you get many more features such as Z transactions and a custom transaction fee. Backing up your Zero wallet and/or private keys is an important part of managing your valuable digital asset and the best way to prevent loss of access to your Zero.
Why do you need a Zero Wallet?
Security
Keeping your coins on an excange is not as secure and safe as keeping them in your own wallet. There are a few reasons for this:
1. An exchange is a much bigger target than you, therefor much more likely to get hacked
2. With more users, exchanges can encounter more problems
3. Exchanges can go out of business without you being able to withdraw your coins
Features
Exchanges only allow you to send and withdraw, and with their own imposed fees, and restrictions.
Your chosen wallet, on the other hand, will allow you to transact on your own terms, with fees you want, let you choose between T and Z, and more.
The best thing about it is that it’s faster. Some exchanges wait for bulk transactions to process them, making the process much slower than usual.
Ease of Use
You might think that exchanges are easy to use, and they are in some cases, but wallets are easier to use.
Instead of searching for your coin within hundreds listed on an exchange, you can open your wallet and send within the next second – no need to search for your currency.
On top of that, there are mobile wallets which you can install on your phone. These can make it much easier to transact without even turning on your computer. You can send and receive ZERO by using QR codes to add an address, or share your own address.
You Own Your Coins
Even if you prefer exchanges over wallets, you probably prefer to own your coins. Exchanges say that you own your coins but you don’t have the keys to your address. If the exchange gets hacked or exit scams, there’s no easy way to recover your funds.
With a wallet, on the other hand, you can easily recover it. If you lose your phone or accidentally forget to save your wallet before formatting, you can easily recover it using your address’ private keys or a wallet file which contains all the necessary information.
Stay safe out there, use a wallet, don’t keep a lot of coins on exchanges.
How do I backup my Zero Wallet?
Backing up your Zero wallet and/or private keys is an important part of managing your valuable digital asset and the best way to prevent loss of access to your Zero. Computer or storage device failures, operator errors or bugs in the code may result in loss or corruption of your wallet (and the private keys required to spend Zero from your addresses). We highly recommend backups on a regular basis, and specifically after a new transparent or shielded address is generated.