In The News
What’s in your (crypto) wallet!
By Neil Jacobs
When the average person hears the word ‘cryptocurrency’, the first thing that may come to their mind is the many stories of people losing or having their cryptocurrency stolen. Today, I’ll try to put your mind at ease and I’ll be talking about the places you can store your bitcoin, ethereum, and other cryptocurrencies.
Wallets! You may be thinking, that’s a word I’m familiar with. And just like the way you store your US dollars (or other fiat currency) in that wallet in your pocket, you will want to store your private keys associated with your digital currency in a wallet. Today, I will be talking about some of the wallets available where you can store your private keys. The wallets I will be discussing today are:
- Hardware Wallets (safest)
- Desktop Wallets (can be safe)
- Web Wallets (less safe)
- Mobile Wallets (less safe)
A wallet can be classified as either cold or hot. A hot wallet is one that is connected to the internet. Hardware wallets are cold wallets and of the wallets, I will be discussing today, I would consider hardware wallets the safest wallet to store your private keys on. A hardware wallet is an actual physical device that will hold your private keys. I own two hardware wallets, a Trezor and a Nano S Ledger. The most time-consuming part of setting up either of these devices is writing down your 24-word recovery seed. This will be the only way you will be able to recover your private keys if your device is lost or stolen, so make sure you write down multiple copies. Before purchasing your hardware wallet, you will want to look into whether it holds the type of cryptocurrency you hold. (If you want to purchase either the Trezor or Nano S Ledger, I would recommend buying them directly from https://trezor.io or https://www.ledgerwallet.com.
A desktop wallet is a software you will download on your computer. First off, when you download anything off of the internet, you always need to make sure it isn’t a trap. Do your own research and make sure you are downloading software from a legitimate source. Desktop wallets are typically easy to use, but since they are on your computer, presumably your computer will be hot and connected to the internet. Anyone who gets access to your computer can theoretically steal your private keys. You can take extra precautions and buy a laptop specifically for crypto and keep it not connected to the internet (yes, people do this).
Web Wallets (aka Online Wallets) are typically accessed through a web browser. I would include exchange wallets in this category (Coinbase, Binance, etc.). Any time that your private keys are kept on a central server outside of your control, they are vulnerable to a hack. Additionally, while you are accessing these wallets, if a hacker has control of your computer, they could steal your crypto. One might ask, why use web wallets at all? In terms of exchanges, day traders will find it convenient to keep their crypto on exchanges. There are typically fees when you withdraw from wallets. Web wallets also provide easier use than a hardware wallet which you would need on you to access your private keys. Bottom line, if you can avoid keeping your private keys on web wallets, avoid it!
Like web wallets, mobile wallets are very easy to use and like most people these days, you will almost always have access to your phone. That is the advantage. The major problem with mobile wallets is that they are extremely vulnerable to attacks. Phones are subject to malware, actual physical tampering, and they are usually hot.
For the most safety and security, buy a hardware wallet! Investors and traders should invest in one of these. It will give you peace of mind.
As for anything in crypto (and in life), don’t just take my word for it. Always look at multiple sources and do your own research.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
SMB Nation Admin
Wise minds are always innovating. That’s exactly what’s occurred with long-time SMB Nation member Grace Schroeder (remember the Idea2 CRM?) with her new company Slingr. Schroeder and team have launched a supporting actor application in a category I just made up called SMB channel partner ecosystem extenders. Essentially Slingr found a gap that needed to be filled. In particular this blog concerns Slingr’s integration of Slack to the Autotask professional services automation (PSA) solution…
ChannelE2E – Nov 20, 2017, by Sarah Kimmel
The right communication tools are essential for successful interactions within the company, and even outside of the company. Amid that reality, Slack has gained tremendous popularity over the last few years. As more companies continue to choose Slack as their preferred method of communication, third-party tools are looking to integrate with the platform.That’s even true in the MSP-centric market, where SLINGR’s SLINGRbot has been promoting Slack integrations with PSA platforms. We mentioned a few months ago that SLINGRbot does, in fact, work well with Autotask. Fast forward to present day and we have a little more insight on how Slack and Autotask integrate, thanks to SLINGRbot…
ChannelE2E – Aug 24, 2017, by Sarah Kimmel
Chat programs have always been a great way to communicate internally. Back when MSN Instant Messenger was pretty much the only game in town, it was mainly used to chat about issues, projects or just life. Luckily for everyone, technology has advanced and chat programs can do so much more, including help you improve customer service.Companies are now creating integrations into chat programs, like Slack, to help bring a central platform that assists users with communicating not only with other people but programs they interact with on a daily basis.Indeed, SLINGR just announced its integration tool. SLINGRbot is a new approach to Slack bots that gives users a unified bot experience across multiple applications. So far, it integrates Slack with Autotask’s PSA (professional services automation) software. More integrations are coming.
New vendors arise regularly, often by targeting narrow use cases to establish themselves. Slingr enables quick creation of apps using front ends such as Slack and Salesforce as a back end.
Forrester Report – July 31, 2017, by John R. Rymer
Client interest in low-code development platforms is rising — a logical response to the extreme pressure for new, modern software to win, serve, and retain customers. How do low-code platforms help AD&D pros create better software more quickly? Declarative development and incremental application development allow developers to build major types of business applications faster and more accurately than traditional coding and enterprise licensing models. ..
TechCrunch – Nov 8, 2016, by John Biggs
Created by experienced product manager Grace F. Schroeder, Slingr was designed first as a platform and then as a product. Shroeder wanted something that a disparate team could use to connect with each other and set up tasks and code maintenance. Her experience at multiple very early cloud startups told her that software as a service was the way to go..
Press Release – Nov. 3, 2016
Press Release – Sept. 12, 2016
SLINGR launches Slack integrations with Google Contacts and Calendar. SLINGR, a workflow automation app for Slack teams, announces two new integrations available on the Slack Apps Marketplace. “SLINGR users wanted to put tasks on their Google calendars from Slack,” said Grace Schroeder, CEO.
SLINGR announces SLINGRbot, the only solution that communicates with any application or data source from Slack
Press Release – Aug. 23, 2017
SLINGR announces SLINGRbot, the only solution that communicates with any application or data source from Slack. “Today, many users experience chat overload when vendor-specific bots litter their Slack channels with different commands and behaviors. –