✔️ Information reviewed and updated in November 2023 by Eduardo López
Having cryptocurrencies is not limited to only investigating which are the cryptocurrencies with the most value or buying them and now, it is also necessary to take into account some points. One of them is storage, for this there are so-called Wallets which can be private (specific to each developer) or shared like those of the platforms.
But not everything ends there, since it is necessary to monitor and control the value of cryptocurrencies and their use, that is, if we buy or sell. That is why here we will tell you what are the ways to control your cryptocurrencies and know their value.
➡What is a virtual wallet?
The virtual wallet is a complement to your private Wallet, a wallet designed to monitor and control your cryptocurrencies. In this way, you can know if the cryptocurrency rises or falls in price, if you increased your stock or if it is low.
Each wallet is designed to help you keep track of your private wallets on a single device or file. In this way, you can centralize all the data and make decision-making much easier. Depending on the chosen virtual wallet, it is the type of data that you can obtain.
➡Types of virtual wallets
Believe it or not, the famous tables and data program that you have on your PC is a good option to create your own virtual wallet. You just have to import the information of the price of your cryptocurrencies and voila, you can set up your own wallet.
This could be a bit complex at first, especially since you have to add different formulas and statistical functions. Once you achieve it, you can customize your own wallet 100% by adding the data you want and even placing graphics for a more punctual follow-up.
Another good alternative to create an electronic wallet easily and quickly is to use a specialized website. On the internet we can find options such as Central Charts and CryptoCompare which allow us to create a virtual wallet in a matter of minutes.
These types of internet pages offer us many benefits such as practicality when using them, since we can access them from any device. They typically integrate a lot of functions and data in real time. In addition, being hosted on the internet, they do not take up storage space or are limited to just one device.
Considered as the evolution of web pages, apps are undoubtedly one of the greatest innovations in this segment. And now you can have all the data at your fingertips whenever and wherever you want just by having access to the internet.
Many of these applications offer us a large amount of data such as the evolution of the price of the cryptocurrency based on other currencies such as the dollar. Another great advantage is that we have performance charts which make it easier to analyze this information.
The advantages of mobile applications is that they are much simpler to perform than Excel, as well as easier to access than a website. There are even applications with reduced data consumption which helps us to use it without running out of our internet megabytes.
Take into account that the app market is not yet 100% developed, so there are applications that may limit the data presented or even lack graphics. We recommend that you make a comparison of mobile applications to choose the best virtual wallet.
➡Why use a virtual wallet?
Better control of your cryptocurrencies
A very common mistake among people who have started to invest is not following up on their investment.. Not being aware of their prices, if they go up or down, if the market is unstable or, on the contrary, there is a lot of confidence, can be a serious mistake.
If you want to make better decisions and maximize your returns, then you should pay close attention to your cryptocurrencies. In this way, you can anticipate a fall and reduce losses or take advantage of a price increase to earn more money.
Prevent fraud and theft
Although a virtual wallet does not have the main task of protecting your cryptocurrencies, it is a good way to guarantee that they are not compromised. This is because, With a virtual wallet you can be aware of your cryptocurrencies and possible strange changes.
For example, if you see that suddenly you have 0.001 less cryptocurrencies and you did not make any transfers, then you can find out what happened. Remember that control is the best way to prevent any loss or any leak. Although this hardly happens, it never hurts to anticipate.
Group information on a single platform
Having the information dispersed and on multiple platforms can be very complex, especially when reviewing our cryptocurrencies. Nobody likes having to go from Wallet to Wallet checking how virtual currencies are behaving.
Using a virtual wallet will help you to group all the data of your cryptocurrencies in one place and under a single graph. This will not only allow you to monitor and control it easier, but also much more complete, since you can even compare currencies within the same wallets.
➡What you should take into account of a purse
It is important to take into account whether the virtual wallet has a cost or not, since some options may require a payment to use them 100%. There are also options that are 100% free, such as creating your own Excel file.
It is always important to choose the virtual wallet based on what you need because if you need to do professional operations, then it is best to use a complete wallet. Instead, if you just want to follow the behavior of virtual currencies, you can use an app or a basic Excel file created by you.