How to Check Crypto Wallet Balance
As you enter the world of cryptocurrency, it’s essential to learn more about protecting your investments. A great way to do this is to store them in a crypto wallet. Keep reading to learn more about the types of wallets available and how to check crypto wallet balances.
Exploring Different Types of Crypto Wallets
Crypto wallets all serve the same central purpose: providing investors with a secure location to store their cryptocurrency and token keys. However, not all wallets are the same; they fall into two main categories: hot wallets and cold wallets. Let’s learn more about each of these options and their pros and cons.
Hot Wallets
Hot wallets can come in a few different forms, though they all contain crypto assets via software. As such, they can be accessed from any device connected to the internet.
Some advantages of hot wallets include the following:
Incredible Accessibility: Hot wallets are popular because they make it easy to access your cryptocurrency. You can manage crypto on the go through your phone or laptop in no time at all. As long as your device connects to the internet, it can be used to access a crypto hot wallet.
Versatile Trading: Hot wallet owners can conduct various trading activities from their hot wallet. Tokens and crypto can be stored, sent, and received from the same place.
However, hot wallets have their drawbacks. These are some elements that may discourage crypto enthusiasts from opting for a hot wallet:
More Easily Hacked: Since hot wallets are stored on the internet, they are susceptible to hackers. While accessibility is ideal for wallet owners, it also leaves their assets more at risk online.
Not Secure for Storing Keys: Due to the risk of hacking, hot wallets should exclusively be used to store cryptocurrency and tokens. They are not a strong choice for storing transaction keys.
Now that we have explored the pros and cons of hot wallets let’s learn more about how cold wallets differ from them.
Cold Wallets
Cold wallets, much like hot wallets, can come in various forms, though they all share one aspect: they are not stored on a digital device. As such, they are not directly linked to the internet; cold wallets are often stored on hardware devices resembling USB drives or printed on paper.
So what are some of the advantages of cold wallets? Let’s explore:
No Risk of Hacking: Since cold wallets have no online presence, there is no risk of them being hacked. This makes them a very secure location for storing cryptocurrency, tokens, and private keys.
Add an Extra Level of Security: For those who want to further protect their investments, cold wallets can be made more secure using a method called deep cold storage. This is the act of storing the cold wallet in a difficult-to-access location, such as a safe or a bank.
That doesn’t mean that cold wallets are a perfect storage solution. Consider these factors when deciding whether to buy one:
Paying for Wallet: Since the wallet is stored on a physical device, buying the device in the first place is an extra fee to keep in mind. Cold wallet hardware typically costs between $50 and $200.
Can Be Lost: Buying a cold wallet is not a complete safeguard against losing your investments; you will need to keep track of the physical location of your wallet. If you forget where you put it, your crypto will be inaccessible.
How to Check Crypto Wallet Balance: A Guide
Are you are still wondering how to check crypto wallet balances? There’s no singular answer to this question, given that checking your balance depends on whether your savings are stored in a hot or cold wallet.
Accessing Hot Wallet Balances
For a hot wallet, navigate to your block explorer or crypto app of choice. If you opt to access your wallet through the former, remember that the explorer you use depends on what type of crypto you have invested in. Typically, each crypto company has its own corresponding block explorer. For example, if you have an Arbitrum investment, you will only be able to access your hot wallet through the Arbiscan block explorer.
Once you have selected an appropriate app or block explorer, enter your public address in order to access your account. The account’s homepage should come up automatically, and on it you will be able to view your crypto balance, its worth in USD, and your token holdings.
Accessing Cold Wallet Balances
Although your cold wallet is stored in a physical location, you will still need a mobile device in order to view your account’s balance. Once more, navigate to an appropriate block explorer site.
However, this is where the process differs: while you can manually enter the public key to access your account, you can instead use the QR code on your cold wallet in order to sign in faster. Much like the hot wallet, your account’s homepage should come up quickly and complete with your balance details.
At this point, should you want to transfer crypto to another account or buy more assets for your cold wallet, you’ll need to enter your private key manually or through a corresponding QR code.
Find New Ways to Access Your Assets with Pelicoin
Learning how to check crypto wallet balances is only the beginning of your Bitcoin journey. If you are looking for more ways to stay involved with the crypto market, consider completing your next transaction with Pelicoin. We offer Bitcoin ATMs in four different states and convenient places, making it easy to trade when you’re getting gas for your car or picking up the groceries. Managing your investments is as simple as using a hot wallet with all the security of a cold wallet, thanks to our identification system.
To learn more about us, stay up to date on the latest crypto news, and use the Bitcoin ATM with the lowest fees, check out our blog and get in contact with us today.