Avoiding the Pitfalls of Crypto Investing with ZenGo – Yahoo Finance
Investing in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) can be a rewarding experience. You’re participating in a cutting-edge financial revolution, and you can make serious returns in the process. However, as many investors have already found out, the market is full of pitfalls that can quickly sour the experience.
Investing in cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) can be a rewarding experience. You’re participating in a cutting-edge financial revolution, and you can make serious returns in the process. However, as many investors have already found out, the market is full of pitfalls that can quickly sour the experience.
Losing access to your funds by misplacing your private key, getting hosed by network fees, and waiting forever to speak to unhelpful customer support are just some of the very real pain points of the Crypto market.
ZenGo, available on iOS and Android, is a non-custodial wallet that solves these issues by making crypto investing safe, straightforward, and pain-free.
Your Funds Stay with You
Every crypto investor’s worst nightmare: You’ve just tripled your initial Dogecoin (DOGE) investment. You want to convert some of your DOGE into fiat, so you check the wallet or the exchange where you’ve been trading and holding your DOGE. The problem is, the website is down. Gone. That company folded while you were asleep and you’ve just lost everything you put in.
This is the problem with many wallets on the market. They are “custodial,” meaning they hold your funds for you, much like a bank. But unlike a bank, they are not FDIC-insured. If they lose your funds through a security breach or if the company folds, your funds are gone. This is why choosing a non-custodial wallet, like ZenGo, is so important. You remain the exclusive owner of your assets. You, and only you, get to manage them and decide what to do with them.
Your Funds, Your Face
Another scenario that strikes fear in the heart of investors is losing access to your private key or your seed phrase. If you forgo the apparent ease of a custodial wallet, you must always be in control of your private key. You must store it safely and make sure you and only you can access it. As long as you have your private key, you have access to your funds. But if you lose it, you lose your funds. ZenGo has pioneered an innovative solution by replacing complicated private keys with facial biometrics.
The app uses threshold signatures and replaces the traditional private key with two secret encrypted shares. One share is stored on your mobile device and the other on the ZenGo servers. This means if you lose your phone, there’s no need to panic. You can restore your account on a new device using the keyless recovery with your facial biometrics. And rest assured, you can add a secondary trusted face, in case something happens to you.
Most importantly, you will never lose access to your funds – even if ZenGo ceased to exist. The ZenGo team is committed to transparency and its cryptographic engineering is open source and publicly audited.
High Network Fees?
Another point of frustration when sending crypto is the network fees. ZenGo puts you in control by providing you with three fee modes with a cost and time estimate for each. You can choose the speed vs the fee that suits you best. Once sent, there are one-click options to speed up the process or cancel the transaction before it is confirmed on the blockchain.
Spending your Crypto
With ZenGo’s crypto payment card, using your funds will soon be even easier. The card will be available to users before the end of this year and will make it possible to use your crypto anywhere Visa is accepted. You’ll even be able to earn cashback and other rewards on your purchases.
Peace of Mind Helps
One of the most frustrating aspects of the market for many crypto investors is the lack of customer support. If something goes wrong, you can spend weeks sending emails back and forth with many companies. Oftentimes, you’re lucky if they respond at all. ZenGo is committed to providing its users with helpful and prompt customer support. You can chat with a representative right in the app. And it’s fast. The average response time is under 2 minutes. No sitting on hold for 2 hours, listening to smooth jazz.
All in One
The crypto market is full of obstacles to successful investing. ZenGo helps you navigate these obstacles and come out ahead. Whether you’re looking for the simplicity of managing your private key with facial biometrics, you have questions and want to speak to a real person, or you want to earn interest on the BTC you own, ZenGo gives you all you need, right in the app. But don’t take my word for it, check out their reviews in the Apple App Store or Google Play.
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