Crypto Self-Custody Is Going Mainstream | by Pavle Marinkovic | March 2023

Crypto wallets are the key to mass adoption

Microsoft is the last company you think of when you talk about blockchain.

But there was also the obscure thing called Bing.

And now look at it, integrate ChatGPT and go super saiyan.

Microsoft Edge will apparently have one built-in crypto wallet.

Since it’s built into Edge, you won’t need a browser extension and you’ll be able to easily buy crypto (from Coinbase and MoonPay).

And this is just the beginning of the mainstream use of self-storage wallets.

On top of Edge’s 4.27% global share of the browser market, another major player, Opera, also has a built-in crypto wallet.

With Opera’s 2.27% share of the browser market, around 600 million users will be able to manage cryptocurrencies without having to use a separate application or website.

Brave browser is next on the list with 57 million monthly active users.

But as far as built-in crypto wallets go, that’s it…for now.

While it’s not ideal, we have it too browser extensions.

What is the difference?

While a native crypto wallet is integrated into the browser, a browser extension wallet is an addition to the browser. Extension wallets are usually more feature-rich and customizable, but they require installation and can introduce additional security risks. Thus, they are more vulnerable to malware attacks.

Since Google Chrome is by far the most used browser (66% market share), but it does not have a built-in crypto wallet yet, browser extensions allow crypto to tap into this market.

Among the most used crypto wallet extensions are MetaMask, Phantom and Nami, and they all operate on Chrome.

Apart from regulatory clarity in the crypto space, is a key to massive adoption convenience.

A built-in crypto wallet allows people to store and trade digital assets without having to switch between different apps or websites. This also provides a more secure option than relying on a third-party service or extension to manage your crypto.

Crypto must be easy to use and accessible to a wider range of people. This implies:

• Simplifies the process of buying and storing crypto.
• Improve user interface.
• Make it easier to use in daily transactions.

Crypto wallets are the key to all of this.

There is always a debate.

A hot wallet (connected to the internet) and a cold wallet offer different trade-offs. The following comparison can help you decide which one to choose.

ONE hot wallet is more convenient since it is available through the browser itself and can be used while browsing the web. With a cold wallet, you have to connect it to a device and use a separate application to manage crypto assets.

However, despite the trouble, a cold wallet is generally considered more secure. Cold wallets store your private keys offline, making it much more difficult for hackers to access them. In contrast, hot wallets are connected to the internet and thus more vulnerable to hacking attacks.

But hot wallets are still a secure option if you take appropriate measures such as using a reputable browser, enabling two-factor authentication, and keeping your private keys secure.

ONE hot wallet is general easier to use. You don’t have to worry about hardware or software setup and can start managing your crypto assets right away. Cold wallets require more setup and technical knowledge, which can be a barrier for some users.

Cold wallets are more portable. You can easily carry it with you and access your crypto assets on any device with a USB port. Hot wallets are linked to the browser you use and cannot be easily transferred to other devices.

• If you plan to hold a large amount of crypto or are concerned about security, a cold wallet may be the better option. I have a Trezor wallet and am very happy with it. I would recommend using it whether it’s a Trezor One (cheaper) or a Trezor Model T (a more advanced wallet).
• If you are just getting started with crypto and value friendliness, a hot wallet can be a good choice.

Built-in crypto wallets in browsers can play a crucial role in making crypto more accessible to a wider range of people.

As more companies integrate crypto wallets into their products and services, we can see a significant shift towards mainstream cryptocurrency adoption.

This integration of technology and economics is just the beginning of a new era.

“All revolutions are impossible until they happen. Then they become inevitable” – Albie Sachs

Note: this is not financial advice. You should always do your research before making any financial decisions. This article contains referral links.

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