The electronic wallet (also known as e-wallet or wallet), has been one of the means of payment that has experienced more growth in recent years in El Salvador and other countries in the region. The rise of digital wallets has occurred both in companies and common people in their daily lives.

Ordinary citizens, businesses, companies, financial institutions and digital services have seen the advantages of using a digital wallet as a means of payment. Digital wallets allow to make different financial transactions and operate from a cell phone or any other device.

Since the entry into force of the Bitcoin Law, cryptocurrency wallets have gained more popularity among natural and legal persons in El Salvador. According to our IT manager, Samuel Meléndez, cryptocurrency wallets are a good option to make payments and transactions.

For Meléndez, the importance of wallets in the world of cryptocurrencies is the fact of being able to use the platform where digital assets can be stored, having it at your fingertips and in the safest way.

Our expert indicates that the advantage of cryptocurrency wallets is the storage of private keys so that digital assets are secure and transactions can be signed with total control of the information.

In addition, Meléndez indicates that there are two types of wallets: The first is the hot wallet that can be applications or installed as browser extensions and the second is the cold wallet, which work without internet connection and can become the safest option.

When it comes to choosing a digital wallet, our expert assures that there is a great offer in the market: “The most reliable and the most secure is called Coinbase and there is also Binance, which has its own wallet service.”

However, security must always be taken into account when choosing a wallet. Meléndez recommends choosing the most well-known electronic wallets, in the sense that you can know the developer company and not fall into scams; also, you have to know the verification methods to “be safe when making transactions”.

“Those that have less security are the most prone to be hacked, to be victims of fraud. That is the most important point when choosing a virtual wallet,” he explained.

To make good use of e-wallets, you should avoid sharing passwords and store user information where no one can access it. Secondly, you must have an extra application when validating your identity and carrying out transactions; in addition, you should not connect to open wifi networks to avoid the danger of hacking.

At Torres Legal we support payments with different cryptocurrencies and use different wallets as a payment method. In addition, we advise our clients so that they find legal security when making their financial transactions through cryptocurrencies.

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