So if you are involved in the Cryptocurrency World you need to know what Wallets are. These are a must to know in this Platform.
What is a Cryptocurrency Wallet?
In easy words Cryptocurrency Wallets are a secure Digital Wallet which is used to Store, Send and Receive Digital Currencies. Now, most of the known Cryptocurrencies have their own Official Wallets but you also have the option of Using Third-Party Wallets or the Wallets provided by various Exchanges.
Types of Wallets
There are plenty of Wallets available nowadays both Offline and Online. So I have broken these types of Wallets into Five categories.
Desktop Wallet
Mobile Wallet
Online Wallet
Hardware Wallet
Paper Wallet
Dextop Wallets
This is the most common type of Wallets available. In this case, you install an Application on your Desktop which directly connects itself to the Coin's Client. Thus giving you an Online Ledger.
Example - Exodus Wallet.
Mobile Wallets
These are wallets which can be installed on your Smartphones. These are getting a lot of attention lately but I have to say it's better to stay away from those as recently it has been seen that there are many Malicious Apps in the Appstore.
Example - Xapo Wallet.
Online Wallet
An online wallet is basically a web-based Wallet. In this case, you don’t have to download any Application, as the data is hosted on a real or virtual server. These wallets can be a bit risky as you don't own your Own Private keys.
Example - Exchange Wallets.
Hardware Wallet
This has to be the safest wallet in my mind. These are Dedicated hardware that is specifically built to hold cryptocurrency and keep it secure. These devices can go online to make transactions and get data and then can be taken offline for transportation and security.
Example - Ledger Wallet.
Paper Wallet
Last but certainly not the least is the Paper Wallet. In this case, you can print out a QR code for both your Private and Public keys. This allows you to send and receive Funds quite easily. Unfortunately, paper wallets are not that Popular these Days. But regardless they are quite safe.
So I hope you guys Like my Post on Crypto Wallets.
Stay tuned for more Posts like this One.
See you soon.