Article No: 13
Date: 03/11/22
Topic: Crypto Wallet
HI everyone today I am going to write about crypto Wallet
Cryptocurrency wallets store users’ public and private keys while providing an easy-to-use interface to manage crypto balances. They also support cryptocurrency transfers through the blockchain. Some wallets even allow users to perform certain actions with their crypto assets such as buying and selling or interacting with decentralized applications (dapps).
Pixaby: Support cryptocurrency transfer
Each wallet can be used in different way and it has its own purpose. Cold wallet is used for long term hodings and by whales mostly . They prefer to use hardware devices that can keep your data offline. In hot wallet , we internet is needed . The cold wallet doesn't require security options like in other wallets and is more safer
Hot wallets are linked with public and private keys that help facilitate transactions and act as security measures. Because hot wallets are connected to the internet, they tend to be somewhat more vulnerable to hacks and theft than cold storage methods.
Istock: Private key wallet are not secure
Scammers are everywhere and in that hot wallet case you have to be very careful about your 12 keys phrase. Unless you have it and safe . However, this is hard in non custodial wallet to make it safe always and risk of loosing. Also, only allow wallet permission to use until you verify the new websites if it is safe.
Pixaby: scammer doing scamming so need to remain active
Also may be mostly people don't know about custodian wallet so custodian wallet is basically the wallets that is protected by third parties, So examples of custodian wallets are the wallets you have on CEX apps and platforms, All custodian wallets I think are in some ways hot wallets because they require internet connections to be accessed.
❓There are different types of Wallets such as Hot & Cold Wallets, Custodial & Non Custodial Wallets etc.. So, Which one is suit for you & Why?😀
Pixaby: which one will choose you and why!
🤔 As there are lot of functions & Compatibilities in Crypto Wallets, Lot of users have been victimized in to scams by using the decentralized or centralized applications. Will that be eliminated if team of crypto wallet focus on some adavanced security options?🙄
Thanks for reading!
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