CRYPTOCURRENCY WALLETS : ALL YOU NEED TO KNOW !
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In this post I will talk about the cryptocurrency wallets and everything you need to know about them . So lets begin with the basics .
What is a crypto wallet ?
A software program that stores keys (private and public) which you can send or receive . You can also check your balance and trade one coin into another one .
What types of wallets exist ?
There are several types wallets :
- Desktop wallet - This is a wallet downloaded and installed on your PC . Only available on the PC it is installed on , so you can not use it if you are not at home .
- Cloud wallet - Also known as online wallet . They are accessible by any computer device ( PC , tablet , phone and etc. ) and at any location where you have an internet coverage . They store your coins online . One of the problems is that they can be hacked easily than the other wallets .
- Mobile wallet - This is app on your phone ,tablet or any other mobile computer device .
- Hardware wallet - This wallet store its storage on a hardware device with USB connection to a PC or anything with USB connection . You can make transactions online , and than you can unplug your wallet so you can have them saved .
- Paper wallet - A wallet that can be written on a piece of paper , printed or any kind of physical material .
What is "cold" and "hot" wallet and what is the difference between them ?
Cold wallet is any wallet that store its coins on place without internet connection.
Hot wallet is any wallet that store its coins on place with internet connection.
IMPORTANT : all wallets have their PRIVATE KEY . this private key must not be losed . If you lose your private key this means that you lose your money as well .
I will make a separate post with more info about the paper wallet very soon , so stay in touch :)