Are you new to the crypto world? Want to brush up on your knowledge about crypto wallets? If so, you’ve come to the right place. In crypto world, there’re a number of platforms and tools you need to use to facilitate crypto transactions. A crypto wallet is one among them. Let’s discuss in detail below:
What is a Crypto Wallet?
A crypto wallet is a physical medium, service, program or a device used to store private or public keys, track ownership, and spend or receive cryptocurrencies. One thing should be cleared that there’s no cryptocurrency in the wallet, it’s the keys/information that is used to access your digital currency.
What are Different Types of Crypto Wallets?
Choosing the right crypto wallet type is crucial to the safety of your digital assets. Having a full knowledge about different types of crypto wallets will help you choose the right type meeting your criteria. Let’s go through these types and see what best suits your needs:
As their name suggest, hardware wallets are physical devices built especially for handeling public addresses and private keys. It has a USB-like construction with built-in OLED screen and side buttons to interact with the wallet’s interface. These wallets need no battery, meaning they will function only when connected to a mobile device or a PC. Since it’s a physical device and can’t be accessed online, it’s less vulnerable to hacking attempts.
This wallet type isn’t for everyone, as it is a little bit technical and requires highest level of caution from the user. Your private key and address is printed onto a paper rather than being stored somewhere online.
It’s the most common type that’s being used by a vast majority of crypto users all over the world. This is because they are mobile based and easy to use.