Have you ever invested in cryptocurrencies? If yes, then you must know about crypto wallets. Crypto wallets are not your regular e-wallets/digital wallets. Digital wallets or e-wallet is virtual storage, in which the user’s store their identification and payment information for various payment systems.
Blockchain is a highly complicated concept. One must be careful before trading with cryptocurrencies. Cryptocurrency is different from Fiat currency, they don’t have a physical presence. So you must beware of malware, viruses and hackers. Wondering how to store your cryptocurrencies? Here is where crypto wallets come into the picture. Choosing the right wallet is also important as you have to keep your digital currency safe. There are wallets that store one cryptocurrency and there are wallets that store multiple cryptocurrencies.
Wondering what is the best bitcoin wallet available in the market? Stick till the end to find out.
Here are a few crypto wallets you should know about.
Web Wallets
Web Wallets are online-based wallets. All you need to do is click on the URL to access it. These wallets usually have a username and password that requires you to log in. You can access these wallets from any internet browsers such as Firefox, Google Chrome, Safari and Internet Explorer.
Some web wallets are hosted, while some are not, it completely depends on the type of wallet you’re using. If you want to control your cryptocurrencies use non-hosted wallets. Hosted wallets are not safe once they’re DDOSed or hacked. One of the biggest advantages of web wallets is that they don’t require installation. But you must not share your login details to keep your account safe.
Mobile Wallets
These wallets are managed through mobile phone. Mobile wallets are easy to use and currently, people are using these wallets mostly for Altcoins and Bitcoins. You can install these wallets like any other apps and spend your funds on a go. It is safer than online wallets and also highly convenient for people who use cryptocurrency as a regular payment option.
Most of these wallets also have QR scanning feature. But, you must be careful to not lose your mobile and beware of malware and other mobile viruses. You can also find mobile versions of many desktop and online wallets. Most cryptocurrencies have mobile wallets that are compatible with both iOS and Android. Before trusting a mobile wallet, see that it provides features such as control over your private keys, easy to use UI, restore and backup, compatible with other operating systems and an active development community.
Desktop Wallets
Desktop wallets for cryptocurrency that are installable software packs. These are available for all desktop platforms such as Windows, Linux and macOS. Desktop wallets have a big list of assets that they support and also offer features such as portfolio charts, built-in exchanges, etc. Make sure that you maintain security on your systems.
Since it is your laptop or desktop that connects to the internet, you must be careful against malware, viruses etc. Install a strong firewall, anti-malware and antivirus software. These are the best way to save your cryptos, instead of keeping them on exchanges. It is highly convenient to trade currencies with desktop wallets. You have utmost control on your private keys.
Paper Wallets
Paper wallets are not talked about often compared to other wallets. But, they provide excellent security and are easy to use. Simply put, paper wallets are a physical copy of your private and public keys. A paper wallet is straightforward and there are paper wallet generators that create and print a pair of keys along with a QR code. If you want to add funds, you can add transfer your funds to a public address of your paper wallet. You can put these wallets in cold storage where hackers cannot reach.
If you want to transfer your funds, then simply transfer them from paper wallet to another wallet by scanning QR code or using private keys. Your cryptos are safe as they cannot be hacked by a hacker and any virus cannot attack as they’re not stored on any online device. You must be careful while using these devices as they can be destroyed easily and it is hard to use it for day-to-day transactions.
Hardware wallet
Compared to other wallets, a hardware wallet is unique. You can store all your private and public keys on a physical device. This device is similar to a USB device but it comes with an OLED screen. It comes with side buttons that make it easy to navigate through the interface of the wallet.
This is the most secure wallet compared to other wallets. It comes with high-security features that protect your private keys from hackers and malware. You can connect these devices with a USB port to your mobile and computer. It allows you to store more than 22 cryptocurrencies. This type of wallet is costly but provides you with utmost security.
Conclusion
Digital currencies are gaining lots of recognition. People are taking an interest and started trading in these currencies. To keep these currencies safe you must store them in wallets. No matter, what type of digital currency you’re trading with, you can store them. These wallets are user-friendly and easy to use. There are both single currency wallets and multiple currency wallets. The above listed are five types of crypto wallets that you can use to store your digital currencies. Choose the one that meets your requirement.
