Cryptocurrency wallet types

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Some are safer than others. No, we're not talking about storing your Bitcoin in the freezer. Different types of crypto wallets offer different benefits. Some are highly secure but make it difficult to access your crypto on the fly, while others are almost as easy as using a debit card—and just as easy to hack. There's no perfect crypto wallet for every situation, but understanding the different types of crypto wallets can help you choose the best one for your needs.

Here's what you need to know. How crypto wallets work In simple terms, crypto wallets are devices that "store" your cryptocurrency the way a physical wallet stores your cash. In reality, crypto is stored on blockchain and crypto wallets store the keys that give you access to manage your crypto, whether you're checking your balance, receiving crypto from someone else, or spending it.

In that way, a crypto wallet is more like a bank account. While you can keep your crypto on a crypto exchange, such as Coinbase or Gemini, they hold the keys to your cryptocurrency—and, in a way, your crypto. They give you access to your crypto, but you don't get control over how it's secured. What is a crypto wallet? An app to safely store and retrieve digital assets. What is a Crypto Wallet? A crypto wallet is an app that allows users to store and retrieve assets of a digital nature.

Still, it helps considerably to store it all in one place. There is no physical coin to speak of. Cryptocurrency is, at its core, a decentralized ledger of transactions and balances recorded to and authenticated by the blockchain. In the end, what your digital wallet stores are the public and private keys required to initiate and receive these transactions and to track balances. Without your keys, as some unfortunate traders have found out, you lose access to your funds.

How Crypto Wallets Work In simple terms, crypto wallets are comparable to your bank account. There are unique codes — called keys and addresses — used to identify the wallet. Crypto wallets utilize both a public address and a private key. Whenever a user acquires cryptocurrency like bitcoin, their balance is recorded and stored by a crypto wallet. Likewise, transactions are initiated from the crypto wallet to send currency to others.

When you acquire cryptocurrency, either through a currency exchange or as a gift, the sender will direct the funds to the unique public key issued by your wallet. You can spend assets from your wallet for just about any purpose.

Comparing Hot vs. Cold Wallets Now, not all crypto wallets are created equal. There are two basic categories under which all wallets fall; however: hot wallets and cold wallets. Hot wallets are simply cryptocurrency wallets that are connected to the Internet. In contrast, cold wallets exist in a physical form and are not connected to the Internet.

Hot Wallets If one of these two could be considered the most popular, it would likely be hot wallets, thanks to the many options out there with a slick, user-friendly UI. Hot wallets have been around ever since cryptocurrency — namely bitcoin — emerged as an asset. Most mainstream cryptocurrencies such as XRP, Ethereum, and Bitcoin have various digital wallets available for use. Each one offers different features and customizations to choose from.

Hot wallets are available in both online and desktop applications. Cold Wallets Cold wallets, as we mentioned above, are not connected to the Internet. Each offers its unique pros and cons. The Types of Crypto Wallets in Use There are several different types of crypto wallets in use among cryptocurrency owners. The one you choose will depend mainly on your personal preferences, your security needs, and the built-in features of each type of wallet.

Hardware Wallets Hardware wallets are one of the safest options available, as well as one of the most convenient methods for storing your cryptocurrency. Hardware wallets store public and private keys in a physical device that is highly secure, thanks to its lack of internet connectivity.