5 Types of Cryptocurrency Wallets

04:21 PM UTC+8, 01 Dec 2018
5 Types of Cryptocurrency Wallets

5 Types of Cryptocurrency Wallets

Published 04:21 PM UTC+8, 01 Dec 2018

Before you can send and receive any cryptocurrency like bitcoin, ethereum, ripple, first step is to have a cryptocurrency wallet. 

Different types of wallets are used for different purposes at various times and places.  In total, there are 5 different types of wallet where they have different features, advantages, and even disadvantages.

Web Wallets

Web wallets or Online wallets are typically crypto wallets that can be accessed via web browsers. This is one of the used wallet since you can use it anywhere, anytime as long as there is an internet connection. But web wallets are engaging to hackers since a website can be hacked or down anytime soon as hackers get access into it and more troubling is when your funds will be hacked as well.

So its only recommended to use them such a small amount of funds to send.

Example of web wallets are Btc.com, Bitgo, and Coin.space

Mobile Wallets

As the name suggested, it's an Android or IOS app installed in your smartphones that has the feature of sending and receiving crypto as well. Like web wallets it requires internet to send. What's more interesting with mobile wallets is you can use it together with any hardware wallets, or QR-code scanning to send funds. 

But since phones are prone to malware and keyloggers so nothing can save your crypto once it's infected.

Example of mobile wallets are Mycelium, GreenAddress, and Copay.

Desktop Wallets

A desktop wallet is obviously more secure than a mobile and web wallet though it will still depend on the device you're using. Mostly this is used to an offline computer which never touched the internet so it will not be infected with any malicious malware and will serve as cold storage.

As long you have a backup to your wallet, even your computer dies your funds are still safe, make sure that your backup is safe as well.

Example of desktop wallets are Bitcoin Core, Electrum, Armory,  and mSIGNA.

Paper Wallets

This type of wallet is printed in a piece of a paper. This is the most secured wallet before hardware wallet exists though carried with a large risk since paper can be burn, wet and tear apart. 

Example: BitAddress.org can help you create a paper wallet all you need is a printer and storage where you store your paper wallet. 

Hardware Wallets

To be exact, hardware wallets are the most secured wallets out of this list. As the name mentioned, it's hardware device where private keys and public keys are stored. Hardware wallets use 2-factor authentication also known 2fa. This means that in order to access and send your funds you’ll need something like a pin or some QR-code code scanning.

Some of them require to connect to any computer through USB and embed a built-in OLED display to review and confirm each transaction with a single tap on its buttons, some use Bluetooth, some are touch-screens, some built-in batteries which require to charge, some looks like a smartphone that only requires QR-code scanning to send, some  like credit cards and etc.

Example of mobile wallets are Ledger Nano s, Trezor, and Keepkey.

To sum it up, having a different kind of crypto wallets depends on its user, as long you keep your wallet and your backup in a safe place and follows the security procedure of each wallet your funds will be safe.

Updated 01:44 AM UTC+8, 02 Feb 2019

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