A crypto wallet or cryptocurrency wallet is an online platform, software program, or a hardware device storing private and public keys, which are used to send or receive multiple blockchain crypto tokens. Crypto wallets don’t have any currency but keys leading to the digital asset. There are several types of wallets available out there. You need to choose the one that best matches your requirements.
Hardware wallets are considered safe to store digital assets, as they are unlikely to be hacked by hackers. They are also known as cold storage. The majority of crypto users prefer having cold storage to avoid any mishap happening on internet-connected wallets such as web wallets and software wallets. If you are after security and privacy, it’s highly advised that you consider going with hardware wallets.
Software cryptocurrency wallets are hot wallets, meaning they are more likely to be hacked because of internet access. However, if you don’t trade in high volumes, desktop software wallets may be the best choice for you.
Web crypto wallets are not secure. You will never have access to your private keys. However, they can be used for moving cryptocurrencies from one place to another on a temporary basis. If you are interested in using a web wallet, make sure it is well-reputed.
While it’s safe to use mobile wallets, it’s not ideal to use them for storage. If you are after extended security and privacy, you should go for a hardware wallet. As mentioned above, hardware wallets are considered best among the majority of crypto users all over the world.
As a writer, Ruben is an advocate of blockchain technology and cryptocurrency in general. He writes about all things from cryptography to economics, with a focus on how it applies to cryptocurrencies. He is also passionate about writing about topics such as decentralization, open-sourced software development, and copyright law.