As you may know there is more than one kind of crypto wallet. Which one you use depends heavily on what you plan to do with your cryptocurrency and how much currency you will be storing. It also depends on which one you feel the most comfortable with.
A hardware wallet, also know as a cold storage wallet, is a device that keeps your private key safe until you need to make a transaction. It’s also used to store your cryptocurrency offline and only connects to the internet when it’s necessary to make a transaction. This makes it far safer for storing large amounts of cryptocurrency over a long period of time.
It’s a good option for investors who want to keep their coins safe while they increase in value. It’s safer to store online because the internet connection time is too short for cyber attacks. These have to be bought online so they’re not free. After purchase, you have full control over your cryptocurrency.
An online wallet is also called a cold storage wallet. It’s an application in which you store your cryptocurrency and can also be used to send and receive coins. A cold storage wallet is perfect for those who use their cryptocurrency for payments and trading, as it comes with a desktop or smartphone app that you can access anywhere at any time. It can also be done through a website but smartphone and desktop wallets are seen as safe, making it less vulnerable to hacker attacks.
It’s essential to make sure that you are using a well reviewed and recommended wallet with intense safety protocols. Your wallet will give you your public and private key. If you haven’t received anything, be incredibly wary. Without your private key, you don’t have access to your own cryptocurrency.
A paper wallet is a document containing all the data necessary to generate multiple private and public keys but can refer to any way of storing cryptocurrency offline as a physical document. A paper wallet is similar to the fiat cash we are all familiar with, as it’s literally printed out and can be physically held.
It puts the responsibility of security in the hands of the user instead of a third person. The wallet can be kept in physical safes or deposit boxes at banks and they make it nearly impossible for all your coins to be lost because of the fallibility of a third party, they can however, still be physically stolen or damaged like fiat currency.
These are good for beginners who find the concept of online wallets confusing and want to know exactly where their money is. It uses a QR code which can be scanned to get the information that is needed for a cryptocurrency transaction, much like many physical businesses use when customers pay with Bitcoin or other cryptocurrencies.
Choosing your crypto wallet is your first step to becoming a fully fledged cryptocurrency trader or investor, so it is best to make sure you are making the right decisions for your situation.
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