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What are the types of crypto wallets?

Tue Dec 25, 2018 8:48 pm

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If you’re a bitcoin trader or are an inspiring crypto-user, it's essential for you to have an online wallet. Crypto wallets enable users to transfer and receive digital funds and monitor their balance. This wallet uses private and public keys to record transactions on blockchain. So what’s a crypto wallet, exactly, and how it operates? Let’s dive in and find out!

[center]Types of crypto wallets[/center]
In today’s digital currency market there are five types of crypto wallets: hardware, paper, desktop, mobile, and web.

Hardware wallets use a USB-like device to store users’ private keys. These wallets are considered to be more secure than others. For instance, they give users the luxury of keeping their money offline when they aren’t trading.

In many cases, paper wallets provide a higher level of security as well. As indicated by its name, “paper wallet” records digital transactions by way of print. For instance, users can scan a QR code to begin trading or present documentation of their public and private keys.

Desktop, mobile & online
These types of wallets generally pose a higher risk of hackers stealing your information and crypto funds. For example, mobile wallets use an application to allow users to send and receive crypto. Any mobile app, same as a phone itself, can be easily hacked, and that is the downside of using a mobile wallet.

Desktop wallets are available through downloadable computer software that offers a certain limited space on the computer. They can only be accessed from the original computer that downloaded the application. However, if that computer falls victim to a hack attack, so does the crypto wallet.

Online wallets operate on a cloud-based server that is governed by a third-party, and are subject to a certain insecurity, too. While online wallets are certainly easier to operate due to their accessibility, they also store your private keys online, which makes this type of crypto storage especially vulnerable.





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Re: What are the types of crypto wallets?

Fri Dec 28, 2018 5:21 am

I honestly hate it when I see people coming up with such questions. You need to learn about the Crypto world, as there is no way you move forward with half-baked knowledge.

So, get yourself proper Cryptocurrency guidance, which could help you long way to come. If you keep ignoring it and continue on asking everyone personally, then you are just going to make yourself confused and harder to manage things.

kulfie
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Re: What are the types of crypto wallets?

Wed Jan 09, 2019 10:33 am

Crypto Wallets can be of 5 types:
1. Hardware Wallet.
2. Paper Wallet.
3. Desktop Wallet.
4. Mobile Wallet.
5. Web Wallets.

Every Wallet has both pros and cons.
Is their any best out of these wallets when coming to security.

kulfie
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Re: What are the types of crypto wallets?

Sat Jan 12, 2019 9:36 am

Crypto Wallets can be of 5 types:
1. Hardware Wallet.
2. Paper Wallet.
3. Desktop Wallet.
4. Mobile Wallet.
5. Web Wallets.

Every Wallet has both pros and cons.
Is their any best out of these wallets when coming to security.
Ledger Nano S: It is safe and can run multiple apps, relatively inexpensive, unhackable and malware proofed. It is a hardware wallet so there is no risk of the private keys to get exposed to the internet. This is one of the best cryptocurrency wallets available these days.

Trezor: Trezor is protected by a PIN and provides you with recovery seed if your wallet is stolen or lost. It is specifically a Bitcoin wallet but supports 14 other cryptocurrencies. It has an easy-to-use interface and saves from hacking and thefts by their difficult protection PIN.

There are many such wallets that can be rated. I use Trezor and Exodus. Sharing a link for your reference which has an in-detailed study of top wallets.
https://coinswitch.co/news/top-10-multi ... llets-2019
Thank you for your response mate.

alwaystogether5
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Re: What are the types of crypto wallets?

Thu Mar 14, 2019 11:47 am

There are various types of wallets that are used for different purposes at various times and places. So they are:

Web Wallets

Mobile Wallets

Desktop Wallets

Paper Wallets

Hardware Wallets

Personally, I use Coinbase and Luno. Luno is pretty cool but I have not played much with it yet. Though before choosing a particular wallet you have to test out a few of them, compare users reviews. This info may be helpful https://cryptolinks.com/cryptocurrency-wallet

graga
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Re: What are the types of crypto wallets?

Sun Mar 24, 2019 10:02 pm

I think mobile wallets are getting more and more popular. Even though hard wallets are much safer. Maybe people don't store that much crypto, that's why they prefer mobile ones

Henry Winter
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Re: What are the types of crypto wallets?

Wed Apr 17, 2019 7:15 pm

Good thread, especially for the beginners! There are several types of crypto wallets, and I think, each of them has its pros and cons. If you are looking for a wallet, I can recommend to look through crypto wallets reviews on Revain. You can see the ratings of the most popular wallets and read the reviews about them written by people from their own experience. Hope it helps!

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