An Introduction to Cryptocurrency Wallets

in cryptocurrency •  7 years ago 

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So if you are involved in the Cryptocurrency World you need to know what Wallets are. These are a must to know in this Platform.

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What is a Cryptocurrency Wallet?

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In easy words Cryptocurrency Wallets are a secure Digital Wallet which is used to Store, Send and Receive Digital Currencies. Now, most of the known Cryptocurrencies have their own Official Wallets but you also have the option of Using Third-Party Wallets or the Wallets provided by various Exchanges.

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Types of Wallets

There are plenty of Wallets available nowadays both Offline and Online. So I have broken these types of Wallets into Five categories.

Desktop Wallet
Mobile Wallet
Online Wallet
Hardware Wallet
Paper Wallet

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Dextop Wallets

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This is the most common type of Wallets available. In this case, you install an Application on your Desktop which directly connects itself to the Coin's Client. Thus giving you an Online Ledger.
Example - Exodus Wallet.

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Mobile Wallets

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These are wallets which can be installed on your Smartphones. These are getting a lot of attention lately but I have to say it's better to stay away from those as recently it has been seen that there are many Malicious Apps in the Appstore.
Example - Xapo Wallet.

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Online Wallet

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An online wallet is basically a web-based Wallet. In this case, you don’t have to download any Application, as the data is hosted on a real or virtual server. These wallets can be a bit risky as you don't own your Own Private keys.
Example - Exchange Wallets.

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Hardware Wallet

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This has to be the safest wallet in my mind. These are Dedicated hardware that is specifically built to hold cryptocurrency and keep it secure. These devices can go online to make transactions and get data and then can be taken offline for transportation and security.
Example - Ledger Wallet.

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Paper Wallet

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Last but certainly not the least is the Paper Wallet. In this case, you can print out a QR code for both your Private and Public keys. This allows you to send and receive Funds quite easily. Unfortunately, paper wallets are not that Popular these Days. But regardless they are quite safe.

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So I hope you guys Like my Post on Crypto Wallets.
Stay tuned for more Posts like this One.
See you soon.

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7 years ago by

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      ·  7 years ago 

    i have been using the desktop wallet and mobile wallet so far and they have serve me well

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        ·  7 years ago 

      I have to say those are great choices but you should keep less amounts on your Mobile wallet. You don't own your own Private keys in a Mobile wallet so it's a but risky.

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        [-]
          ·  7 years ago 

        Good overview Buddy!

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          [-]
            ·  7 years ago 

          Thanks a lot @infinityroad

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            [-]
              ·  7 years ago 

            You got a 4.82% upvote from @ipromote courtesy of @arunava!

            To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness

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              [-]
                ·  7 years ago 

              how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
              I just want to survey some people's opinions

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                [-]
                  ·  7 years ago 

                I really can't tell as I am not a technical guy but I do expect it to burst out in the coming months.

                When all the FUD from Korea dies.

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                    ·  7 years ago 

                  You got a 11.18% upvote from @allaz courtesy of @arunava!

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                    [-]
                      ·  7 years ago 

                    3.34% @pushup from @arunava

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                      [-]
                        ·  7 years ago 

                      You got a 2.52% upvote from @postpromoter courtesy of @arunava! Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

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                        [-]
                          ·  7 years ago (edited)

                        I have little knowledge on cryptocurrency
                        I must say this is quite educating.
                        You've done a good job here
                        Feel free to visit my blog, i trust you'll find it interesting and educating

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                            ·  7 years ago 

                          Of course I will visit your Blog.

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                            [-]
                              ·  7 years ago 

                            Thank you

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