In our blog - "What is an electronic wallet?" we briefly explained what it is and how it works. In this blog we would like to tell you about different types of wallets.
What kind of electronic wallets are there?
There are several types of wallets that keep your digital currency in different ways. Purses can be divided into three different categories - software, hardware, and paper. Software wallet can be desktop, cell phone, or online.
Desktop: wallet must be downloaded and installed on a laptop or personal computer. It can only be accessed by the only computer in which the application is recorded. The desktop wallet offers one of the strongest security, but nevertheless, if hackers broke in you computer or you spilled something over it and it broke, there is a risk that you will lose all your money.
Online: These wallets work on cloud and are accessible from any computer. It is easier to get into this wallet, but in addition, online wallets store your personal keys online and are controlled by a third person, which weakens them against hackers and thieves.
Cell phone: This wallet works on your mobile phone and because of that they can be used from everywhere. Cellular wallets are mostly smaller and easier than desktop wallets due to limited cell phone capacity.
Hardware: These wallets are different from software wallets that keep users' personal keys in USB devices. Although hardware wallets make transactions online, they are stored offline in a network that provides additional security guarantees. Hardware wallets are compatible with several web interfaces and support different currencies; It just depends on what you decide to use. In addition, transactions are easy to handle. Users simply connect their device to any computer or device linked to the Internet, pin-code, send currency and confirm. Hardware wallets make it easy to manage and, in addition, keeps your money in safe mode.
Paper: These wallets are easy to use and are quite safe. The term paper wallet is used in relation to the physical copy or print of your personal and public keys, but it also applies to the part of the software used to safely produce a pair of keys that will then be printed. The use of paper wallet is relatively straightforward. To transfer bitcoin, or any other cryptocurrency in your paper wallet you just have to transfer it from your software wallet to a public address that is indicated on paper wallet. Alternatively, if you want to spend a currency, the only thing you have to do is to transfer money from your paper wallet to software wallet. This process is often called sweeping. It can be done manually, or by entering a personal key, or a QR code scan on paper wallet.
Thanks for looking in,
