Which kind of Crypto Wallet?
Posted: Wed Feb 24, 2021 10:54 pm
Software Wallets
As their name suggests, software wallets are based on computer software and are available in three formats: desktop, mobile and online. Unless you only plan to mine or hold one type of cryptocurrency, it is best to have a multi-coin wallet to be able to store and hold different Cryptocurrencies in.
macOS Crypto Currency Desktop Wallet: With a desktop wallet, your currency is stored on a PC or laptop. Many traders prefer this type of wallet as it offers optimum control without a third-party interface. That said; security can be an issue as it’s totally up to you to protect your coins. Some macOS desktop wallets include Coinomi, Exodus
iOS Mobile Wallets: These wallets are accessible through an app on your mobile device and can be used anywhere. While one type of app stores your coins on your phone, the other gives you access to online storage servers. It is advisable to store a limited amount of digital currency on such wallets. Coinbase
Online Wallets: Web-based wallets can be accessed from any device and any location. While this option is very convenient, the major drawback is that these wallets store the private keys online and are controlled by a third party, making them more vulnerable to fraud and hacking. Coinbase
Hardware Wallets
In contrast to software wallets, hardware wallets are designed to make your crypto storage options more secure. These wallets store private keys on a hardware device meaning you don’t have to leave your private keys on a computer which may potentially be hacked into.
Such wallets are compatible with several web interfaces and support different currencies too. All a user needs to do is plug in their hardware device to any internet enabled machine, enter a pin, send the currency and confirm the transaction. A major advantage of this type of wallet is that it is not only safe but also easy to use. A good hardware wallet contains physical buttons, an LED screen and is capable of backing up and offering recovery of the private keys stored on it. See Cryptocurrency wallets on Amazon.com
As their name suggests, software wallets are based on computer software and are available in three formats: desktop, mobile and online. Unless you only plan to mine or hold one type of cryptocurrency, it is best to have a multi-coin wallet to be able to store and hold different Cryptocurrencies in.
macOS Crypto Currency Desktop Wallet: With a desktop wallet, your currency is stored on a PC or laptop. Many traders prefer this type of wallet as it offers optimum control without a third-party interface. That said; security can be an issue as it’s totally up to you to protect your coins. Some macOS desktop wallets include Coinomi, Exodus
iOS Mobile Wallets: These wallets are accessible through an app on your mobile device and can be used anywhere. While one type of app stores your coins on your phone, the other gives you access to online storage servers. It is advisable to store a limited amount of digital currency on such wallets. Coinbase
Online Wallets: Web-based wallets can be accessed from any device and any location. While this option is very convenient, the major drawback is that these wallets store the private keys online and are controlled by a third party, making them more vulnerable to fraud and hacking. Coinbase
Hardware Wallets
In contrast to software wallets, hardware wallets are designed to make your crypto storage options more secure. These wallets store private keys on a hardware device meaning you don’t have to leave your private keys on a computer which may potentially be hacked into.
Such wallets are compatible with several web interfaces and support different currencies too. All a user needs to do is plug in their hardware device to any internet enabled machine, enter a pin, send the currency and confirm the transaction. A major advantage of this type of wallet is that it is not only safe but also easy to use. A good hardware wallet contains physical buttons, an LED screen and is capable of backing up and offering recovery of the private keys stored on it. See Cryptocurrency wallets on Amazon.com