Cryptocurrency Wallet Types

[arvinabeabe]

There are five types of digital storage available for your use: online, mobile, desktop, hardware and paper wallets.

Online Wallet. Online wallets run on the cloud. Therefore, they can be accessed from multiple devices with an internet connection. Like every cloud service, online wallets are practical and convenient. However, they are also more susceptible to theft and often require extra layers of security. Even then, you have to be very careful about choosing the online wallet provider, as they have an extensive scam history.

Mobile Wallet. Mobile wallets are your phone applications. They are very handy since they can be used as a means of payment even in physical stores. All you need to do is install an app on your phone and open an account. In general, mobile wallets are considered to be safer than cloud wallets. The risks associated with mobile wallets are losing your assets in case your phone breaks down or encounters a security breach.

Desktop wallet. Desktop wallets is another popular choice which is also safer than online wallets. They are downloaded and installed on a PC or laptop and are accessible from the installation device. However, if your computer is infected with a virus, gets hacked or experiences external damage, there is a chance to lose all your funds.

Hardware wallet. Hardware wallets store users private keys on a device, typically a USB drive. They are able to make online transactions. However, most of the time they are offline and that is one of their strengths. Various manufacturers make hardware wallets compatible with different web interfaces. Therefore, complete characteristics depend on wallets integrations. Hardware storage is also convenient because of its ability to send and receive currencies by merely plugging them into the internet enabled device and authorizing yourself. Therefore, hardware wallet is the most expensive, but also one of the safest options.

Paper wallet. Paper wallets are by far the safest option to store your digital assets. A paper wallet is a physical copy of your generated public and private keys and can even refer to a printed sheet of paper. You can send funds by transferring the money to wallet’s public address and you can withdraw or send your currencies by entering your private keys or by scanning the QR code on the paper wallet.

[Cryptos Investors]

I like cryptocurrencies on my smartphone especially for android because i can make transaction processing easily on my hand than just on hardware wallet and desktop wallet for cryptocurrency.

[marshmellow]

Saving coins with an online wallet is something that must be avoided. Hacking is easier to do and no one can be held responsible if the coins we save are lost. So it's better to save coins in wallet hardware.

[Beattysuhita]

I use an ethereum wallet that supports erc-20 ... because the erc-20 wallet itself is very safe to use even for years.

[212]

I better use MEW is much safer. Until now my coins is not diminished when I hold it in my wallet. MEW is very nice and a lot of people with this.