Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Quantum X on December 11, 2020, 10:44:51 PM
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What Is Cryptocurrency Wallet?
A digital wallet directly connected to the blockchain with the private and public keys allowing users to send and receive digital currency and monitor.
What Is Private key?
It is a sophisticated secure random letters and numbers shared only to initiator allowing him to access his digital wallet and make transaction anytime he wishes. In MEW you can also access your digital hot wallet by using keystore with password needed unlike private key which can directly open your wallet.
What is Public Key?
It is a complicated mathematical algorithm created from a private key. It is your digital public address where you can send and receive fund from anyone.
DIFFERENT TYPES OF WALLET
Desktop Wallet
The wallets that are downloaded on laptop or PC in which where you can only access. Such wallet offers good level of protection. The only problem is when your computer hacked or gets virus might leads your funds lose.
Online Wallet
This is the type of digital wallet that is most convenient to access. Users can access it in computers or any devices and anywhere they want online. But this is also the type of wallet that is highly vulnerable to hackers and thieves in digital world.
Mobile Wallet
It is a wallet that you can download to your phone. Since it is in your mobile phone it in able you to manage your wallet anytime and anywhere you want. You can also use it as your way of payment to any store that accepts Bitcoin or any digital currencies. Yet you have to be careful not to lose your phone because when you do, your crypto assets could also be at risk.
Paper Wallet
Long before hardware wallet is created paper wallet is quiet popular. It is simply refer to a printed piece of paper or a physical copy of your public and private keys via QR codes used to facilitate your cyptocurrency transaction. To create a paper wallet you just simply go to any wallet generator site like bitaddress.org which will create QR codes. Download the site and disconnect the internet before you proceed to generate keys. After the keys are being generated, it is advised that you have to wipe the internet history. Also you have to make sure that before generating the keys your computer is free from malware.
Hardware Wallet
Hardware is a wallet which you can stored offline yet allow the users to make transaction online. It is a device that looks like a USB cannot infected by any computer virus that steal from software wallet. It also has a small chip called microcontroller where private keys are stored not allowing it to be transferred out of the device in plain text. All in all hardware wallet is the most secured crypto wallet you can count on.
TWO CATEGORIES OF DIGITAL WALLET
Hot Wallet
It is a wallet that kept online and connected to the internet. Though the hot wallet is fast and convenient it is vulnerable and at high risk to hackers because it is connected to the internet. Thus, keeping large amount of your fund in your hot wallet is not safe.
Example of hot wallet
MyEtherWallet, Trust Wallet.
Cold Wallet
It is an offline wallet either hardware or paper. Because cold wallet is offline it keeps from any possible attack of hackers and has the reputation as a safe one for long term hodling.
Example of cold wallet
Trezor, Ledger, bitaddress.org
Hope this find useful to you all newbies. Welcome to the forums. :)
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Legit information. This information is helpful especially to all the newbies in this forum. Actually even me is enlightened on this post.
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I learned how to use crypto wallets and many other related things to the crypto world. However, I haven't been using yet a public key, only passwords, and seed phrases. I guess I'll need to review my notes :)))
P.S. Happy, I stumbled upon this forum, eager to learn more!
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Really thoughtful.
Great information for beginners
:D :D :D :D
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I like online and desktop wallets best, though they are less safe.
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A crypto wallet is a digital wallet that help you to send and receive digital currencies
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"A digital wallet, referred as an e-wallet, is a software application which allows users to store, manage and facilitate variety of digital transactions.
Be alert while choosing reputable and secure digital wallet provider. Moreover practice good security habits like strong passwords enabling 2FA, and regularly updating your wallet software."
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A digital wallet, also known as an e-wallet or mobile wallet, is a software application or electronic tool that allows individuals to store and manage various forms of digital currency and payment information securely. Digital wallets have become an integral part of modern finance, offering both convenience and security for various types of transactions, from everyday purchases to cryptocurrency management.
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It is a wallet that used cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. And storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information.