5 common types of cryptocurrency wallets First, we should distinguish the two main categories which are hot and cold wallets
'Hot' wallets are those connected to the Internet We can use our devices to access our funds at anytime that we want On the other hand, 'cold' wallets are not connected to the Internet We can store our funds offline, so basically this method is considerable more secure than ‘hot’ wallet Let’s talk about five types of wallets! First, Desktop Wallet This is the most commonly used type of wallet
They can be online or offline They are easy to use However, our computers or laptops can be manipulated by hackers Or there are viruses and malwares can infect our computers Second, Mobile Wallet They are software programs that can be installed on our phones
Those allow us to send, receive and transact crypto on the go This is convenient, and the easiest way to store crypto And there is a chance to regain our authority over our assets in case we lose our phones Third, Website Wallet We can also access our wallets over a web browser This is a quite risky method, although we can complete a transaction very quickly
One of the reasons is that we can be hacked while using web browsers Or those websites can be hacked It happened before Fourth, Hardware Wallet Hardware wallets are physical devices used for storing and transacting cryptocurrencies They have special physical security features such as need to physically click on buttons to authorize a transaction
They are quite reliable to store a large amount of cryptocurrency However, it is not cheap to get one of those devices Fifth, Paper Wallet Paper wallets are physical documents that carry all the necessary data needed to generate private keys of a given cryptocurrency This is the least common wallet, because our documents can be damaged or lost through time Those are 05 common types of cryptocurrency wallets! Have you ever tried HB Wallet to store your digital money? You can monitor the same wallet on your phone and your desktop
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