Everyday, more and more people are involving into the cryptocurrency market. Therefore, security becomes really an important issue. To secure your investment, firstly, you must decide which kind of wallet that you are going to use to keep your investment safe. In this article, I will try to explain wallet types that can be used for storage.
“There are five types of digital storage available for your use: online, mobile, desktop, hardware and paper wallets.”
1- Online Wallet
These types of wallets are running on the cloud. You can access it from differenet devices with an internet connection. It’s fast and practical. On the other hand, online wallets are more susceptible to theft.
2- Mobile Wallet
These types of wallets are mobile applications. “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.”
3- Desktop Wallet
Desktop wallets are safer than mobile wallets and 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.”
4- Hardware Wallet
“Hardware wallets store users private keys on a device, typically a USB drive.” Hardware wallets are the most expensive but one of the safest options.
5- Paper Wallet
“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 make transactions by scanning the QR code. Fast transactions and keeping the paper wallet safe are the problems. You may not make fast transactions with paper wallet when compared with online wallet. As it is a paper, it may rupture. It is the other problem.
I believe, desktop wallets and hardware wallets are the best ones. What do you think? Which one do you use?
Please feel free to comment!
Sources:
https://www.coinmey.com/blog/overview-of-cryptocurrency-hardware-and-offline-wallets/
Good job man .