Hi guys,
A wallet is simply a combination of your private key and public address. They are 5 different types of cryptocurrencies wallets available out there. Now we will see in detail.
1. Hardware Wallets
Hardware devices specifically designed for handling your private keys and your public addresses. It is like USB type device and a small display on the side of the wallet.
It typically costs between $100 to $200, but buying these wallets definitely worth it, if you are holding huge amount of cryptocurrencies.
These are the safest wallets to store cryptocurrencies.
2. Paper wallets
These wallets are not for everyone, because it requires some technical knowledge to use it. In paper wallets you just need to print your private keys and public addresses on a piece of paper and then use these wallets to transfer cryptocurrencies.
These are the second most secure wallets among all the wallets.
3. Desktop wallets
Desktop wallets are simply a software applications you need to install on your computer.These are third most secure wallets among all other wallets.
4. Mobile wallets
These are similar to desktop wallets, but here instead of using your computer, you need to use you mobile device to install the third party wallets to store the cryptocurrencies. Right now there are alot of mobile wallets available out there you can use for free of cost.
5. Web wallets
Web wallets are the type of wallets which are always connected to the internet. These wallets are not secure when compare to other types of wallets to store hugh amount of cryptocurrencies.
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