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If you wish to own cryptocurrency, you should have a secure wallet for it. The cryptocurrency wallet is a unique digital wallet (software application). It stores and saves both your public and private keys and helps you to interact with several blockchains. It helps users send and receive cryptocurrency and helps them monitor the balance of the coins they own. Moreover, the wallet is a secure place for them to protect their currency.
Kavan Choksi ,is an esteemed business expert and skilled entrepreneur fond of travel and photography. According to him it is important for you to know about the different kinds of cryptocurrency wallets for securely storing your money. The following are the different types of wallets you can opt for –
- The desktop wallet– As the name suggests, this type of wallet needs to be downloaded and installed either on your PC or your laptop. However, you can only access your wallet from that specific computer or laptop. These wallets are good for you; however, in case your laptop or your computer gets hacked, you will face problems. You risk losing all of your crypto funds. You should conduct research and always opt for digital wallets with the highest levels of security.
- Online wallets– They differ from desktop wallets as they are Cloud-based. This means you can use any laptop or computer of your choice to access them. However, they do store your private key and are managed by third parties. They can be hacked and subject to theft too.
- Mobile wallet– This wallet runs on a unique application on your phone. These wallets are simple in design but are smaller as they have limited space compared to digital or online wallets. They are extremely beneficial as you can use them from the comforts of any place. They can also be used at retail stores.
- Hardware wallet – This wallet stores the user’s private keys on hardware devices like USBs. They are stored offline, but they can conduct transactions online. They give you enhanced protection and make transactions simple. They keep your wallet offline and away from cyber threats.
- Paper wallets- These wallets are very simple for you to use as they offer high levels of protection. The term “paper wallet” refers to the printout or a physical copy of your private and public keys. They can also offer you access to software for securely generating your pair of keys that are later printed. These wallets are straightforward for you to use.
According to Kavan Choksi, you should be aware of these different cryptocurrency wallets to keep your crypto funds safe. It is prudent to examine the pros and cons of them before you make the final choice. You can check out the online reviews of any cryptocurrency wallet company to get an idea of what existing customers have to say about them. This helps you to make a wise and informed choice with success!