All you want to know about the types of cryptocurrency wallet

A multi-cryptocurrency wallet renders different kinds to store the crypto assets and access them for trading. Multi-cryptocurrency wallets fall into three major categories of software, hardware, paper. Software multi-cryptocurrency wallet splits up into desktop, mobile and online apps.

Let’s glide through software multi-cryptocurrency wallet apps and then through hardware, paper apps!

Software Multi-cryptocurrency Wallet

Software multi-cryptocurrency wallet is split up into desktop, mobile and online apps.

Desktop wallet

If you are in need of a secure device to manage your cryptocurrencies, then a pc or desktop multi-cryptocurrency wallet suits you the best!

Desktop or PC wallets have higher security comparatively, but if they are counterfeited or some malicious activities happen, you’re lost!

Mobile wallet

Mobile multi-cryptocurrency wallets are precise and easier to use for regular transactions like our fiat mobile banking apps. The future of a multi-cryptocurrency wallet is mobile apps!

Multi-cryptocurrency wallet apps are designed in such a way that they accumulate a small amount of space!

Online wallet

The online multi-cryptocurrency wallet is similar to any government portal which is on cloud and accessible at any platform with network connectivity.

While online wallets are easily accessible, they are vulnerable as hackers can counterfeit due to third party interventions.

Hardware Wallets

The hardware multi-cryptocurrency wallets are distinct from the software as the private keys are maintained devices like USB, SD, SSD,  Blu-ray discs!

Once the devices with private keys are connected with PC’s having network accessibility, you’re good to go ahead with transactions of cryptocurrencies. Even though, it’s not the earliest idea, this wallet paves way for increased security on crypto coins storing them offline of vulnerabilities!

Paper Wallets

Paper multi-cryptocurrency wallets are highly secure than the digital era’s techniques. The private and public keys of the cryptocurrency wallet are stored in the form of print out.

Transferring funds from hardware or software wallet to paper wallet takes place with the help of public address shown in the printout. However, to transfer funds from paper wallets to any other crypto wallets, you must shift the required crypto coins to be transferred to a software wallet through private keys or scanning QR code in a paper wallet. Just similar to UPI apps!

Published by Katrin Kunze

blockchain and crypto trader

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