A Multi-cryptocurrency wallet is a software that stores all your digital assets and a combination of private and public keys that makes the transactions possible.
As cryptocurrency doesn’t exist in any physical shape they cannot be stored anywhere instead it is stored in your crypto wallet. The public key is nothing but the wallet address and the private key is your password.
Now let’s take a look at the different types of wallets
As the name suggests online wallets are accessible through your web browser. it is a faster way to complete a transaction
This wallet is ideal for holding a small number of cryptocurrencies.
Mobile wallets accessible whenever you are with your mobile device. You can accept and send payments on the go.
They are very handy, practical, and easier to use than other crypto wallets. It is encoded with additional features like QR code scanning.
Desktop wallets are considered as most secure when compared to online and mobile wallets.
You can consider this wallet as an effective cold storage whenever you use them in offline.
Hardware wallets are user-friendly crypto wallets than web and desktop wallets. They are considered as most secured wallets of all.
They are great for storing a large number of crypto coins when you don’t need to move around and they offer more control.
Paper wallets are considered as one of the most hackerproof crypto wallets. These wallets are cold storage wallets
They are not stored on a computer. All the private keys are not stored on a third-party server.
I have deliberately listed the different types of wallets in order from less secure to the safest wallets.
OK! Now, let’s see what should you do to secure your wallet:
- Don’t store the currencies on an exchange for a longer time.
- Allocate sufficient funds that you need to trade each time.
- Keep your private keys safe and don’t disclose them.
- Don’t buy hardware wallets from third-party distributors.
- Use reliable hardware wallets with password protection.
- Utilize hot wallets for daily transactions or trading purposes.
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