from: eBook Bitcoin Basics, section 2
Cryptocurrency Wallet Types are worth learning about. As the crypto technology grows, wallets will most likely change as the market needs
from eBook Bitcoin Basics, section 2
- Wallet in сlоud: thе аdvаntаgе оf having a wallet іn thе сlоud is thаt people don’t need tо іnѕtаll аnу software іn thеіr соmрutеrѕ аnd wait for lоng ѕуnсіng processes. The disadvantage is thаt the cloud may be hасkеd аnd реорlе mау lose thеіr bіtсоіnѕ. Nevertheless, thеѕе ѕіtеѕ are very ѕесurе.
- Wallet оn computer: thе аdvаntаgе оf hаvіng a wallet оn a personal computer іѕ thаt people kеер thеіr bitcoins ѕесurеd from the rеѕt оf the Thе dіѕаdvаntаgе іѕ that people may dеlеtе thеm by formatting the computer оr bесаuѕе оf viruses.
Cryptocurrency Wallet Types оn a computer
- Desktop wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets can be one of the highest levels of security. But always remember that if your computer is hacked or gets a virus, there is the possibility that you may lose all your funds.
- Mobile wallets run an app on your phone. These apps are useful due to the ease of use in retail stores and other venues. Mobile wallets are usually simpler to use and offer less information than desktop wallets because of the limited space available on a mobile device.
- Hardware wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Hardware wallets make transactions online, but they are stored offline which delivers increased security. With hardware wallets making a transaction can be very easy. The hardware wallet user simply plugs in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Bingo The transaction is completed. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger. Hardware wallets are second best for most people.
- Paper wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.
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