A blockchain or crypto wallet is an easy way to manage, secure, and use cryptocurrencies and other digital assets based on a blockchain. But crypto wallets never store the actual cryptocurrency, they ensure the storage of keys to the crypto assets. There are two basic types of these wallets:
Hot wallets are digital, as they are connected to the internet. Hot wallets are more vulnerable to fraudsters and hacker attacks, but they are also user-friendly. The most common types of hot wallets include:
🔸Mobile wallets – software where one can store their cryptos on handheld devices.
🔸Web wallet – a wallet that can be accessed via web browser.
🔸 Desktop wallets – is a program that you download and run locally on your computer.
Cold wallets are not connected to the web, so they use physical media to store keys offline, making them resistant to hacking attempts. Cold wallets include:
🔸Paper wallets – a paper with a private key, public key and or QR code.
🔸Hardware wallets – physical device that secures access to your cryptos offline.