cryptocurrency wallet
cryptocurrency wallet

The cryptocurrency wallet is a digital wallet in which you can receive, store or send your digital currencies. Most cryptocurrencies have their personalized wallets, but there are a few crypto wallets that can contain different types of currencies.

There are two main types of wallets: cold storage and hot storage.

  • Hardware storage or offline storage is offered by cold storage. They are among the safest.
  • Hot storage wallets are the ones that connected to the Internet. These are not as safe as they are likely to be hacked.
  • It is advisable that you store most of your coins offline in a hardware wallet.

How Do Wallets Work In Cryptocurrencies?

In the real sense, there are no physical currencies. What is stored in the digital wallet is a private key that is exclusive to your wallet. You are then provided with a public key that you use to send and receive cryptocurrencies. It’s more or less like having an email account. The email address is the public key that you give to everyone, while your password is your private key.

However, cryptography is also not stored in the wallet, since these are digital currencies represented in addresses. Although anyone can send an email to your address, only you can access the details of the emails sent.

  1. Ledger Nano S:

Ledger Nano S
Ledger Nano S

Ledger Nano S is a hardware wallet with the display. This means that you store your keys on an offline device that hackers cannot access. It costs $ 65 and was ranked as the most private portfolio in 2016 by the Open Bitcoin Privacy Project.

Pros:

  • The recovery phrase usually appears on the device screen and not on the computer screen.
  • It has two buttons that you have to press at the same time to confirm a transaction and therefore cannot be hacked.
  • It has a metal case that protects it from physical damage.
  1. Exodus:

Exodus Crypto Wallet
Exodus Crypto Wallet

This is a wallet that provides investors of digital assets of a block chain, a totally secure platform, in which they can properly manage their funds, in the same way, it works as aexchange house in which it supports a wide range of Cryptocurrencies, where the exchange takes place without any interruption, since it works by integrating the shapeshift tool.

  1. Xapo:

This Xapo wallet provides you the debit card facility to manage the funds that are stored in the wallet. The other benefit of Xapo wallet is that you can purchase anything and withdraw money with the help of ATMs.

  1. KeepKey:

KeepKey was launched in 2015 primarily as a bitcoin hardware wallet, but now it can support … It has good security features such as recovery sentence, PIN, passphrase and cold storage.

Pros:

  • It has a digital display and a metal housing.
  • Use a PIN code for added security.
  • It is an HD wallet. You can make a backup copy of your wallet with a 12, 18 or 24-word seed phrase.
  • It is 100% open source.
  1. Jaxx:

It is a multi-chain wallet that can store a variety of digital currencies. It is a portfolio that can be used on several devices without problems (pairing between platforms). Jaxx is free and you can download it to your smartphone or computer. You only have to pay a minimum transaction fee. This is one of the purses to take today.

Pros:

  • Compatible with Windows, Apple, Linux, as well as Android and iOS tablets and mobiles.
  • It has a great design and the user interface is excellent.
  • Supports Ethereum / Classic, Dash, and Litecoin among others.
  1. Safe:

Trezor is a hardware wallet with display and uses an open-source. Like all hardware wallets, it will keep your keys private and sign your transactions offline.

Pros:

  • Second screen protection.
  • OLED screen to display your 24-word recovery phrase. This phrase is never shown on your computer or phone.
  • The 24-word seed is always generated offline.
  • It works with a Zero Trust approach (multiple layers of security).
  • It does not use batteries, it does not have cameras, Wi-Fi, Bluetooth or any other communication interface with external devices.
  1. Bittrex:

This is a wallet in which you can have the guarantee of storing dozens of cryptocurrencies, the characteristic that makes it innovative is that through its website you can buy and sell any digital asset, with high-quality security features.

  1. Infinite Wallet:

Infinite Wallet is a universal wallet that is compatible with both iOS and Android devices. The wallet supports a large number of the main cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, as well as tokens that are built on the main block chains such as ERC20 and NEO. The portfolio also actively supports…

Pros:

  • It supports a wide variety of cryptocurrencies and tokens that also continue to grow.
  • Attractive interface and intuitive and easy-to-use functions for beginners.
  • Excellent customer service in several languages: Vietnamese, Italian, Portuguese, French, German, Korean, Chinese, Japanese, English and Russian.
  1. Coinbase:

The simplicity and power that Coinbase has, are characteristics that allow it to be quite recommended, the other important thing is that it supports different cryptocurrencies, and you can easily buy bitcoins with your credit cards with the help of this wallet, in the same way on its website you can take out cryptocurrency trading.

  1. Mycelium:

Mycelium is an open-source Android and iOS portfolio. This mobile wallet was developed in 2008. It is one of the oldest mobile wallets in the market and has been awarded the prize for the Best Mobile Application 2014.

Pros:

  • The application is free but is subject to the fees of miners and transactions.
  • HD security
  • 12-word backup security phrase.

Conclusion:

We have strived to give you as much information as possible in a simplified way. We hope you can learn something new about the crypto wallets in this article.

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Teodora Torrendo is an investigative journalist and is a correspondent for European Union. She is based in Zurich in Switzerland and her field of work include covering human rights violations which take place in the various countries in and outside Europe. She also reports about the political situation in European Union. She has worked with some reputed companies in Europe and is currently contributing to USA News as a freelance journalist. As someone who has a Masters’ degree in Human Rights she also delivers lectures on Intercultural Management to students of Human Rights. She is also an authority on the Arab world politics and their diversity.