INSUBCONTINENT EXCLUSIVE:
Crypto wallets keep those passwords safe which are needed for cryptocurrency accessLike your traditional currency notes, you just can't fold
up your Bitcoin, Ethereum, Dogecoin, or any other cryptocurrency holdings and put them into your wallet
So, how do you safeguard the digital coins that you own? You can do so with the help of a cryptocurrency wallet
They exist in a variety of formats, ranging from hardware wallets – a physical device – to apps that you can run on smartphones or
These wallets keep your private keys — the passwords that grant you access to the cryptocurrency — safe and accessible.Here are the
types of cryptocurrency wallets:There are three main types of cryptocurrency wallets you can choose from — paper wallets, hardware or
physical wallets, software or online wallets.Paper wallets: Here you can write down your private key on a tangible medium, such as paper,
and store it in a secure location
However, this isn't safe, especially if you are the sort to leave paper pieces scattered all over the house.Hardware wallets: Also known as
physical wallets, here the keys are stored in a device that's kept at a secure location and only connected to a computer when you wish to
utilise your cryptocurrencies
Like paper wallets, even hardware wallets run the risk of being lost or destroyed.Software or online wallets: In these wallets, the private
keys are stored in an app or other software, or in an online wallet
This allows you to send, receive, and use cryptocurrencies in the same way you would perform transactions in an online bank account.A
software wallet is an example of hot storage, while the other two types of wallets — paper and hardware — are also known as cold storage
To put it another way, hot storage wallets are those that are connected to the Internet and could be used to pay for items immediately as
well as acquire additional cryptocurrencies in real-time
However, when it comes to cold storage wallets, all they do is hold the private keys.One thing to keep in mind is that if you lose your
private keys, you will lose access to all your cryptocurrencies
As a result, it's critical to keep your hardware wallet secure or use a trusted service in case you are using a software wallet.The simplest
way to get started in your cryptocurrency journey is by using an online wallet provided by a large exchange that offers a blend of security
However, since your personal information is stored online, your safety against hackers is limited to the extent of the security of your
So, look for measures like two-factor authentication while using an online wallet.Eventually, whatever you choose, be sure you know where
your private keys are and that you've kept your wallet passwords safe
You don't want to lose your cryptocurrencies just because you misplaced your keys.
