Currently, there are five different types of crypto wallets, which are basically a way to store crypto currency.
The most common type of wallet is a Desktop Wallet, which is downloaded and installed on your computer.
Most crypto currencies offer a desktop wallet, specifically designed for their coin.
Desktop wallets are easy to install and offer a high level of security, because you can only access them from the machine in which they are installed. Users do however need to keep their computer secure and free from malware, with a strong firewall.
Online wallets are the easiest to set up and use. They run on the cloud and most only require an email and a passport. Some may require scans of your passport or ID. Online wallets cannot be lost and are often kept on very secure servers.
Some online wallets will take a percentage or flat fee, for every transaction.
Smartphone wallets, run as an app on your smartphone and include the ability, to scan other wallet addresses, for fast transactions.
Hardware wallets keep the private key on a USB stick or other hardware. Needless to say, users need to keep this device safe and back it up regularly.
Paper wallets, are a testament to the power and security of the blockchain transaction. These wallets are typically used by advanced users, who want the highest level of security. Users need to transfer money to a paper wallet, first by using a software wallet to send money to the public key printed on the sheet of paper, which is often in the form of a QR Code.
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