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  • Learn About of Cryptocurrency Wallets - Detailed Review for All Users

Learn About of Cryptocurrency Wallets - Detailed Review for All Users

  • Author

    Coinhunt CC

  • Reading time

    3 min read

  • Published

    5/1/2022

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As the popularity and use of cryptocurrencies have become widespread; unfortunately, the cases of hacking have also increased. Our team has done a detailed review of all crypto wallet types for you. You can find the pros and cons of all existing crypto wallets in our article.


1. Web wallet

This is a cryptography wallet accessible via your web browser. Web wallets are provided by major cryptocurrency exchanges like Coinbase and Bittrex. To create one, you are required to register with your personal details. Once you are done, you will be assigned a digital wallet address that can be used to complete transactions.


Pros

  • It’s fast
  • Accessible via your web browser
  • Secure
  • Easy to use
  • Allows you to transact with cryptocurrencies.


Cons

  • Users are susceptible to phishing scams and malware
  • Allows small transactions of cryptocurrencies.


2. Mobile wallet

It is designed as a mobile app and can be installed on mobile devices running Android or iOS. As a result, cryptocurrency users can access their digital cash on the go. What you need to know is that mobile wallets are also dependent on the internet. Mobile wallet providers include Trust Wallet, Metamask, Jaxx, and CoPay, among others.


Pros

  • Easy to use
  • Access your cryptocurrencies while on the go
  • Allows transfer of cryptocurrencies using technologies like NFC

Cons

  • Susceptible to malware, keyloggers, and viruses
  • Mobile devices are insecure


Metamask has a web wallet and a mobile wallet. You can read the detailed article at this link. https://coinhunt.cc/news/1899976710


3. Desktop wallets

This is an offline digital wallet that allows cryptocurrency owners to transact much easier and more securely. Desktop wallets can be downloaded and installed on older computers running a fresh copy of the OS. This helps to enhance security.


Pros

  • Easy to use
  • Acts as a great cold storage solution
  • Private keys are not stored on cloud servers

Cons

  • Susceptible to security threats once connected to the internet.
  • If the computer dies and you forget to backup, your cryptocurrencies are lost.


4. Hardware wallet

This refers to physical gadgets used to store and transact cryptocurrencies. They are designed with physical security measures to prevent unauthorized transactions. There are gadgets that come with a feature allowing you to track transactions. Examples include Trezor, Keep Key, Ledger Blue, and Ledger Nano S. I have a great review of the hardware wallets that are listed. Follow the links to learn more about each wallet.


Pros

  • It’s more secure than mobile wallets.
  • Allows you to track transactions
  • Allows you to store cryptocurrencies on a long-term basis

Cons

  • If the gadget is accidentally lost, the cryptocurrencies will be lost forever.


In the coming days, you can reach our detailed articles about hardware wallet types on our website.


5. Paper wallet

This was the standard for cold storing cryptocurrencies. Basically, you can print and save the private and public keys of a given cryptocurrency. Paper wallets are more hacker-proof and secure than others.


Pros

  • More secure than other wallets
  • Easy to use
  • Private keys are not stored on a third-party server

Cons

  • If the hard copy is lost, your cryptocurrencies are lost too.
  • Generate your paper wallet from BitAddress and LiteAddress.


6. Bitcoin clients

They are the original Bitcoin wallets that were used by the founders of Bitcoin, namely Satoshi Nakamoto. It is important to understand that computers installed with Bitcoin clients play a big role in the core network. Examples include Bitcoin-Qt wallet, Bitcoin Core, Exodus, and Electrum.


Pros

  • Secure
  • Easy to use
  • Downloading the Bitcoin transaction database can be made faster using the bootstrap method.

Cons

  • Slower to download the Bitcoin database
  • Hogs upload bandwidth
  • Lacks multi-wallet support


Knowledge is power. If you want to achieve success in the cryptocurrency markets, be aware of our informative articles by subscribing to our newsletter.
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