Different Types of Crypto Wallets


What’s up CryptoPeeps it’s your girl, Kyla, here to deliver your daily dose of Bitcoin news! By now you should know that bitcoin is not like most traditional currencies so the approach of acquiring and storing this digital currency is completely different. Like physical money, where you use a bank account to store it, you also need a place to store your bitcoin- this is called a ‘Wallet’. A bitcoin wallet resembles, as what I said, your bank account and it lets you send, receive and store bitcoins. It holds the private key that allows you to access your bitcoin address. There are different types of Bitcoin wallets that caters for different requirements. In this video we’ll discuss these wallets and their features and hopefully you can choose one that suits you. It is important to remember the Bitcoin wallets can be classified as either hot or cold What’s the difference? A hot wallet is online and connected to the Internet while a cold wallet is offline and disconnected from the internet Generally hot wallets are easier to set up and access however this makes them more susceptible to hackers and other technical vulnerabilities A ‘cold’ wallet being not connected to the internet is more secure thus is recommended for storing large amounts of bitcoin. Think of it this way, a hot wallet is your pocket wallet that you can bring anywhere. While you’re cold wallet is like your bank vault that is too valuable that you can actually bring everywhere So there are several different types of Bitcoin wallets catering for different needs in terms of security, convenience, accessibility and so on. One is a paper wallet These are printed documents which contain a public address and a private key. The public address is used to receive bitcoins The private key on the other hand allows you to spend or transfer bitcoins stored at that address The main advantage of a paper wallet is that the keys are not stored digitally. anywhere, which makes it immune to hacker attacks malware and basically any form of digital theft Hardware wallet is a unique cold storage type of Bitcoin wallet that stores the users private keys in a storage hardware device It is the most secure way of storing any amount of Bitcoin Since they are offline and it generate the keys on the device Another is a desktop wallet This is designed to be downloaded and installed on laptops and personal computers for storing your private keys on your hard drive The desktop software gives you complete control over your coins Meaning you don’t have to trust a third party to lose or steal them if you are actively using bitcoins on a daily basis Then the mobile wallet might be for you. A mobile Bitcoin wallet is an essential tool that runs as an app on your smartphone Storing your private keys and allowing you to pay for things directly in your smartphone, but take note Despite being on the go solution for Bitcoin storage, mobile wallets are very prone to hacker attacks online Wallets are the easiest to use among all different types of hot wallets Generally, you can access your Bitcoin from any device If you have the right passwords and internet connection There are third-party wallet service companies that lets you store your private keys The wallets on these platforms allow their users to access their funds on the go. One of the leading Online wallet provider is Paxful. It is a peer-to-peer marketplace with over 300 ways to buy Bitcoin. When you create a Paxful account You also enable your free Paxful wallet. That’s everything you need to know about bitcoin wallets Did you find a wallet that would suit you? Let us know in the comments section below. Follow us on our social media Once more this is Kyla and this is WeTheCyrptos

17 thoughts on “Different Types of Crypto Wallets”

  1. In case you are new in this, a cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance…. Thanks for the video ! The information is very useful !

  2. Excellent information about different types of crypto wallets. I like the cold wallet type, since it is more secure and we can store large amount of bitcoin. Thanks for sharing.

  3. I had no idea there were so many different types of crypto wallets! I've only ever used hot wallets but I think I'm gonna set-up a cold hardware storage wallet since it is the most secure. Thanks for the info!

  4. There are always many doubts about the different types of wallets and this video helps to understand much better which are some of them, it explains very well how it would be to work with any of them

  5. Excellent information about different types of crypto wallets. I like the cold wallet type, since it is more secure and we can store large amount of bitcoin. I've only ever used hot wallets but I think I'm gonna set-up a cold hardware storage wallet since it is the most secure.Thanks for the video ! The information is very useful !

  6. Amazing work you have here by continuously sharing vary useful tutorials over bitcoin. This helps people to understand bitcoin functionality easily but many more additional interesting facts about bitcoin. Stay tuned to know more about secure use of bitcoins and its different wallets.

  7. In case you are new in this, a cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance…. Thanks for the video ! The information is very useful !

  8. Thanks for the information, I did not know that there were two types of cryptowallets, both hot and cold. It is information to take into account when choosing a portfolio. Good the Paxful option. Congratulations

  9. I find it very useful information for those of us who are starting in this world of cryptocurrencies and we want to know where to have them safeguarded, thanks for sharing it Kyla.

  10. thank you!!! this is very helpful ..
    Mrs Ryan always told me the same about cold wallet…she helped me to store all the profit i made from elitecryptoworld in a cold wallet.
    Mr Ryan is the best guidance in crypto as for now

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