All you need to know about cryptocurrency wallets
If you do not know where and how to store cryptocurrency, it is recommended to have your own cryptocurrency wallet for this purpose. They come in several types. Let’s analyze each of them. We have prepared an overview of wallets so that you can choose the best one for you.
Cryptocurrency wallets are wallets where cryptocurrencies are stored. They contain a key that gives you access to a vault of coins. This key is a kind of password, which is placed in the blockchain. There are multi-currency cryptocurrency wallets that can store different coins. Others are designed for specific currencies. All of them can be divided into two groups: online and offline. You can also use special Cryptopay cryptocurrency cards. To decide which one is right for you, let’s look at the advantages and disadvantages of each of them.
Online cryptocurrency wallets
These wallets store currency on remote servers. Their capabilities allow you to open several different wallets, convert currencies, trade on exchanges, calculate commissions using built-in calculators and much more.
Offline cryptocurrency wallets
They are also called cold wallets. They are solid-state drives (hard drives, thumb drives, or something similar) on which keys are stored without access to the Internet. Offline cryptocurrency wallets can be divided into 2 types: desktop and hardware.
They store keys on a hard drive. They are considered one of the most secure methods for storage. They look like a program installed on a personal computer. It has access to the owner’s account information. Despite their huge security advantage, there is also a huge disadvantage, which is the need to constantly update the information. They will take up a lot of memory on the hard drive.
Software for such wallets can be divided into 2 types: “hard” and “light”. Hard programs will download all blockchain chains and update them each time. Light programs will only download the necessary information from third-party services. The key stays strictly on your computer.
These cryptocurrency wallets are removable media, similar to flash drives. This method of storing cryptocurrencies is suitable for the long term. Trading from it would be inconvenient. Unlike a desktop wallet, it will not overload your computer.
You can also use bitcoin prepaid debit card. This is a very convenient modern solution and it will allow you to dispose of your cryptocurrencies every day easily and easily. If you want to pay with cryptocurrency in stores, it is a very convenient solution. You just need to choose a specialized service and as a result, new interesting prospects will open in front of you. This will help you solve the problem of storing and using cryptocurrency, as cards can be a very interesting option for everyday use. The search for reliable cards in this case should start with a search for reviews of real users. This will help you choose the best option and avoid mistakes.