Various Types of Cryptocurrency Wallets
Various types of Cryptocurrency Walreens and their features Various types of Cryptocurrency wallets and their features include ease of use, portability, flexibility, enhanced security features and global transaction history. Mobile wallets – can be used on mobiles linked to the Internet by wireless users. Transactions can be done instantaneously. The users also use personal keys to access their personal funds. Desktop wallets – it works seamlessly on desktop operating systems such as Windows, Mac, and Linux.
Various types of wallets fall under the category of currency wallets. There are various types of Cryptocurrency Wallets including offline and online cold storage Wallets. Cold storage Wallets has certain similarities with paper wallets. They can be used to store encrypted files and private keys.
Online Wallets An online wallet is a type of online storage device for secure online transactions. It is created using a distributed network of web servers. An online cold storage wallet is made by using a paper wallet with embedded digital signatures that serve as virtual security keys for the device. This can be compared to a paper wallet as it has no physical keys or file storage.
Different Types of Cryptocurrency Wallet There are various types of Cryptocurrency wallets, including offline and online desktop wallets. Offline desktop Wallets are used to store money on a local computer. However, an online desktop wallet can be accessed anywhere in the world.
Online Wallets On the other hand, online wallets are web-based wallets that run on an Internet server. Some of the popular online wallets include Mijic, Cryptobit, Web wallets, Electrum, Mykey, Pimple, Safecash and Winterfox. Offline wallets on the other hand, are designed for use with physical currency. These types of Cryptocurrency wallets include offline Forex, Credit Card, EFT and travellers cheques.
Mobile Wallets The latest type of Cryptocurrency wallet is the mobile wallet. Mobile Wallet features like sending and receiving messages, making payments, receiving and loading tasks etc. are incorporated in the mobile wallet. Wallets for smart phones, Blackberry, PDA are some of the popular mobile wallets available.
Desktop Wallets Many people use paper wallets for their day to day activities. Paper Wallets are used to collect money from customers. Many companies offer various types of paper wallets such as the credit card wallets. However, paper wallets are susceptible to frauds. A thief can make duplicate copies of the credit card images and use them to withdraw money. If you keep your personal information safely inside the paper wallet, then it is safe from these types of frauds.
Other Types of Cryptocurrency Wallets There are various other types of Cryptocurrency Wallets which are based on the technologies. For instance, there are the online wallets, offline wallets, web wallets, cold storage wallets and the hardware wallets. All the aforementioned can be connected to the Internet and can transfer funds to and from anywhere around the world. The internet based Cryptocurrency wallet usually has two major components. The first component is the website, which holds all the encrypted information. The second component is an application service, which is installed on a computer or a server and is accessed via the Internet.
In a nutshell, the concepts behind various types of Cryptocurrency Wallets are similar. However, it is important to choose a wallet according to your need and requirements. If you are using the internet for online payments, then you might consider getting a software wallet instead of the hardware wallet. In case you need a cold storage solution, then you may consider getting a paper wallet, while if you want to use an online asset transfer solution, then you should get a software based Cryptocurrency wallet.