Here's your midweek read- Types of crypto wallets and which one do you need

Hi there,

Bitcoin is slowly yet steadily inching closer to the $19,500 level. Although it did cross that level briefly, the price corrected soon after. Developers' favorite crypto, Ether, is toying with the $1300 level.

Do you know which crypto wallet is the most suitable for you? Read on to find out!

Crypto wallet types & which one's for you?

We keep things like cash, credit cards, and other items in our wallets throughout the day. Wallets are essentially the guardians of necessities.

It's crucial to realize that crypto wallets only contain the keys that allow you to access your crypto. These wallets do not really store any cryptocurrency. Let that sink in!

Keys serve as ownership evidence for digital items. Speaking of keys, there are two varieties: private and public keys. Imagine that you are engaging in a crypto transaction and are receiving cryptocurrency from someone (counterparty). Only your public key is shared with the counterparty throughout this transaction.

Your secret keys are still concealed.

Never disclose your private keys to anyone!

Types of cryptocurrency wallets

Hardware wallets: These wallets do not remain connected to the internet and are some of the most secure ways to store your crypto. They are also referred to as cold wallets.

Internet wallets: In this type, the keys are kept on a website, mobile application, or other online servers. You would use an online wallet if you purchased some cryptocurrency on an exchange and kept your holdings there.

Paper wallets: Private keys are written on a piece of paper in paper wallets. Although these wallets come with a built-in level of security, their use is restricted due to the ease with which they can be damaged.

Our verdict: Use a hardware wallet if you intend to keep HODLing your cryptos for a long time. If you often buy and sell your possessions, use an online wallet.

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Sabyasaachi

Growth, Mudrex