Different kind of crypto wallet

[Dorjoy12 8962]

What is crypto  wallets?? 

 

Crypto Wallet is a tool which you can use to interact with blockchain networks.. There has difference  crypto   wallets.. If you want to difference  crypto wallet then you need to divided 3 part  of crypto wallet.. Such as software  wallet, hardware  wallet and paper wallet.. 

Again those wallet has difference  according  to the working  system  and you can divided them into two part.. Such as  Hot wallet and cold wallet.. 

Almost  all crypto wallet provider based on software.. Because software  wallet is easy to use than hardware  wallet.. But hardware  wallet is most secure  than another  wallet.. And paper Wallet is a printed paper with your wallet information QR code, where your wallet address  and private  key get stored.. Paper wallet has much less user.. 

 

How crypto wallet works?? 

 

Mostly  member  believe  that crypto Wallet  don't  store any crypto currency.. Rather, it is a tool through which to interact with the blockchain... In another  way, you can say wallets generate information needed for cryptocurrency transactions through blockchain..  For this, wallets need a private  and public  address ... 

Usually  wallets made by two address ..from the two address, one is public  address  and another  is private  address .. From this you can share your public  address  to send and received  crypto  currency .. But privet key, you never should share with people .. Always  keep your privets  key in a secure  place .. 

Private  key is a address  by which  you can Control  your wallet.. If any one able to know your privet  key then they  can easily  access  your wallet.. For this reason, you must  need to be aware about  your privet  key.. 

 

Hot  wallet and cold wallet :

 

Usually  hot wallet connected  with internet .. Its mean anyhow this wallet is connected  with internet .. For example : if you open  a binance  account  and you want  to deposit some funds   in your Binance  account  from any site  then its mean you store your funds in hot wallet.. You can easily set up hot wallet and use it..but for safety, usually  member  keep small funds in Hot  wallet..

 

Opposite  site, cold wallet is a wallet which is not connected with internet.. And its privets  key always  remain  offline  because  for the safety from  hacker.. But for use this  wallet you need to face some problem.. The member usually  do big investment  and hold for long time use cold wallet.. 

 

Software  wallet : There has different  kind of software  wallet.. And mostly  wallet connected  with internet  Which  means  hot wallet..  Now we discussed  about those software  wallet that we usually  use.. Such as web wallet, desktop  wallet, mobile wallet..

 

Web wallet :  Web Wallets is a very simple and easy wallet that will allow you to easily connect to the blockchain through the browser interface, without having to download or install anything... Web wallets means some exchange  wallet  and some browser based   wallet.. To make web wallet , usually you need email and unique  password.. This wallet very beneficial  for Newbie ..  Normally  in web wallet, the privet  key dont give to user.. Its mean your wallet privets  key remain stored to  third party  provider..but some web wallet provider give  private  key to its user and again sometimes  wallet  control  share  with user by multi signature  method ... 

But a important  thing  is, whenever  you use  web wallet,  you must be careful  about  your  security .. 

 

Desktop  wallet : It's  the wallet that you can installed  in your privet  computer..Desktop  wallet  also has two part.. In one part of desktop  wallet where private  key dont given  to user.. And in another  part  of desktop  wallet, you can take the full control  of your wallet password... When a wallet is created by installing wallet software that gives the wallet user complete control of the wallet, a file called "wallet.dat" is created.  Which can be encrypted with a password..But when you encrypted  those  wallet  by password  then you must keep safe the password ...because whenever  you going to do any transaction  you must  need to give  the password  to complete  your transaction.. If you lose your password  then you can lose your funds.. 

.. 

Mobile wallets : Mobile wallet is same as desktops  wallet.. That made Only  for smartphone .. To received  and sent  crypto currency  mobile  wallet is best for every  one.. Because  by using  QR code you can easily transfer your funds... For this reason mobile  wallet  is favourite  for smartphone  user..Trust  wallet is the most favourite  smartphone  wallet provided  by Binance.. By this wallet you can store your crypto currency  while from there you can easily  trade  too.. But we all need to be careful for using  mobile  wallet because in phone  we usually  have different  apps.. Also you might have those  kind of app that is dangerous for phone.. For this, whenever  you use Mobile wallet  then you must encrypted  the wallet by password.. Again you must keep backup of your privet  key and seed phrase  so that in any bad situation  your wallet  can be safe.. 

 

Hardware  wallet : hardware  is a physical  electronic  device, that generates  random number to generates  privet key and public  key.. And the privet  key remained  stored in wallet that never  connected  with internet.. You can think  hard wallets  as one kind of cold wallet.. For this reason, hardware  wallet called  Most  secure  wallet.. You can take Hardware wallet safety from online hacker.. But it can have risk for its farmware mistake.. Its hard to use hardware  wallet..for this reason this wallet user is not Friendly .. 

 But if you want to do big invest  or  hold for long time then you can use hardware  wallet.. Becuase  its the most secure  wallet.. 

Mostly  hardware  wallet gives you the facilities  to keep your funds safe.. For this, when you first set hardware  wallet then they usually  give  you recovery  phrase..Because  if sometimes your account get damage  then you can easily recover  it by use recovery  phrase ..  Ledger Nano S/X is the best hardware  wallet.. 

 

Paper wallet :  Paper wallet is what is called a physical wallet in which your wallet information is printed on a paper in QR code form.  You can make cryptocurrency transactions by scanning that QR code..

Some paper  wallet  will give you the chance to download  their code and by Which  you can generate public  address  and private  key  though  you are in offline..for this reason this kind of wallet is safe from online  hacker.. You can take this wallet as a cold wallet.. 

This paper  wallet has a big problem that you cant do transaction  half of your Funds and for this reason  people  dont want to use it..

 

Good luck cryptotalk member ❤

Edited October 3, 2020 by Dorjoy12

[tiposamuel 59]

I currently use TrustWallet, I like it because it has a wide variety of cryptocurrencies available to store, later as my capital increases if I plan to acquire a cold wallet to store my money since the security of your coins is always important.

[Syedbesharat 5423]

Mostly I have used cold wallet for my funds. The hot wallet which is exchange Wallets are my daily  usage where I have placed the low amount. For mobile wallet I used coinbase for better support, Atom, trust wallet and Tron wallet. Other wallets don't  look promising to me and can place funds in many wallets. 

[Calvinpriva 17296]

On 10/3/2020 at 10:06 AM, Dorjoy12 said:

Software  wallet : There has different  kind of software  wallet.. And mostly  wallet connected  with internet  Which  means  hot wallet..  Now we discussed  about those software  wallet that we usually  use.. Such as web wallet, desktop  wallet, mobile wallet..

Well explained @Dorjoy12 there are many types of wallets which we can use to store our coins, I use software wallets most. Maybe i will shift to hardware wallets after i reach a certain amount of capital because hardware wallets are the most recommended in storing large amounts.

[Prt Btc 78]

A cryptocurrency wallet is a piece of software that keeps track of the secret keys used to digitally sign cryptocurrency transactions for distributed ledgers. Because those keys are the only way to prove ownership of digital assets, and to execute transactions that transfer or modify them in some way, they are a fundamental piece of the cryptocurrency ecosystem.

[Dorjoy12 8962]

5 hours ago, Calvinpriva said:

Well explained @Dorjoy12 there are many types of wallets which we can use to store our coins, I use software wallets most. Maybe i will shift to hardware wallets after i reach a certain amount of capital because hardware wallets are the most recommended in storing large amounts.

@Calvinpriva   whenever talked about hardware wallet  then the cold wallet description comes to my head becuase its the only wallet which is most secure place to store big amount as you wanted to mean..  Yah software wallet is unsafe all the time but its not big problem for low capital crypto member like us 😂..  Choice the best hardware wallet            

[Calvinpriva 17296]

20 minutes ago, Dorjoy12 said:

Yah software wallet is unsafe all the time but its not big problem for low capital crypto member like us 😂..  Choice the best hardware wallet

@Dorjoy12 You know gate.io exchange? Is the leading exchange in security, you can use that exchange to store any large amount, i use it to store some amount as well, and it has quick transactions and low fees even than Yobit! You have to pass KYC first even to withdraw $1, after you pass KYC, also you must activate OTP and 2FA to withdraw your money! That means it doesn't matter if you have pass KYC but you must activate all those securities to withdraw your money. If you'll use their app, authenticator is a must. Search more about gate.io security on google and you'll be surprised... Just like cold wallets!

[Dorjoy12 8962]

25 minutes ago, Calvinpriva said:

Search more about gate.io security on google and you'll be surprised... Just like cold wallets!

@Calvinpriva  unfortunately i didnt have any idea about it before.. But from your information its prove that the exchange site is more secure than the yobit platform.. Definitely i will follow your suggestion and try to use the exchange site to check out whenever i will need it..  Though there has kyc verification system but its not a big problem in this way..               

[Mark wood 2970]

3 hours ago, Dorjoy12 said:

@Calvinpriva   whenever talked about hardware wallet  then the cold wallet description comes to my head becuase its the only wallet which is most secure place to store big amount as you wanted to mean..  Yah software wallet is unsafe all the time but its not big problem for low capital crypto member like us 😂..  Choice the best hardware wallet            

@Dorjoy12 first of all we don't have such amount so the current wallet are best because I know these are secure if we have much more then we will take help from senior members here like you are but I will remember that wallet you mentioned whenever I have more amount I will prefer that one..

[Dorjoy12 8962]

10 minutes ago, Mark wood said:

@Dorjoy12 first of all we don't have such amount so the current wallet are best because I know these are secure if we have much more then we will take help from senior members here like you are but I will remember that wallet you mentioned whenever I have more amount I will prefer that one..

@Mark wood as you wish friend.. If you want to use cold wallet now then no one prohibited you but usually crypto member use cold wallet who has planning to invest huge amounts crypto or want to hold any currency for long time.. Because its hard to use cold wallet than the normal mobile wallet we use in our daily life..                

[Mark wood 2970]

Just now, Dorjoy12 said:

@Mark wood as you wish friend.. If you want to use cold wallet now then no one prohibited you but usually crypto member use cold wallet who has planning to invest huge amounts crypto or want to hold any currency for long time.. Because its hard to use cold wallet than the normal mobile wallet we use in our daily life..                

@Dorjoy12 after seeing your post I search for cold wallet for the purpose knowing this wallet because I didn't use this wallet before so it is better to read this wallet features and overview what people say about that so it is good for me because entering anywhere first to know about that..

[Dorjoy12 8962]

1 minute ago, Mark wood said:

@Dorjoy12 after seeing your post I search for cold wallet for the purpose knowing this wallet because I didn't use this wallet before so it is better to read this wallet features and overview what people say about that so it is good for me because entering anywhere first to know about that..

@Mark wood you are totally right about it as if you dont about that thing which you want to use then you will easily face probelm.. You know that whenever a member withdrawal money from coinbase then he need to use privet key Which is boring for manu members.. So only big capital crypto member use cold wallet as they withdrawal money rare time..                   

[Artugul78 91]

I use yobit wallet account... I think yobit wallet account is best and secure account..this account have many feature.. We know that  There are many mobile wallet account such as coinbase wallet account, Trust wallet account, cold wallet, blockchain account..all are account good...       

[Honny143 13612]

19 minutes ago, Artugul78 said:

I use yobit wallet account... I think yobit wallet account is best and secure account..this account have many feature.. We know that  There are many mobile wallet account such as coinbase wallet account, Trust wallet account, cold wallet, blockchain account..all are account good...       

@Artugul78 of course yobit exchange secured so their offers wallet also secured, but after all its exchange wallet and do not trust any exchange wallet blindly,

Because in crypto world there so many exchages hacked and their investors loss their funds, so if we have good amount of crypto assets then use strong wallets, like you mention coinbase block chain because these wallets more secure then exchange wallets.

[JanBomCrypto 494]

This is a very good explanation of what crypto wallets are, there ate two main types which are cold and hot wallets, I prefer the cold because it is more difficult for hackers to hack unlike hot wallets. But there are many hot wallets with good reputation that can be used to save crypto. I use electrum do bitcoin, while coinbase for multicoin. 

[Jandancoin 482]

The best crypto wallets are the hardest wallets, the safest ones are cold wallets, online wallets like coinbase are also good but they can not be good like hardware wallets and also can not be safe like cold wallets. 

[tienda 8776]

On 10/31/2020 at 8:43 AM, Artugul78 said:

I use yobit wallet account... I think yobit wallet account is best and secure account..this account have many feature.. We know that  There are many mobile wallet account such as coinbase wallet account, Trust wallet account, cold wallet, blockchain account..all are account good...       

Yes also we can use Yobit wallet @Artugul78 and Coinbase, Binance, Blockchain......etc wallets. But only for small quantity if you plan to hold a high amount the best and more secure are hardware wallets. About the website exchange wallet is not at 100% safe, they are exposed to hackers at any time if they will be hacked you will loss all your coins. 

[Artugul78 91]

Right @tienda i agree with you.. Yobit account is best account for small quantity... But i do not know which account is better for high amount...  I came to know about the large amount of account... So many many thanks @tienda for useful information...  

[scorpiali 5626]

It's a good post about all kind of Wallet, any one should know about all and use the best one for his crypto, personally I use the soft Wallet on desktop or mobile and also the website Wallet like blockchain or coinbase ,but never use the hard Wallet I really can't pay for a Wallet and I have something for free

[Dorjoy12 8962]

On 11/2/2020 at 1:33 PM, scorpiali said:

It's a good post about all kind of Wallet, any one should know about all and use the best one for his crypto, personally I use the soft Wallet on desktop or mobile and also the website Wallet like blockchain or coinbase ,but never use the hard Wallet I really can't pay for a Wallet and I have something for free

 Before try to use hardware wallet we all need to know that usually hardware wallet get used for safety... Hardware wallet get used by those member who planning to hold their thousands usd or invest them...   Its also hard to open hardware wallet every time and sent the crypto as you always need to use privet key... That is why hardware wallet use big investor who open wallet once in  a week..                

[scorpiali 5626]

44 minutes ago, Dorjoy12 said:

 Before try to use hardware wallet we all need to know that usually hardware wallet get used for safety... Hardware wallet get used by those member who planning to hold their thousands usd or invest them...   Its also hard to open hardware wallet every time and sent the crypto as you always need to use privet key... That is why hardware wallet use big investor who open wallet once in  a week..                

Exactly the Hard Wallet is specially for the investors who have a big amount of coins and don't move them all the time they stack them for a long,but for holders with low amount they really don't need to use the hard Wallet, maybe if they grow her amount they can buy one because it's the most secure Wallet in the moment 

[ramonn22 731]

On 10/3/2020 at 9:06 AM, Dorjoy12 said:

What is crypto  wallets?? 

 

Crypto Wallet is a tool which you can use to interact with blockchain networks.. There has difference  crypto   wallets.. If you want to difference  crypto wallet then you need to divided 3 part  of crypto wallet.. Such as software  wallet, hardware  wallet and paper wallet.. 

Again those wallet has difference  according  to the working  system  and you can divided them into two part.. Such as  Hot wallet and cold wallet.. 

Almost  all crypto wallet provider based on software.. Because software  wallet is easy to use than hardware  wallet.. But hardware  wallet is most secure  than another  wallet.. And paper Wallet is a printed paper with your wallet information QR code, where your wallet address  and private  key get stored.. Paper wallet has much less user.. 

 

How crypto wallet works?? 

 

Mostly  member  believe  that crypto Wallet  don't  store any crypto currency.. Rather, it is a tool through which to interact with the blockchain... In another  way, you can say wallets generate information needed for cryptocurrency transactions through blockchain..  For this, wallets need a private  and public  address ... 

Usually  wallets made by two address ..from the two address, one is public  address  and another  is private  address .. From this you can share your public  address  to send and received  crypto  currency .. But privet key, you never should share with people .. Always  keep your privets  key in a secure  place .. 

Private  key is a address  by which  you can Control  your wallet.. If any one able to know your privet  key then they  can easily  access  your wallet.. For this reason, you must  need to be aware about  your privet  key.. 

 

Hot  wallet and cold wallet :

 

Usually  hot wallet connected  with internet .. Its mean anyhow this wallet is connected  with internet .. For example : if you open  a binance  account  and you want  to deposit some funds   in your Binance  account  from any site  then its mean you store your funds in hot wallet.. You can easily set up hot wallet and use it..but for safety, usually  member  keep small funds in Hot  wallet..

 

Opposite  site, cold wallet is a wallet which is not connected with internet.. And its privets  key always  remain  offline  because  for the safety from  hacker.. But for use this  wallet you need to face some problem.. The member usually  do big investment  and hold for long time use cold wallet.. 

 

Software  wallet : There has different  kind of software  wallet.. And mostly  wallet connected  with internet  Which  means  hot wallet..  Now we discussed  about those software  wallet that we usually  use.. Such as web wallet, desktop  wallet, mobile wallet..

 

Web wallet :  Web Wallets is a very simple and easy wallet that will allow you to easily connect to the blockchain through the browser interface, without having to download or install anything... Web wallets means some exchange  wallet  and some browser based   wallet.. To make web wallet , usually you need email and unique  password.. This wallet very beneficial  for Newbie ..  Normally  in web wallet, the privet  key dont give to user.. Its mean your wallet privets  key remain stored to  third party  provider..but some web wallet provider give  private  key to its user and again sometimes  wallet  control  share  with user by multi signature  method ... 

But a important  thing  is, whenever  you use  web wallet,  you must be careful  about  your  security .. 

 

Desktop  wallet : It's  the wallet that you can installed  in your privet  computer..Desktop  wallet  also has two part.. In one part of desktop  wallet where private  key dont given  to user.. And in another  part  of desktop  wallet, you can take the full control  of your wallet password... When a wallet is created by installing wallet software that gives the wallet user complete control of the wallet, a file called "wallet.dat" is created.  Which can be encrypted with a password..But when you encrypted  those  wallet  by password  then you must keep safe the password ...because whenever  you going to do any transaction  you must  need to give  the password  to complete  your transaction.. If you lose your password  then you can lose your funds.. 

.. 

Mobile wallets : Mobile wallet is same as desktops  wallet.. That made Only  for smartphone .. To received  and sent  crypto currency  mobile  wallet is best for every  one.. Because  by using  QR code you can easily transfer your funds... For this reason mobile  wallet  is favourite  for smartphone  user..Trust  wallet is the most favourite  smartphone  wallet provided  by Binance.. By this wallet you can store your crypto currency  while from there you can easily  trade  too.. But we all need to be careful for using  mobile  wallet because in phone  we usually  have different  apps.. Also you might have those  kind of app that is dangerous for phone.. For this, whenever  you use Mobile wallet  then you must encrypted  the wallet by password.. Again you must keep backup of your privet  key and seed phrase  so that in any bad situation  your wallet  can be safe.. 

 

Hardware  wallet : hardware  is a physical  electronic  device, that generates  random number to generates  privet key and public  key.. And the privet  key remained  stored in wallet that never  connected  with internet.. You can think  hard wallets  as one kind of cold wallet.. For this reason, hardware  wallet called  Most  secure  wallet.. You can take Hardware wallet safety from online hacker.. But it can have risk for its farmware mistake.. Its hard to use hardware  wallet..for this reason this wallet user is not Friendly .. 

 But if you want to do big invest  or  hold for long time then you can use hardware  wallet.. Becuase  its the most secure  wallet.. 

Mostly  hardware  wallet gives you the facilities  to keep your funds safe.. For this, when you first set hardware  wallet then they usually  give  you recovery  phrase..Because  if sometimes your account get damage  then you can easily recover  it by use recovery  phrase ..  Ledger Nano S/X is the best hardware  wallet.. 

 

Paper wallet :  Paper wallet is what is called a physical wallet in which your wallet information is printed on a paper in QR code form.  You can make cryptocurrency transactions by scanning that QR code..

Some paper  wallet  will give you the chance to download  their code and by Which  you can generate public  address  and private  key  though  you are in offline..for this reason this kind of wallet is safe from online  hacker.. You can take this wallet as a cold wallet.. 

This paper  wallet has a big problem that you cant do transaction  half of your Funds and for this reason  people  dont want to use it..

 

Good luck cryptotalk member ❤

Very good explanation, dear colleague of this great insurance forum, it will come in handy for many users, especially beginners, of what wallets consist of, where I would recommend Hardware wallet and Paper wallet wallets since they are the safest
Good luck and big winnings for the whole community
A big greeting

[Dorjoy12 8962]

6 minutes ago, scorpiali said:

but for holders with low amount they really don't need to use the hard Wallet, maybe if they grow her amount they can buy one because it's the most secure Wallet in the moment 

 Without any doubt you are right.. Because having 1k usd in a mobile wallet  is not a big matter.. And usually low amount holder has not more than 1k usd in their wallet and for this amount if any member want to use hardware wallet then its look funny lil bit... So we need to use always suitable thing  that is Perfect for us.. But we cant prohibited someone to dont use hardware wallet or cold wallet.. They can use it for gather experience too..              

[ShiNorton 906]

Good informative topic. Novice members should know about the types of wallets. I like cold storage hardware wallets like Ledger Nano. Software wallets are also good to load some coins into them.
 

[Viscount 1357]

Yes, there are a lot of cyrptocurrency wallet out there because it serves the needs of the customers. Also yes again, you cannot have all of their needs in one, that is why there are a lot of cryptocurrency wallet. So know your priority first before choosing one.