07/01/19 06:45 UTC-4

Overview of wallets for storing cryptocurrency

Varieties of cryptocurrency wallets
Varieties of cryptocurrency wallets

Today, cryptocurrencies have become a popular financial tool. In this regard, the range of additional services for their implementation and storage is expanding. In this article we will talk about how and where you can store cryptocurrencies, which crypto-wallet is better to choose, and also consider all existing types and groups of cryptocurrency wallets.


Online Wallets

These are storage services, which in fact belong to a third party. The keys to online crypto-wallets are stored on separate remote services. The advantage of online-wallets is: allow you to store many cryptocurrencies at the same time; convert cryptocurrencies inside the wallet, calculate the commission on the built-in online calculator. Most popular online-wallets for cryptocurrencies: HolyTransaction, Coinbase, Cryptonator.

Disadvantages: there are no reliable ways to protect money on such services.

Interesting in the section: Exodus desktop wallet for storing cryptocurrency

Desktop Wallets

Keys are stored on the PC hard disk. One of the most reliable options for offline wallets. Desktop wallets are a computer program. The maximum size of the desktop wallet is up to 100 GB. They are divided into two types: "thick" and "thin" ("light"). "Thick" loads the whole blockchain, and "thin" only block names. Most popular desktop wallets: Exodus, Bitcoin Core; Armory (as a software add-on for Bitcoin Core).

Disadvantages: suitable only for powerful computers. Most discount wallets can be installed only on a PC with a 64-bit processor, from 2 GB of RAM.

Interesting in the section: Features of the Augur platform

Browser Wallets

Software wallets that function as extensions for Chrome or Firefox web browsers. Often have separate discount versions for different operating systems (Windows and Linux). Browser wallets are open source. One of the most popular representatives of this type is the Jaxx cryptocurrency wallet.


Hardware Wallets

This is a separate removable media, which in its appearance is like a regular flash drive. Keeping cryptocurrency assets and keys on a hardware wallet is not a very popular way. The main advantage of this storage is a high level of security. Disadvantage: it is difficult to make transactions and exchange coins. In order to get started with a hardware wallet, you first need to connect it to a PC.

The most popular types of hardware wallets: KeepKay, Ledger, Trezor.


Mobile Wallets

Specialized programs that are designed to be installed on mobile devices or tablets. Such wallets cannot provide a complete update of the blockchain data, therefore they are not suitable for long-term storage of large amounts of crypto-assets.

Advantages of mobile crypto-wallets: they are suitable for calculating cryptocurrency, purchasing goods and paying for services. Some wallets of this type provide cryptocurrency insurance.

The most popular mobile wallets are: Coinomi wallet for Android, Xapo linked to a bank card and phone number.


Cryptocurrency Paper Wallets

Printing a picture with a special QR-code that contains the address and private key of the user. This option is well suited for long-term storage. Today, there are many specialized resources that offer paper crypto-storage generation. To create such a wallet, you must create an address that will be used to receive a cryptocurrency and a key that will allow it to be spent.

Editor: Yulia Krasnaya

#cryptocurrency #cryptowallet #wallet



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