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Types of Cryptocurrency Wallets - Krypto

There are five major types of cryptocurrency wallets, each one providing different security levels to ensure safety for your digital currency and private keys. Some are more useful for crypto exchange in India than others.

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Types of Cryptocurrency Wallets - Krypto

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  1. Types of Cryptocurrency Wallets - Krypto

  2. There are five major types of cryptocurrency wallets, each one providing different security levels to ensure safety for your digital currency and private keys. Some are more useful for crypto exchange in India than others. Before that, know what hot and cold wallets are:

  3. Hot Wallets This type of wallet remains connected to the internet and is user friendly. It is also quick and simple to set up and use, making it convenient and popular among traders requiring daily transactions. However, its continuous connectivity and ready accessibility make it less secure.

  4. Cold Wallets A cold wallet doesn’t need a constant internet connection; it is stored offline. This results in better security and reduced risk. It is also hack-resistant which is why users prefer it for greater sums of money and for long-term holdings. HODLers find cold wallets suitable for their use. 

  5. Hardware Wallets • A hardware wallet is a hardware device designed to manage keys and public addresses separately. It resembles a pen drive, has an OLED screen with side buttons and doesn’t require a battery. Users connect it to a PC and access it with the help of native desktop apps. It can be a bit expensive and complicated for beginners with substantial investments to make. 

  6. Paper Wallets • It contains a physically printed QR code. Some variants enable code download to produce new addresses offline. It may be nearly impossible to hack but has potentially dangerous flaws. For instance, it is not reusable and the owner cannot send partial funds with it. 

  7. Desktop wallets • A desktop wallet is a software pack that has to be installed onto the computer and requires an anti-virus once the system connects to the internet. It is convenient, offers privacy, anonymity, and does not require a third party. However, it is important to maintain frequent backups. 

  8. Mobile Wallets • A mobile wallet is similar to a desktop wallet, except that it is designed for smartphones. It is even more practical and convenient as it uses QR codes to conduct transactions. are just like desktop wallets made for smartphones. 

  9. Web Wallets • As the name suggests, a web wallet works with the help of web browsers. It is also used by millions of users for crypto exchange in India. However, the private keys such wallets may contain are often vulnerable to DDOS attacks. A web wallet can be hosted or non-hosted, of which users prefer the latter as they have complete control over the funds. Even though they are more suitable for fast transactions and small investments, they are different from hot wallets. 

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