Crypto Wallets
Keep your crypto currency private keys safe and with you at all times with a crypto wallet*
What are crypto wallets?
At a high level, crypto wallets are just what they sound like: a wallet to store your valuable crypto data. Specifically, a cryptocurrency wallet stores the private keys to your crypto such as Bitcoin or Ethereum. If you lose your private keys, you lose access to your cryptocurrency, so a crypto wallet is a must-have.
What types of crypto wallets are there and which is the best?
There are several different categories of crypto wallets. If you want to combine old-school with cutting-edge digital, there are paper wallets. These are nothing more than writing down your private keys on a piece of paper and storing it in a safe place. Online wallets provide access to your cryptocurrency via an app. These are completely digital and just need an internet connection to provide access. The third major category is known as a cold wallet, or crypto hardware wallet. In this case, your private keys are stored offline, on a small hardware device.
Among crypto experts, paper wallets are frowned upon for obvious reasons. You have to manually enter your private key into a connected device any time you want to access, buy, or spend cryptocurrency. If you lose that slip of paper or it gets damaged, that’s it. You lose access to your cryptocurrency holdings.
Online wallets (also known as hot wallets) are an upgrade over a paper wallet, and offer convenience. You can buy and sell crypto, check your balance, and make purchases using crypto. However, the preferred solution among experienced crypto users is a cold storage wallet.
What does a crypto hardware wallet do?
Many cold wallets offer a no-setup experience, along with many of the conveniences of an online wallet. You just connect the cold wallet to your computer when you’re ready for any crypto-related activities. Unlike an online wallet, you’re not relying on the wallet provider’s internet security. Instead, all your your crypto private keys are kept completely offline, except during transactions. A hardware wallet can easily be carried with you, so you have access to your crypto currency at all times.
*Information contained or referenced herein is provided for informational purposes only and is not intended to provide, and should not be relied upon as, investment or other advice. You should perform your own research and understand all risks associated with cryptocurrency before making purchasing decisions.