What is a cryptocurrency wallet

Are you wondering what a cryptocurrency wallet is? To put it simply, a cryptocurrency wallet is a tool that allows storing and performing transactions with digital currencies. In the real world, we tend not to walk around with money in our pockets, but keep it in a safe place - the world of digital currencies is similar. Below we present a handful of information on wallets for all cryptocurrencies.

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Basic types of cryptocurrency wallets

Before we describe the basic types of wallets, we will explain what a cryptocurrency wallet is in more detail. Well, a wallet is a place where private keys are kept. The key gives us access to funds accumulated in the form of bitcoin or other digital currency, stored on specific addresses of the blockchain network. Remember that when your private key is lost or stolen, you will lose all funds in your digital account.

Cryptocurrency wallets - categories

Currently there are several categories of wallets for storing digital currencies. We can divide them into:

  • mobile wallets - this is the most popular form of virtual wallet for cryptocurrencies. It comes in the form of an application for a phone or tablet;
  • computer wallets - currency storage is possible thanks to a special application downloaded on the computer;
  • hardware wallets - these are external USB devices, e.g. Ledger Nano S, which resemble an ordinary flash drive. They store data offline, so you need to connect them to your computer before making a transaction,
  • browser wallets - it's a very convenient solution that works using web browsers. A browser wallet resembles traditional internet banking,
  • paper wallets - they consist of writing down private keys on a piece of paper. It is a very secure, but relatively rarely used solution.

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Hot wallets and cold wallets

Bitcoin and other cryptocurrency wallets can be further divided into hot and cold. The former work when they are connected to the Internet - they include mobile, browser and computer wallets. Hot wallets are readily available and easy to use, which is why they are very popular with cryptocurrency owners.

On the other hand, a cold wallet does not need any internet connection. It is a physical medium that stores offline access to the private key - e.g. a hardware or paper wallet. Not connected to the network makes the cold wallet much safer than the hot wallet.

Which cryptocurrency wallet to choose?

We have already learned the basic types of wallets, so it's time to answer the question which cryptocurrency wallet is the best. Both hot and cold wallets have some advantages and disadvantages. Before you set up a cryptocurrency wallet, it is worth checking the current rankings, from which you will learn about free and safe solutions - including Polish wallets. By the way, regularly check other rankings related to cryptocurrencies, thanks to them you will find out, among others:  what is the best Bitcoin exchange. Regardless of which wallet you choose, remember to have a backup that will give you stable access to the cryptocurrency.

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