In the modern world, cryptocurrencies are increasingly strengthening their positions and becoming a serious competitor for fiat money. Therefore, cryptocurrency wallets are gaining more and more popularity – a guarantee of reliable and safe saving of personal assets.
Types of crypto wallets
There are several available options to store cryptocurrencies, that can be divided into 2 main types: cold and hot wallets.
Cold cryptocurrency wallets are hardware and represent devices of small size, similar to a USB-drive, with recorded information about digital currency and transactions.
The wallets of the second type are:
• mobile application installed on tablets and smartphones;
• online software – available on exchanges, official sites and platforms;
• programs for personal computers;
• paper wallet – a QR code printed on simple sheets of paper.
Mobile applications are considered to be one of the most convenient type of storage, however, such storage of cryptocurrencies is marked by less reliability and susceptibility to fraud, due to the expanding list of functionality and developers’ insufficient knowledge in crypto encryption. In fact, enhancing protection leads to an increase in size and decrease in transaction speed, that may reject many users.
The Hardware wallet for cryptocurrency has better security, although the high cost and variety of free versions makes this option less priority for users.
Best options for storing digital currency safe
People, engaged in mining, always face the problem of finding a safe place to store accumulated assets. Thanks to innovations, the list of storage is constantly expanding, but it is worth highlighting the following:
1. Rahakott is a multilingual functional cryptographic wallet with reliable data encryption, which even developers do not have access to, and, the turnover of completed transactions for the whole period of its existence equals $ 20 million. The only way to login is a mnemonic phrase, individual and unique for each client;
2. Holy Transaction – a multi-currency service, with the possibility of placing Euros and US Dollars, with a convenient and intuitive interface;
3. Blockchain – a perfect solution that represents high reliability, with the ability to create complex passwords and SEED codes;
4. Electrum – has been working for quite a long time and succeeded to gain serious trust. There are versions for various operating systems, with a small size and a good data transfer speed;
5. BitAddress – a popular paper-type wallet with the help of which the address is generated through the versatile movement of the mouse around the screen.
A large number of crypto wallets provided on the market allows you to choose the most convenient and secure one, although as for many users, speed and multi-functionality are also very important things.