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December 25, 2022

A Beginner's Introduction to Crypto Wallet

While there is a hauntingly loud buzz of cryptocurrencies, their hows, and why in the market, there is little importance given on explaining how those cryptocurrencies are stored in crypto wallet and why is it important to know about the type of wallet you store cryptocurrencies. Let's try and take baby steps towards understanding what cryptocurrencies are and where you store them.

A Beginner's Introduction to Crypto Wallet

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What are cryptocurrencies?

Cryptocurrencies are digital assets that use cryptography to secure transactions, control the creation of new units, and verify the transfer of assets. They are decentralized and do not have a central authority to control them. Bitcoin, the first and the most well-known crypto, is a good example of the concept. 

What are Crypto Wallets?

A crypto wallet is a digital wallet that allows you to store, send, and receive cryptocurrencies. 

They can be hardware wallets, software wallets, or even paper wallets. Hardware wallets are what you can imagine them to be; they are physical devices that store your cryptocurrency offline on a secure chip.

In comparison, software wallets are programs that store your crypto on your computer/mobile device. Paper wallets are nothing more than a printout of your public and private keys that you can use to keep your crypto offline. Some examples of famous crypto wallets are MetaMask, Trust Wallet, Bitcoin Wallet, Ethereum Wallet, Zcash Wallet, Bitcoin Cash Wallet, Litecoin Wallet, etc.

You can also connect your decentralized wallet to your centralized cryptocurrency exchange to perform actions like Trade, Stake and even more. Seracle’s non-custodial solutions help businesses to integrate non-custodial wallets like MetaMask on centralized exchanges. 

Why are Crypto Wallets Important?

Like physical wallets, crypto wallets store your crypto and keep it secured. They allow you to control your private keys, which are secret codes that enable you to spend your crypto. If you lose your private keys, you lose access to your crypto holdings. This is why it is crucial to store your private keys in a safe place. 

Types of Crypto Wallets

Different types of cryptocurrency wallets are designed to store different types of information. Some wallets are designed to store only public keys, while others are designed to store both public and private keys. Some wallets are designed to be used only with a specific type of cryptocurrency, while others can be used with any cryptocurrency.

Software Wallet:

The most common type of wallet is the software wallet. This type of wallet is usually a free download and is available for all major operating systems. Software wallets can be further divided into desktop and mobile wallets. 

Desktop Wallets:

Desktop wallets are installed on a desktop computer and give the user complete control over the wallet. On the other hand, mobile wallets are installed on a mobile device and are usually much easier to use. 

Online Wallets:

Another type of wallet is the online wallet. Online wallets are hosted by a third party and can be accessed from any device with an internet connection. Online wallets are usually much less secure than software or hardware wallets, as private keys are stored online and can be hacked. 

Hardware Wallets:

A hardware wallet is a type of wallet that stores the user's private keys on a hardware device. Hardware wallets are usually much more secure than software or online wallets, as they cannot be hacked. However, they are also much more expensive. 

Paper Wallets: 

The last type of wallet is the paper wallet. Paper wallets are pieces of paper with public and private keys printed on them. They are cheap and easy to use, but also very insecure, as they can be easily lost or stolen.

Seracle helps you choose the develop a secure cryptocurrency wallet for your project based on your custom needs. Get in touch with our experts to know more about it.