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What Is Cryptocurrency Wallet? Types of Wallets

Owning a cryptocurrency is exciting. The excitement comes from the fact that cryptocurrency is the biggest revolution in the history of mankind. Many people around the world own cryptocurrency. The question is that where cryptocurrency owners store their cryptocurrencies? A cryptocurrency wallet is a place where users can store their public and private keys. A public key is defined as a cryptographic key used to encrypt a message. While a private key is also a cryptographic key, but it is used to decrypt the message.

Mentioned below are different types of cryptocurrency wallets:

  • Hardware Wallet

A hardware wallet is connected to the Internet for cryptocurrency transactions. But it is an offline device. It is actually a USB-like device. TREZOR One Wallet, Ledger Nano S Wallet, and KeepKey Wallet are some of the hardware wallets. A private key of a particular user will be stored in a protected area of a control device called microcontroller.

  1. TREZOR One Wallet: It supports cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Dash (DASH), Dogecoin (DOGE), Ethereum Classic (ETC), Ethereum (ETH), ERC20,
    NEM (XEM), Namecoin (NMC), Zcash (ZEC), Expanse (EXP), and Ubiq (UBQ). It has features like PIN protection, Recovery seed, Single-purpose device, and Limited attack surface. It is compatible with operating systems like Operating Systems. Windows, Mac, Linux or Chrome OS.
  2. Ledger Nano S Wallet:  It supports cryptocurrencies like Bitcoin (BTC), Ripple’s XRP, Ethereum (ETH), Bitcoin Cash (BCH), EOS (EOS), Stellar Lumens (XLM), Litecoin (LTC), TRON (TRX), Cardano (ADA),
    IOTA (MIOTA)Binance Coin (BNB), Monero (XMR), Dash (DASH), NEO (NEO), Ethereum Classic (ETC), Zcash (ZEC), Tezos (XTZ)Waves (WAVES), Dogecoin (DOGE), VeChain (VET), etc. It has features like Offline Storage, Secure PIN Code, Backup and Restoration, and Advanced Passphrase Options. It is compatible with operating systems like Operating Systems. Windows, Mac, Linux or Chrome OS. It can work with software wallets like Copay, Electrum, Mycelium, MyEtherWallet, etc.
  3. KeepKey Wallet: It supports cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), and Namecoin (NMC). It has features like Recovery Sentence and PIN Code. It is compatible with operating systems like PC, Mac, Linux, and Android. It can work with software wallets like Electrum, MultiBit, and Mycelium.
  • Desktop Wallet

A desktop wallet is an application downloaded and installed on a hard drive of a laptop or computer. If a customer downloads and installs an application from an XYZ computer, then he will have to use the XYZ computer only for every transaction. Make sure to protect your hard drive from viruses, otherwise, you can lose your cryptocurrency. Armory Wallet, Exodus Wallet, and Electrum Wallet are some of the desktop wallets. 

  1. Armory Wallet: It supports cryptocurrencies like Bitcoin (BTC). It has advantages like Hierarchical deterministic (HD), Multi-signature support, and Open-source. It is compatible with Microsoft Windows, Apple Mac OSX, Linux Ubuntu, and Raspberry Pi.
  2. Exodus Wallet: It supports cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), BTG, Litecoin (LTC), Ethereum (ETH), Dash (DASH), Ethereum Classic (ETC), Vertcoin (VTC), FunFair (FUN), Decred (DCR), EOS (EOS), Aragon (ANT), Gnosis (GNO), OmiseGO (OMG), Basic Attention Token (BAT), etc. It has advantages like Interface with charting tools, Tutorials & videos support, and Multi-currency. It is compatible with Windows, Mac OS, and Linux.
  3. Electrum Wallet: It supports cryptocurrencies like Bitcoin (BTC). Electrum wallet can be set up easily. A seed phrase is used by Electrum wallet as a backup measure. It is compatible with Windows, Mac, Linux, and Android.
  • Mobile Wallet

A mobile wallet comes in the form of an app. You have to download and install the app. The mobile wallet has features like a QR code. You have to scan the QR code for payments. Mycelium, Airbitz, and Bread are some of the Mobile wallets. You have to safeguard your mobile wallet against keylogging, viruses, etc.

  1. Coinomi Wallet: It supports cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC),
    Bitcoin Gold (BTG), Dogecoin (DOGE), Litecoin (LTC), Litecoin Cash (LCC), Bitcoin Cash (BCH), Dash(DASH), NuBits (NBT),Peercoin (PPC),ReddCoin (RDD), MonaCoin (MONA), DigiByte (DGB), Digitalcoin (DGC), NeosCoin (NEOS)Verge (XVG),Vertcoin (VTC),Bata (BTA)Abncoin (ABN), etc. It has features like Multi-coin support, Simple setup, Easy asset trading, Privacy first, and Translations. It is compatible with Android and iOS. 
  2. Airbitz: It supports cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Ripple’s XRP, Dash (DASH), Augur (REP)Wings (WINGS)Indorse Token (IND)Zcoin (XZC)Feathercoin (FTC), etc. It has advantages like Beginner friendly, Open source, Two-factor authentication, and Decentralised servers. It is compatible with Android and Apple iPhone.
  3. Bread: It supports cryptocurrencies like Bitcoin (BTC). Its advantages are easy to use, Touch-ID login option, and new wallet address generation for every transaction. It is compatible with iOS and Android.
  • Paper Wallet

A paper wallet is an offline wallet. It is actually a piece of paper. Public and private keys are printed on the piece of paper. They can also be printed on either a plastic material or any other material which is durable. They are printed in the form of QR codes. Customers can scan QR codes for transactions. They have to keep their paper wallets in a safe place, otherwise, there is a chance of losing funds. BitAddress.org, BitcoinpaperWallet.com, and WalletGenerator.net. are wallet generation programs used to generate paper wallets. Once the keys are generated, then the customers must delete their history on the Internet. All these three programs use JavaScript technology. They are open open-source. 

  • Web Wallet

A web wallet is an online wallet. Third parties or cryptocurrency exchanges manage web wallets. Private and public keys of customers are stored by them. Crypto exchanges such as BuyUcoin, Zebpay, and WazirX provide web wallets. It runs on the Cloud. You can use the web wallet from any parts of the world. Service providers store all data on their central servers. 

  1. BuyUcoin Wallet: BuyUcoin is a New Delhi based cryptocurrency exchange. It was founded in 2016. Shivam Thakral is the CEO and the co-founder of BuyUcoin. BuyUcoin supports cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Neo (NEO), Dash (DASH), OmiseGo (OMG), NEM (ZEM), etc. It supports fiat currencies like the Indian rupee (INR). While it supports payment options like Cryptocurrency, Immediate Payment Service (IMPS), National Electronics Funds Transfer System (NEFT), Real Time Gross Settlement (RTGS), and Unified Payment Interface (UPI). Customers can buy, sell, and exchange cryptocurrency.
  2. Zebpay Wallet: Zebpay is headquartered in Singapore, a country in Asia. It was founded in 2015. The CEO at Zebpay is Ajeet Khurana. Sandeep Goenka, Saurabh Agrawal, and Mahin Gupta are founders of Zebpay. Zebpay supports cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, Litecoin (LTC), Bitcoin Cash (BCH), and EOS (EOS). It supports fiat currencies like the Australian dollar (AUD) and EURO (EUR). It supports payment options like Bank transfer and Cryptocurrency. Customers can buy, sell, and trade cryptocurrencies.
  3. WazirX Wallet: WazirX is headquartered in Vashi, Mumbai, Maharashtra, India. It was founded in 2017. It supports cryptocurrencies like Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Tron (TRX), and Bitcoin Cash (BCH). Nischal Shetty is the CEO and founder of WazirX. WazirX supports fiat currencies like the Indian rupee (INR). It supports payment options like IMPS, UPI and Paytm. Customers can buy, sell, and trade cryptocurrencies.
  • Hot Wallet

A hot wallet is an online wallet. It is having a connection with the Internet. Cryptocurrency exchanges such as CoinCDX, Unocoin, and BitMEX store funds of customers in their own infrastructure and servers.

CoinDCX Wallet: CoinDCX is headquartered in Powai, Mumbai, Maharashtra, India. It was launched in 2018. The CEO and the co-founder of CoinDCX are Sumit Gupta. CoinDCX supports payment options like cryptocurrency. It supports cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple’s XRP, EOS (EOS), OmiseGO (OMG), Status (SNT), TRON (TRX), Request (REQ), Basic Attention Token (BAT), Kyber Network (KNC), district0x (DNT), MCO (MCO), ICON (ICX), Cindicator (CND), DigixDAO (DGD), and Zilliqa (ZIL). Customers can buy, sell, and trade cryptocurrencies.

Unocoin Wallet: Unocoin is headquartered in Tumakuru, Karnataka. It was founded in 2013. The CEO and co-founder of Unocoin are Sathvik Vishwanath. Unocoin supports cryptocurrencies like  BTC, ETH, LTC, BCH, XRP, BTG, XLM, BAT, BRD, FUN, GNT, ZIL, CVC, REP, ZRX, and OMG. It supports fiat currencies like INR. It supports payment options like Bank transfer and PayU Money. Customers can buy and sell cryptocurrencies.

BitMEX Wallet: BitMEX is headquartered in Seychelles. It was founded in 2014. Arthur Hayes is the CEO of BitMEX. Arthur Hayes, Ben Delo, and Samuel Reed are the co-founders of BitMEX. It supports cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Dash (DASH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), Ripple’s XRP, Stellar Lumens (XLM), and Zcash (ZEC). It supports payment options like cryptocurrency. Customers can buy, sell, and trade cryptocurrency.

  • Cold Wallet

A cold wallet is an offline wallet. It is not having a connection to the Internet. Users will have full control over their funds. It is easy to protect the cold wallet from unauthorized access. Paper wallets and hardware wallets are examples of Cold wallets.  

  • Software Wallet

A software wallet is an application sitting on a hard drive of a laptop or computer. Users will have full control over their funds. Copay Wallet, MyEtherWallet, and Atomic Wallet are some of the software wallets. 

  1. Copay Wallet: It supports cryptocurrencies like Bitcoin (BTC) and Bitcoin Cash (BCH). Its advantages are Multi-signature wallet and Open source. It is compatible with Windows, Mac OS X, Linux, Android, and iOS.
  2. MyEtherWallet: It supports cryptocurrencies like Ethereum (ETH), Ethereum (ETC), EOS (EOS), and ERC20 (ERC20). Its advantages are easy to use, Free, Open source, hardware wallets Compatibility, and Offline transactions support. It works with Jaxx Wallet, Ledger Nano S hardware wallet, and TREZOR wallet.
  3. Mycelium Wallet: It supports cryptocurrencies like Bitcoin (BTC). Its advantages are Open-source, Multiple Services Integration, and Several Account Types Support. It is compatible with Android and iPhone.
Post Disclaimer

This article is for informational purposes only. The information is provided by What Is Cryptocurrency Wallet? Types of Wallets and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. The Blockchain Cafe does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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