Bitcoin requires a particular storage facility called a wallet. It can be used to create Bitcoin blockchain addresses and to receive and send coins. Each vault has different functions and features. Let’s take a closer look at the main types of wallets.
What Is a Hot Wallet ❓
It is a bitcoin wallet that works when it is connected to a web service. Thus, the user can operate with crypto anywhere with internet access. These wallets are available in browsers and mobile applications for Android and iOS. Besides, exchange wallets can be referred to in this category.
Hot wallets are mobile and convenient, so they are suitable for everyday use. But it is more challenging to guarantee such a wallet’s security because of regular web access.
Here are the most popular hot wallets:
– Coinomi (web and mobile versions available).
– Exodus (mobile and desktop versions available).
– Blockchain info (web and mobile versions available).
There are also many alternatives, such as Mycelium, Jaxx, Electrum, etc.
What Is a Cold Wallet ❓
This type of storage looks like a USB drive connected to your computer or mobile device. At the same time, it has no permanent access to the Internet, which guarantees a higher level of security and eliminates remote theft of coins.
Developers of hardware wallets provide a system to protect against theft or loss of storage. The user must write a seed phrase when setting up the wallet. This data can be used to restore access to digital assets on another device. But remember to keep this information in a safe place.
Now you can find devices from the following manufacturers:
Hardware storages are the best choice for investors who prefer to hold assets without selling or exchanging them for a long time.
What Cryptocurrency Wallets Ukrainian Companies Offer ❓
In addition to well-known crypto wallets, there are also projects of Ukrainian startups. Let’s consider the most famous products:
It is a cryptocurrency wallet based on the Hideez Key smart keychain. The wireless device connects to mobile devices and PCs via a radio signal. And it uses Invisible Pin technology, which signs transactions on the principle of short and long button presses. It is considered that such a code cannot be stolen or spied on.
It is a mobile application for Android and iOS allowing to store and perform transactions with cryptocurrencies inside the application. It is possible to buy cryptocurrencies from Visa/Mastercard and sell coins with a withdrawal to a bank card. The wallet supports Bitcoin, Ethereum, Litecoin, Dogecoin, and many ERC-20 and TRC-10/20 tokens.
A seed phrase is responsible for asset protection, which should be rewritten and stored safely. It allows the user to quickly restore access to crypto if their mobile device has been stolen or lost.
Which wallet would you choose ❓