What is a cryptowallet?
The procedure of token keeping is very similar to the keeping of fiat currency. The only difference is that you in that case you keep notes in a material wallet, and bitcoins – in a digital wallet, which contains keys.
There are several types of cryptocurrency wallets:
- Thick (Bitcoin Core or Armory): requires entire blockchain download and constant update;
- Thin (MultiBit, Electrum or DarkWallet): only relevant circuit block is downloaded. The level of security of such wallet is not high enough, as the user takes the missing data from third-party services.
Mobile (Bitcoin wallet, Csap, Mycelium Blockchain)
- You can access them not only from your computer, but also from your tablet, smartphone, netbook and other devices. However, such a program is not complete, as it does not load the entire volume of the blockchain.
Online (Csap, Circle, Blockchain.info, Strongcoin and Coinbase)
- The main advantage of this wallet is an ability of remote access from any device from anywhere in the world. However, there is a risk of losing bitcoins, as they are not controlled by users.
Hardware (Ledger, Best Wallet, KeepKey) - these are special devices that contain private keys in electronic format. Such wallets are used by bitcoin owners who have a large stock of coins and want to protect their capital as much as possible.
- can be found on special web portals, where firstly bitcoin address is generated, and then an image with a QR code of two types- public and private- is created. A paper wallet is good to save your keys safely and minimize the risk of cyberattack.
How to create cryptowallet in 5 minutes: