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Author Topic: What is cryptocurrency wallet & how does it work?  (Read 616 times)

riyasteve

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What is cryptocurrency wallet & how does it work?
« on: May 03, 2019, 12:39:05 PM »
A cryptocurrency wallet is a device used for the purpose of viewing balances and exchanging digital currencies. The wallet does not actually store cryptocurrencies but stores the public addresses and private keys used in order to carry out transactions. The public address is used to exchange cryptocurrencies between users, while the private key is used to gain access to them.

There are various types of cryptocurrency wallets providing users with different ways to store their currency. They can be categorized into - hardware, software, and paper.

Hardware wallets

A hardware wallet allows a user to store their public address and private key on a physical device like a USB. All a user needs to do is connect their wallet to a computer or device that is internet-enabled. Even though the transactions occur online, the keys are stored offline, thereby enhancing security.

Software wallets

Software wallets consist of the following three types:

  • Online

Online wallets are controlled by third parties, which is one of the major reasons why they are not as secure as the other types. The keys are stored on the cloud and can be accessed from anywhere.

  • Mobile

Mobile wallets can be accessed through an app on a smartphone. A user always has a smartphone on hand, making transactions easy and efficient.

  • Desktop

Desktop wallets are downloaded or installed and can be accessed only on a single computer. It provides users with high-end security.

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Paper wallets

Paper wallets basically have the public address and private key printed on them. If certain measures are taken, this is considered as an extremely secure way of storing cryptocurrencies. If the user needs to use/transfer funds, they can do so by using the keys on the paper wallet and sending funds to their software wallet.

The above are the types of cryptocurrency wallets based on their working. It is important to ensure that all precautions are taken before building a wallet and using it for the transfer of funds. If you need some help developing one that suits your preferences, then you should have a look at Blockchain App Factory. A pioneer in blockchain technology, they can guide you through the entire process effortlessly.



Blockchain App Factory

OluwaTosin10

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Re: What is cryptocurrency wallet & how does it work?
« Reply #1 on: May 04, 2019, 12:51:24 AM »
Too my paragraph for a short situation
Crypto currency wallets are wallets where we store save and keep our assets
And it accepts deposits and withdrawals of crypto currency tokens

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ANC

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Re: What is cryptocurrency wallet & how does it work?
« Reply #2 on: May 04, 2019, 05:11:39 PM »
Glad you've got comprehensive answers already. ;)

shielaegis

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Re: What is cryptocurrency wallet & how does it work?
« Reply #3 on: May 04, 2019, 06:17:00 PM »
Great explanation, please give us some sample of the wallet that we can use in each of them, in my mobile I just use blockchain.com wallet which is great and easy to use.

RainyRiver1805

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Re: What is cryptocurrency wallet & how does it work?
« Reply #4 on: May 04, 2019, 07:13:01 PM »
It would be great if you could attach any info about best/worst wallets(?) if possible. I'm searching for a good mobile wallet now and this info could help.

Etrilicious

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Re: What is cryptocurrency wallet & how does it work?
« Reply #5 on: May 04, 2019, 10:32:57 PM »
It would be great if you could attach any info about best/worst wallets(?) if possible. I'm searching for a good mobile wallet now and this info could help.
Oh well they are several wallet one can recommend but the best mobile wallet are
1. Jaxx
2. Blockchain
3. Coinbase
4. Coinomi
5. GreenAddress
6. Mycelium
7. Cryptopay
8. Enjin wallet.

I can say from experience i have successfully used jaxx, coinbase and enjin wallet. But the rest are great.

Heleon

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Re: What is cryptocurrency wallet & how does it work?
« Reply #6 on: May 06, 2019, 05:41:45 AM »
Web wallets
   MyEtherWallet (https://www.myetherwallet.com/)
   Coinbase wallet (https://www.coinbase.com/)
   Blockchain (https://blockchain.info/en/wallet/#/)
   Openledgerbitcoin wallet (https://cryptolinks.com/210/openledgerbitcoinwallet)
   BTC.com Wallet (https://wallet.btc.com/)
   Luno wallets (https://www.luno.com/wallet)
   Bonopay wallet (https://bonpay.com/wallet/)
   Coinspot Multi coin wallet (https://www.coinspot.com.au/multicoinwallets)
   Bitpanda wallets (https://www.bitpanda.com/en)


Desktop wallets
   Exodus
   Bitcoin Core
   Jaxx’s Chrome Extension
   Trezor wallet (https://trezor.io/)
   Ledger wallets (https://www.ledgerwallet.com/)
   Stellar Wallets (https://www.stellar.org/lumens/wallets
   Electrum Bitcoin Wallets(https://electrum.org/)
   Nem Wallets (https://nem.io/downloads/)
   Dogechain Wallets (https://dogecoin.com/)
   Jaxx Multicurrency Wallets (https://jaxx.io/)
   Parity (https://www.parity.io/)


 Mobile wallets
   Mycelium Bitcoin wallet
   Bitcoin wallet
   Coinbase Android Wallets
   Dogecoin Wallets
   Luno Bitcoin Wallet
   Jaxx Multi currency Wallet
   Coinspace coin wallet
   Coinomi Multicurrency wallet
   Ethereum wallet by free wallet
      ImToken



  Hardware wallets.

   Cool wallets (https://cryptolinks.com/807/coolwallet)
   Trezor (https://cryptolinks.com/804/trezor)
   Ledger (https://cryptolinks.com/803/ledger)


Paper wallets:
   Bitaddress.org (https://www.bitaddress.org/)
   Wallets Generator (https://walletgenerator.net/)
   Bitcoinpaperwallet (https://bitcoinpaperwallet.com/)

     
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Modanalee

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Re: What is cryptocurrency wallet & how does it work?
« Reply #7 on: May 06, 2019, 09:20:25 PM »
If you ask me, I'd say there are different types of wallets. A wallet can be multi-wallet or single wallet. By single wallet I mean wallet where user can keep just an asset. This is my best kind of wallet. Coinomi, Imtoken etc is good. But a single wallet seem more secured. Veil wallet for instance. This is a wallet that has been designed for a single asset (Veil coin)  built on Zerocoin and RingCt protocols. I'm presently keeping my assets on single wallets.


 

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