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Author Topic: EVERYTHING ABOUT CRYPTOCURRENCY WALLETS  (Read 123 times)
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August 03, 2018, 09:01:58 AM
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It is a software programme wherein the users store their private key and public key and interact with other blockchains to help users to send and receive cryptocurrency and displays their balance. If you wish to use any cryptocurrency like Bitcoin or Ethernet, you need to have a wallet.
 
How does a cryptocurrency wallet work?

There’s a misunderstanding about the way the crypto wallet works, even though there are millions of people using it. When we speak about wallets, the first thing that comes to our mind is the traditional wallet or pocket wallet where we store tangible currency. A crypto wallet is not a traditional wallet as it does not store tangible currency. Actually, the cryptocurrencies are not stored anywhere or exist anywhere in a physical form.  What exists are the records of the transaction on the blockchain. As we know a crypto wallet stores the public and the private keys and interacts with other blockchains helps to check on balance and helps to conduct other operations. Technically, when a user sends you any type of cryptocurrency, they are actually signing off the ownership of the coins to your wallet address. To enjoy these coins and unlock the funds, the private key stored in your crypto wallet should match public address to which the currency is allotted to.  The balance in your digital wallet will increase and decrease in the sender’s wallet, only after the private key and the public key match. There is actually no exchange of real coins. The transaction of sending and receiving the coins is monitored by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
 
The Different Types of Cryptocurrency Wallets:-

There can be many types of cryptocurrency wallets which are used to store and access your digital currency. Wallets are broken down into three main categories namely, software, hardware, and paper. The software has more sub-categories namely, desktop, mobile and online.
 
Let us know what all these wallets mean and what characteristics they possess.

1. Desktop Wallet- These wallets are downloaded and installed on the PC or laptop. Only one computer or laptop where the wallet is downloaded and installed can access it.  Desktop wallets provide you with the best security, however, if the computer or laptop is hacked, there is a possibility of you losing your funds.

2. Online Wallet- Online wallets can be accessed from any location as they run on the cloud. These wallets are very convenient to access. To keep in mind is that, these type of wallets store your private key online and is also handles by the third party. Therefore, there are a lot of chances of these wallets being hacked and are prone to theft.

3. Mobile Wallet- Here the wallets run in the form an app on the phone. It is very helpful as you can access it from any location. They can even be used in the retail shops.  They are simpler then desktop wallets as on the phone there is restricted space available.

4. Hardware Wallet- These wallets are different than software wallets. In here you store the private key on the hardware devices like USB.  Hardware wallets are more secure as they conduct transactions online and are stored offline. They are compatible with many web interfaces and also support different cryptocurrencies. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.

5. Paper Wallet- This type of wallets is easy to use and provide a high level of security. The term paper wallet can mean the printout or physical copy of the private and public key, it can also mean a piece of software used to generate the public and private keys which are then printed. Transferring any cryptocurrency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. On the other hand, if you want to withdraw or spend the coins, you have to just transfer the paper wallet to software wallet. This process is called ‘sweeping’ which can either be done manually by entering your private key or just by scanning the QR code on the paper wallet.
 
How to secure your cryptocurrency wallet?

The security of the wallet depends on what type it is. The intensity of security varies from one type of wallet to another. Mostly the online wallets are prone to be hacked or their funds being stolen just because they are connected to the web. There is very low possibility of the offline wallets being hacked or the funds being robbed as they are not connected to the web.
Some of the precautions that you can take to secure your wallet are:

A.  Backup your wallet- The first step would be to store only a limited amount of cryptos needed for the daily use online. This can be in any from any device like computer or mobile, wherein the other large amount of cryptos will be highly secure on the offline wallet. Offline storage will protect you from the failure of the computer wherein your cryptos are prone to be lost or stolen.  However, the eager hackers can’t be avoided. In online wallets, there is always a risk of being hacked and funds being stolen.

B. Update software- The second step is to keep your computer or laptop software updated. This helps you in security enhancement. You should update your wallet software and as well as your computer or laptop.

C. Add extra security layers- The third step is adding an extra security layer to your wallet. More the layers of security, better it is. Setting difficult passwords and making sure that any withdrawal of funds require a password is just the beginning. Use the wallets that have the best reputation and which provide two-factor authentication. And which require additional pin code everytime the application is opened.

Our organisation, DigiXhub, develops multiple crypto wallets which means Exchange wallets, margin trading wallets and deposit wallets along with the smart contracts, matching engine, decentralized applications, liquidity hub connect, server monitoring tools, tokens ,etc. To get your own highly secure  Blockchain network contact us at https://www.digixhub.com
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August 03, 2018, 09:13:06 AM
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The latest popular job is to make cryptocurrency wallets. There are currently two or three active ICOs on this topic. Binance's purchase of TrueWallet can also be an effect.

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August 03, 2018, 09:16:55 AM
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Wowww...that's quite a research done up there buddy. Great job pal i have really read a lot from this text yours and I am sure other readers also feel same. If all newbies really have information about how they should use their wallets i am sure issues of hacking and compromised wallet will be a thing of the past.

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August 06, 2018, 06:07:21 AM
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Crypto wallets are being famous amongst its users. Especially, hard wallets are being very popular. Many corporate giants like Samsung are joining in the crypto market by integrating their devices with hard wallet support.

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August 06, 2018, 06:42:47 AM
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I think the latest popular topic is crypto wallet. I believe their are more than three active ICO on this topic. Binance brought true wallet it can also be effective.
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August 06, 2018, 09:19:32 AM
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Very well written post, hope you get merits for it. Definitely these informations are important for newbies who are still confused about protecting their coins. But, I personally prefer hardware wallet which I find very secure and easy to use. Recently, there was some fuss about sim hacking and wallets getting stolen but to be honest, if you want to keep your coins protected, that's the best option available.
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August 06, 2018, 03:15:03 PM
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This post will be a lot of help for the newbies here since it give a through research about the e wallets. Also, the news of the purchase of TrueWallet by Binance could be a positive thing for us users too.
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August 06, 2018, 04:23:13 PM
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You have given a great effort on this. We all should know about these wallets. Because they are one of the vital parts of the crypto world.
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August 06, 2018, 04:37:53 PM
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I think every beginners should learn these things before entering the world of cryptocurrency. It is going to help to work better and properly here.
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August 07, 2018, 06:18:37 AM
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A good post indeed. Yes it is true that people have some misconception about digital wallet. It may be due to the lack of knowledge so they cannot differ properly a traditional wallet to digital one.
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August 07, 2018, 06:19:05 AM
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What a detailed post it is! You have actually covered almost everything. I am a newbie in crypto currency and I really like this forum. I have learned many facts from this article.

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August 07, 2018, 06:33:28 AM
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Backing up the wallet is really important. I have seen many people who doesn't back up the info that's why the often face troubles when their data are lost.
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August 07, 2018, 06:33:38 AM
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This post is so  very good. Got to learn about so many new things.  I personally find hardware wallet more usable and safe than software hardware. As there is a possibility of getting hacked in software based wallet.
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August 07, 2018, 06:39:37 AM
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Apart from everything you always be cautious & double-check everything. Like you could receive an email made to look like it’s from BlockWallet, but it is actually from BlokcWallet. If you authorize it, your BTC will disappear immediately.
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August 07, 2018, 06:44:19 AM
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Your informations are good. But I want to add some suggestions. If any of the wallets you are using require internet connection you should avoid that. Use cold storage option instead.
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August 08, 2018, 04:23:50 AM
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This post has give a clear guideline of the wallets. It gives an in-depth research and findings regarding any sort of query on the wallets and is a great help for the newbies here.
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August 08, 2018, 11:19:03 AM
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There are so many wallets are available in the market and peoples are making more cryptocurrency wallets. Right now there are 3 ICOs are active. Binances connect with True Wallet.
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August 09, 2018, 02:45:27 PM
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So many to choose from, but I couldn't have one now because I'm currently not being able to earn so I think I will be coming back to this if ever in the future I will finally need the use of a wallet for cryptocurrencies I will hopefully earn. Thanks!

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September 01, 2018, 07:45:25 PM
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This seems very good. Actually here we have got a good summary of crypto wallets and such type of research is needed here to help the people to learn. Moreover this project is giving different types of wallets that are really great.
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September 11, 2018, 08:32:29 PM
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You've given a pretty much accurate and relevant description of the cryptocurrency wallets, that's really impressive.A lot of people are now interested in cryptocurrency wallets, it has become to make better cryptocurrency wallets, which has resulted in varieties of qualities of wallets making the competition even harder meanwhile there are many confused and clueless with what cryptocurrency wallets really are. I bet your post is gonna help the clueless and confused ones a lot and bring them into light, I appreciate your efforts.
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