Crypto wallets and types of crypto wallets
I will present a few of the most popular cryptocurrency wallets you can install on your phone and explain the difference between hot wallets and cold wallets. I'll also write down what is a hardware wallet and what is a crypto wallet that you install into your browser. Wallets that you install on your phone (hot wallet) are not considered the most secure way to store coins, but that doesn't mean it's a bad way if you're careful about what apps you install on your phone and from where you download applications you use on the phone. The most secure way to store it is to use hardware wallets or to write down private keys and phrases on paper. Whichever storage method you choose has its drawbacks. Paper can get lost in a fire and the like, so it might be best to have multiple backups and store them in multiple places.
Hot and cold wallets
The difference between hot and cold wallets is that hot ones are connected to the internet while cold ones are not.
Hot wallets are very popular because they are usually free, can be installed easily, are easy to use, and you can with easy start receiving and sending coins and tokens. An example of such a wallet is the wallet you install on your phone or a computer. They are less secure than cold wallets because, theoretically, someone can access your system online.
A hardware wallet is a device in which you store your private keys and is considered one of the most secure ways to store coins. This is a so-called cold wallet because no internet connection is required to access your private keys. Currently, the most popular are Ledger, Trezor, and SafePal.
Buy this device only from verified companies and persons. The device must arrive to you unopened and with undamaged security stickers if there are any.
Coin storage is possible in internet browsers and it is popular due to easy access to decentralized exchanges. One of the more popular browser wallets is Metamask.
This method is perhaps one of the most insecure ways of storing coins for several reasons, I will mention some of them, and this is also a tip on what to pay special attention to:
- Phishing is a big danger if you connect your wallet to a fake exchange with a similar address as the real one, in this way you can lose your funds.
- Malware on your computer can be a big problem.
- To use some of them you must use additional internet browser plug-ins.
One of the main features of Trust Wallet is its security. The wallet uses advanced security measures, such as encryption and password protection, to ensure that your funds and private keys are kept safe. This gives users peace of mind knowing that their funds are secure.
Trust Wallet is a decentralized wallet, meaning that users have full control over their funds and private keys. This is different from centralized exchanges, where users' funds are stored in a central location controlled by the exchange. With Trust Wallet, users are in control of their funds and can access them at any time.
The wallet supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and many more. This allows users to store and manage multiple cryptocurrencies in one place.
Trust Wallet also has a built-in DApp browser that allows users to access decentralized applications (DApps) directly from the wallet. This makes it easy for users to interact with various blockchain-based applications and services.
The user interface of Trust Wallet is user-friendly, making it easy for beginners to use. At the same time, it also provides advanced features for more experienced users. The wallet is constantly evolving and improving, with new features and updates being added regularly.
Overall, Trust Wallet is a popular and reliable option for anyone looking to store and manage their cryptocurrencies on a mobile device.
Very interesting and easy-to-use crypto wallet with support for many coins and tokens. There is an available app for mobile phones and desktop computers, and synchronization between them is possible. There is an option inside this wallet to swap coins. Exodus wallet is a closed source.
One of the key features of Exodus Wallet is its user-friendly interface. The wallet's design is clean and intuitive, making it easy for even beginners to use. Additionally, the wallet provides users with detailed information about their portfolio and transaction history, giving them a better understanding of their cryptocurrency holdings.
Exodus Wallet supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more. It also allows users to exchange cryptocurrencies directly within the wallet, making it a convenient option for those looking to buy or sell cryptocurrencies.
The wallet uses advanced security measures, such as password protection and two-factor authentication, to ensure that users' funds and private keys are kept safe. Additionally, the wallet does not store any user information or funds on central servers, providing an extra layer of security.
Exodus Wallet is also constantly updating and improving its features. For example, the wallet recently added support for staking, allowing users to earn rewards for holding certain cryptocurrencies. It also provides users with access to various decentralized applications (DApps) directly within the wallet.
Overall, Exodus Wallet is a reliable and user-friendly option for anyone looking to store and manage their cryptocurrencies on their desktop or mobile device. Its ease of use and wide range of features make it a popular choice among cryptocurrency enthusiasts.
My Ether Wallet MEW
This is a wallet for Ethereum, Binance Smart Chain, and Polygon. It offers to buy Ethereum and BNB in the wallet itself. I must mention to the beginners that the app is free, a transaction (gas fee) is paid to the network every time you send coins to another address whatever wallet you use.
One of the key features of MyEtherWallet is its ease of use. The wallet's interface is clean and intuitive, making it easy for even beginners to use. Additionally, the wallet provides users with access to a wide range of features, including the ability to interact with decentralized applications (DApps) directly within the wallet.
MyEtherWallet is a non-custodial wallet, meaning that users have full control over their private keys and funds. This gives users the freedom to store and manage their Ethereum and Ethereum-based tokens without relying on a third party.
The wallet uses advanced security measures, such as password protection and two-factor authentication, to ensure that users' funds and private keys are kept safe. Additionally, the wallet provides users with the ability to store their private keys offline, further increasing the security of their funds.
MyEtherWallet also allows users to easily exchange Ethereum and Ethereum-based tokens directly within the wallet. This makes it a convenient option for those looking to buy or sell cryptocurrencies.
Overall, MyEtherWallet is a reliable and user-friendly option for anyone looking to store and manage their Ethereum and Ethereum-based tokens. Its ease of use and advanced features make it a popular choice among cryptocurrency enthusiasts.
Before using one of the wallets, whether it is one of the mentioned or another, I recommend that you get additional information about it. I must mention that it is extremely important that you do not lose your private keys and phrases, as you will irretrievably lose your funds.