With the development of cryptocurrencies today, they are highly secure assuring users of safety when transacting. Due to their popularity, thousands of merchants accept cryptocurrencies in exchange for goods and services.
In order to facilitate smooth transactions between merchants and customers, many companies take the perceived risk of cryptocurrency payment by making funds transfer through their wallets, commonly called International Payment Gateways. Below you will find cryptocurrency wallet types and their reviews:
Types of Cryptocurrency Wallets
1. Web wallet
This is a cryptography wallet accessible via your web browser. Web wallets are offered by cryptocurrency exchanges like Coinbase and Bittrex. To create one, you are required to register with your personal details. Once you are done, you will be assigned a digital wallet address that can be used to complete transactions.
Pros
i. It’s fast
ii. Accessible via your web browser
iii. Secure
iv. Easy to use
v. Allows you to transact with cryptocurrencies.
Cons
i. Users are susceptible to phishing scams and malware
ii. Allows small transactions of cryptocurrencies.
2. Mobile wallet
It is designed as a mobile app and can be installed on mobile devices running Android or iOS. As a result, cryptocurrency users can access their digital cash on the go. What you need to know is that mobile wallets are also dependent on the Internet. Mobile wallet providers include Jaxx and CoPay among others.
Pros
i. Easy to use
ii. Access your cryptocurrencies while on the go
iii. Allows transfer of cryptocurrencies using technologies like NFC
Cons
i. Susceptible to malware, key loggers, and viruses
ii. Mobile devices are insecure
3. Desktop wallets
This is an offline digital wallet that allows cryptocurrency owners to transact much easier and securely. Desktop wallets can be downloaded and installed on older computers running a fresh copy of the OS. This helps to enhance security.
Pros
i. Easy to use
ii. Acts as a great cold storage solution
iii. Private keys are not stored on cloud servers
Cons
i. Susceptible to security threats once connected to the internet
ii. If the computer dies and you forgot to backup, your cryptocurrencies are lost.
4. Hardware wallet
This refers to physical gadgets used to store and transact cryptocurrencies. They are designed with physical security measures to prevent unauthorized transactions. There are gadgets that come with a feature allowing you to track transactions. Examples include Trezor, Keep Key, Ledger Blue, and Ledger Nano S. I have a great review of the Hardware wallets that are listed. Follow the links to learn more about each wallet.
Pros
i. It’s more secure than mobile wallets.
ii. Allows you to track transactions
iii. It Allows you to store cryptocurrencies on a long-term basis
Cons
i. If the gadget is accidentally lost, the cryptocurrencies will be lost forever.
5. Paper wallet
This was the standard for cold storing cryptocurrencies. Basically, you can print and save the private and public keys of a given cryptocurrency. Paper wallets are hacker-proof and more secure than others.
Pros
i. More secure than other wallets
ii. Easy to use
iii. Private keys are not stored on a third-party server
Cons
i. If the hard copy is lost, your cryptocurrencies are lost too.
6. Bitcoin clients
These wallets were first utilized by Satoshi Nakamoto when creating Bitcoin. Computers equipped with clients such as Bitcoin-Qt wallet, Core, Exodus, or Electrum play a vital part in its network core infrastructure.
Pros
i. It’s Secure
ii. Easy to use
iii. Downloading the Bitcoin transaction database can be made faster using the bootstrap method.
Cons
i. Slower to download the Bitcoin database
ii. Hogs upload bandwidth
iii. It Lacks multi-wallet support
Crypto Wallet Customer Care
Crypto Wallet Care is the one-stop solution for solving cryptocurrency wallet account-related issues. From Blockchain to Binance and from Bitcoin to other cryptocurrency wallets, we can solve the multiple types of problems users face while using their digital wallets on these platforms. Just dial our Crypto wallet care support number, and we help you instantly with the right and assured solution.
Blockchain Customer Support
Blockchain is one of the world’s most advanced technologies, providing the most secure and fast trading platform for cryptocurrency trading. A wide range of cryptocurrencies are traded through Blockchain, making the trading in crypto possible in a highly secure environment. Though, while dealing with such advanced and complex trading platforms, dealing with technical issues is also a challenge for the users. But you can call at the Blockchain support number and get an instant solution.
