A Crypto wallet is your key to the treasure of cryptocurrencies if you want to hunt the riches of crypto treasure.
A crypto wallet is a
programmed application for keeping or holding you’re your cryptocurrencies as
well as access to your digital currencies. Cryptocurrencies do not exist in a
tangible (physical) form, neither do they physically occupy the space of your
digital wallet. Your crypto wallet holds the encrypted text that is the key to
your cryptocurrencies and also contains the location of your digital assets on
the blockchain. You can send, receive and hold your cryptocurrencies by using
your crypto wallet.
Types of crypto wallets
- Hardware wallet
- Software Wallet
- Exchange wallet
Hardware Wallet (cold wallet)
A hardware wallet works as a USB drive that must be plugged into your computer to perform any
task. Hardware wallets hold your cryptocurrencies offline and this is
considered the safest way of storing cryptocurrencies. The hardware wallet is
also known as a cold wallet.
Software Wallet
It is also called an online wallet because you need the internet to use them. They exist in the form of a digital wallet or application. They are more user-friendly and less likely to be lost. Orbitex is the best cryptocurrency wallet because it is a secure and trusted wallet. Unlike other mediocre wallets, it also offers crypto to fiat exchange which is still a big thing in the arena of crypt wallets. Its interface is user-friendly and easy to use. For maximizing the security of your digital assets Orbitex mobile wallet uses offline servers so that no one can steal from your digital wallet. By using the Orbitex mobile wallet you don’t have to worry about the seed phrase. If you lost your key phrase, you can contact our team, we will retrieve your account and your cryptocurrencies.
Exchange wallet (hot wallet)
Almost all exchanges
offer you a wallet in which you can store your cryptocurrencies as well as
exchange them with other cryptocurrencies. This wallet has an increased
vulnerability as compared to the other two types of wallets. Exchange wallets
are also called hot wallets.
Conclusion
Your priorities determine what type of wallet you are going to use. The general use of all crypto wallets is almost the same, you have two keys, a public key, and a private key. If you want to perform any transaction or you just have to provide the other party with your private address. You can receive and send cryptocurrencies to this address. There is no security risk in giving a private address. It is completely safe.
If you want to send cryptocurrency to a friend you just need the public key of the receiver and your private key. Your private key acts as a location address of your cryptocurrencies on blockchain and the same key is the log-in key of your Orbitex wallet.
The most important thing to remember here is that you must
keep your private key safe and secure because if somehow any person steals your
cryptocurrency; he can steal all of your digital assets.
