Cryptocurrency Wallets: Types and characteristics

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If you are an enthusiast of the Crypto world, the thing you have heard the most is about the blockchain or about the Cryptocurrencies themselves, but many times there is a topic or concept that many people overlook or do not give it the value it deserves, and this concept is that of the Cryptocurrency wallet.

And as always, it is likely that there are still people who believe that this program that we call “Wallets or Purses” acts the same or similar to a bank account, and it is normal since at first glance they may seem similar, but in terms of technical aspects it’s very different. This is because what we know as digital currencies are not really stored in a particular place, since they are not really “coins” instead what is stored is a kind of record, which would explain why in more technical texts refer to these programs as “personal record books”, but in this article we will refer to it as a Wallet

Many, when they hear about a wallet, may imagine a kind of program that counts the number of “Coins” that are coming in and those that are going out, but this is not really the case, since what is really stored in the wallets of Cryptocurrencies are not “Digital currencies” but a record Hash which indicates that the owner of the wallet is also the owner of certain data or “Tokens” that are in the Cryptocurrency blockchain, this means that the user owns certain Cryptocurrency units.

The evolution of Cryptocurrency wallets

If you are very new to the Cryptocurrency ecosystem, it is likely that you do not know everything that has happened in the Crypto community in terms of the use of wallets. Since at the beginning of Crypto technology the first bitcoin wallets were very simple, which is something both positive and negative, since at this time you could only use your Bitcoin wallet with this Cryptocurrency for logical reasons since there was only the bitcoin, however over the years the popularity of Cryptocurrencies increased, which prompted the development of new features in Cryptocurrency wallets.

Thanks to this development, it is for this reason that there are currently wallets that can accept multiple Cryptocurrencies. However, this does not mean that all current wallets have this feature, since there are still wallets that allow a single Cryptocurrency, but this It is not everything, since other features have appeared that have given the wallets a little more complexity, since multi-Crypto wallets are added to the multiple networks through which a currency can be sent, making a shipment through one of these wallets be something of great care.

This is why at Ccoins and MegaAcademy you will be able to learn to identify the different types of wallets that can exist within the Crypto ecosystem and what are the main functions of each of these. Let’s remember that not all wallets are the same and some have improved features or may be better in certain features than other wallets, whether in terms of security, comfort or versatility, among other features.

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Types of Bitcoin wallets

The wallets of any Cryptocurrency are virtual applications that allow you to store, send and receive other Cryptocurrencies. Within this tool there are different types of wallets, each with its own functionalities and security levels. Next, we will describe the main classes of Crypto wallets:

Wallets the software: These are programs that can be downloaded and executed on any device. These wallets can be run on any personal computer, on any mobile phone, or on a web platform.

Something you should keep in mind is that this type of wallet has a high level of security, however computer wallets are the most secure, since your Cryptocurrency data is stored on the user’s hard drive. On the other hand, mobile and online wallets are more convenient to transact as they are more versatile, but they are also more vulnerable to attacks.

Hardware wallets: They are wallets that have a physical component, that is, they do not require a device to function since they themselves are the device, similar to a USB memory. In general, these devices are usually connected to a computer and allow bitcoins or other Cryptocurrencies to be stored safely.

In fact, these types of wallets are the most secure of all, since they are used to protect users’ private keys, which makes them one of the most secure options on the market. Another key point is that, being a physical device that you must connect to be able to carry out transactions, you will not always be connected to the internet, which makes it an impossible device to hack.

Paper Cryptocurrency Wallets: Perhaps it is one of the most surprising ways to store Cryptocurrencies, however it is also one of the safest, this is a way to protect your Cryptocurrencies without having to trust an electronic device. These wallets are essentially a piece of paper printed with the information or Hash data of the wallet, which can already be through a QR code or simple alphanumeric codes, which represent the address of the wallet and the private key. Despite being one of the safest options out there, it is important to secure these papers in a safe place to avoid loss, theft or damage.

Cryptocurrency wallets on web platforms: They are Wallets that are immersed within the Cryptocurrency exchange platforms. These wallets are very useful to carry out transactions quickly as well as being very easy to use, but they must be used with caution, since some of these exchange platforms, whether it is an exchange or a P2P market, can operate with multiple Cryptocurrencies and it is almost mandatory. understand the concept of wallet addresses and their networks, however, despite this, they are very versatile when you are a recurring merchant in this type of business.

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Within the different types of Cryptocurrency wallets, the most versatile wallets or the ones that tend to be friendliest with users are those that are integrated into web platforms, however this does not mean that the rest of the wallets are impractical.

Without a doubt, the most secure wallets on the market are those that are hardware-oriented or physical, such as paper wallets, however, they are also the ones that give the user the most responsibility to keep their credentials and private keys safe, as well as the recovery data.

Unfortunately yes, currently most wallets have various security systems based on the encryption of the blockchain itself, which is why most hackers instead of attacking a platform seek to attack the user directly, either by trying to obtain your data from access to the wallet or through techniques such as phishing.

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