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Crypto Wallets

Learn all about crypto wallets, their types, how they work, and which one you should use.

What is a Crypto Wallet?

Crypto wallets, also known as cryptocurrency wallets, store the private and public keys required for buying cryptocurrencies. The passkeys are also necessary for providing digital signatures that authorize each transaction.
Crypto wallets allow you to manage your crypto balances and perform actions such as buying and selling using your crypto assets. Unlike physical wallets, crypto wallets do not actually store cryptocurrencies. They only hold the keys that enable the users to make transactions.

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A crypto wallet is an app that acts as a digital wallet for the passkeys that you need to sign for crypto transactions. It also provides an easy-to-use interface that allows you to keep track of your crypto balance.
Modern crypto wallets make the blockchain accessible to the users. Earlier, you would have to manually enter long keys to make transactions. Today, the wallet app does most of the work, which makes sending and receiving crypto easy and hassle-free.

There are primarily two types of crypto wallets – custodial and noncustodial. A custodial crypto wallet is hosted by a third party such as a data security company that stores the passkeys required for transactions. Some crypto exchanges offer custodial wallets to their customers. On the other hand, noncustodial crypto wallets are those where you are responsible for securing the keys. Most cryptocurrency users use noncustodial wallets.
Then there two separate subcategories of crypto wallets – hot and cold. Hot crypto wallets are connected to the internet or they are connected to a device that has internet connection. Cold crypto wallets have no connection. Crypto wallets also come in three forms – hardware, software, and paper. Each of these types can either be a hot wallet or cold wallet.
This way, you can have a noncustodial hardware hot or cold wallet, a noncustodial software hot wallet crypto, or a custodial hardware cold crypto wallet. Though these are the most popular types, you may find other combinations too.

To select the best crypto wallet, you would first have to identify and evaluate your requirements and preferences. If your top priority is security, you should consider a hardware wallet like Trezor or Ledger. If you want easy access and convenience, a web or mobile crypto wallet such as Trust Wallet or Coinbase would be ideal for you.
Before choosing a crypto wallet, make sure that it has a user-friendly design and interface, offers easy recovery and backup options, and supports the cryptocurrencies you want to store.

Losing access to your wallet or forgetting the password can be stressful, but there are ways to regain access. Firstly, most modern crypto wallets have a recovery process that uses a passphrase or recovery seed that you would have backed up when first creating the wallet.
To regain access to your wallet, all you have to do is follow your wallet’s recovery instructions using the recovery seed. If that fails, you must contact customer support for further assistance. Make sure you keep the recovery information in a separate, secure location to mitigate the risk of theft or loss.

Many crypto wallets offer multi-currency support. Users of these wallets can store various cryptocurrencies within the same wallet. Such wallets are also known as universal or multi-currency crypto wallets. When using multi-currency wallets, you can conveniently manage and switch between cryptocurrencies. However, you must make sure that the wallet supports the specific cryptocurrencies that you intend to store.

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