5 types of wallets for cryptocurrencies like ethereum
ethereum is a platform in the form of the software program used for performing transactions related to cryptocurrencies such as ethereum. Various names come to our mind by choosing a cryptocurrency wallet means deciding your security that depends on the type of wallet you are using. There are several categories in which wallets are broken into, desktop, mobile, and online, and others. We will be explaining here the type of wallet for ethereum you should use according to your convincing and requirements.
5 main cryptocurrency wallets are:
- Desktop: These types of wallets are used on a personal computer or laptops and only available from a single device; it means multiple device usage system is not available. These offer extreme security, but if the computer gets hacked or gains a virus, then it is possible that the user might lose all his funds.
- Online: These wallets are operated on the cloud and available from a computing gadget. These are easy to use as they store the private keys on their online supported platform and accessed by a third party. Hence, it increases their vulnerability towards theft and hacks.
- Smartphone: These wallets for MyEtherWallet cryptocurrency run on any application installed on the phone of the user. It is extremely handy as there is no barrier of location along with retail stores. These wallets are tiny in size compared to desktop wallets due to their accompanying less space in mobile.
- Hardware: These wallets are different from software ones as these stores the keys of the user on hardware such as a USB. However, these cryptocurrency wallets do make online transactions but are stored only offline that leads to a secure transaction. Hardware wallets are often compatible with various web interfaces and hence, can support several types of currencies, depending upon the usage of the user. The user can plug in the device to an internet supporting computer or any other device. The user must only enter his password, send the virtual money, and click on the confirm option. It is possible to readily make transactions in the case of hardware wallets along with keeping the money offline without any risk.
- Paper: These wallets are extremely convenient to use and offer high security. Paper wallet usually means a physical copy or a print of all the public as well as private keys. These paper wallets can also be software operated to develop a pair of keys that are printer afterward. These ethereum wallets direct in nature and the transfer of amount is done by transferring the funds from the software wallet to any address depicted on the paper wallet. Apart from this method, the withdrawal or payment of virtual currency can be made by transferring funds from paper wallets to the software, and it is known as sweeping. This function can be performed by manual means or scanning the QR code.
Conclusion: These were some of the widely used ethereum cryptocurrency wallets a user can use for preventing cyber theft and other malpractices.