Cryptocurrency Investing by Ikuya Takashima

Author:Ikuya Takashima [Takashima, Ikuya]
Language: eng
Format: epub
Published: 2017-09-12T04:00:00+00:00

Let’s move on to the different types of wallets available.

There are several types of wallets available. These include online wallets, offline (or hardware) wallets, mobile wallets, desktop wallets, multi-signature wallets, and paper wallets.

Some wallets offer multiple ways of accessing the wallet to suit your needs. For example, the Bitcoin wallet (an official type) is both a desktop application for your computer and a mobile app for your smartphone.

Desktop Wallet

This is one of the most common forms of wallets. It is hosted on your computer (on the desktop) rather than being stored on a company’s servers. An important point to remember is that this type of wallet is only as secure as your computer is. If you decide to get a desktop wallet, then, it is vital that you secure your computer with anti-virus protection and be doubly careful on any type of download you do from an unknown site. As long as you follow great security practices, this is considered a safe type of wallet.

A desktop wallet gives you total control of your private keys. Be careful how you choose your passwords and make sure if you do write them down somewhere, they are kept in an extremely secure and secret place. The advantage of having full control like this is that you don’t place your money in the hands of a third party. It tends to be safer as well, as for a hacker, it is easier and more financially rewarding to hack into central servers with multiple accounts and steal larger sums of money than it is to attack individual computers. However, it can still happen and you must take responsibility to secure your computer from attacks by hackers and any kind of computer malfunction.

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