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Overview of Software Wallets, the Easy Way to Store Crypto

Published 03/28/2020, 09:00 PM
Updated 03/28/2020, 09:40 PM
Overview of Software Wallets, the Easy Way to Store Crypto

Similar to a bank account for fiat currency, a crypto wallet is a personal interface for a cryptocurrency network that provides reliable storage and enables transactions. Whether a cryptocurrency is securely stored or not, much depends on the wallet, which is only as secure as its private keys.

Wallets are generally either hot or cold. The funds in a hot wallet can be spent at any time, online. A cold wallet functions in contrast: not intended for regular cryptocurrency transactions, but funds can be received at any time. Wallets can also be divided into three groups: software, hardware and paper. Today, we will take a look at the most widespread group of crypto wallets ー software.

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