Where to store cryptocurrency: what kind of wallet should you choose?

What is a crypto wallet? How does it work?

A crypto wallet is an analog of a regular electronic or bank wallet where you store fiat money. The difference is that such wallets operate on the blockchain and support the storage of cryptocurrencies. A crypto wallet allows the user to work within the blockchain and make transactions with their assets.

Types of wallets

There are several types of crypto wallets, each of which is designed to solve certain problems.

How to choose the right type of crypto wallet?

The correct choice of the type of crypto wallet is directly related to the purpose that you are pursuing. If you prioritize safe storage of funds, then hardware wallets are the best options for you, since they are less susceptible to the risk of hacking. These types of wallets allow you to securely store funds but do not provide an opportunity to quickly dispose of them. If you are one of those for whom the most important thing is to be able to make mobile transactions with your cryptocurrency, then online wallets (which work on exchanges) are most likely suitable for you. But in any case, before putting your funds into storage in any of the wallets, you need to study its principles of operation, compare the pros and cons, because, according to the rules of the crypto world, only you are responsible for your money.



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