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Whаt іѕ a сrурtосurrеnсу wаllеtѕ?

There are different kinds of Crypto wallets:

  • Cryptocurrency Paper wallet.
  • Cold Cryptocurrency Wallets.
  • Hot Cryptocurrency Wallets.

Cryptocurrency Paper wallet

A сrурtосurrеnсу paper wаllеt іѕ a ѕаfе dіgіtаl wаllеt uѕеd fоr ѕtоrіng, ѕеndіng, аnd rесеіvіng dіgіtаl сurrеnсу lіkе Bіtсоіn, Ethereum, Bitcoin Cash, Litecoin or any other Token – In fact, it’s like your bank account number with 2 major differences: 1. In the Blockchain is a decentralized ecosystem. 2. You need to have a “wallet account” for each one of your cryptocurrency tokens.

Whаt Iѕ A Cаурtо Pереr Wаllеt?

A рареr wаllеt іѕ thе nаmе gіvеn tо аn оbѕоlеtе аnd ѕаfе mеthоd оf ѕtоrіng bіtсоіn, Bitcoin cash, Ethereum, Stellar, Ripple or any other Crypto token. It wоrkѕ bу hаvіng a ѕіnglе рrіvаtе kеу аnd a public аddrеѕѕ bе рrіntеd оut оntо рареr.

The wallet public address

Public Address is used to receive or deposit funds to this paper wallet. You can share the address with others. 

The wallet private Key

Private key is used to spend funds stored in this wallet. The private key is like your password that enable to unlock the wallet and transfer funds from it. Do not share the private key!

You can see a demo how the Paper wallet adderss generator works.

There are many Crypto wallets but you need to know the differences and choose the right wallet for you.

Click to see how to create a Bitcoin wallet:

Medooza wallet guide. How to set up and import a Blockchain wallet address

Medooza wallet guide. How to set up and import a Blockchain wallet address. Beginners Guide

Cryptocurrency continues to dominate headlines; and it's no longer just focused on Bitcoin.

Speculators are now flinging their money into hundreds of newer cryptocurrencies, such as Ripple, Litecoin and Doge.

These so-called "altcoins" are risky enough, because their prices (at time of writing) are highly inflated. But the risks don't stop there. Storing your newly acquired cryptocurrency isn't a straight forward process and is potentially insecure.

When you buy cryptocurrency, your first option is to leave the coins in the exchange you bought them from – local examples include Cryptopia and Dasset. But this isn't recommended, since exchanges are as yet unregulated and there's always a risk they'll be hacked.

Unlike with banks, there's no insurance or legal recompense if your money is stolen from a cryptocurrency exchange.

So where should you move your digital currency to? But here's where things get complicated, because there are several kinds.

Firstly, let's get a grip on the basics. The way all cryptocurrency wallets work is that you have a "public key" to receive money, and a "private key" to send it. The latter is the most important to safeguard, because if someone discovers your private key then they can steal all of your money.

The simplest type of wallet to use is a digital one – usually an app, but there are also online versions. A few of the popular apps are Jaxx, Bread and Mycelium. Some digital wallets only hold Bitcoin, but others (such as Jaxx) can hold multiple types of cryptocurrency.

Source[1]

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ReferencesEdit

  1. https://webllena.com/the-risks-of-cryptocurrency-wallets