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From Fiery Camel, 2 Years ago, written in Plain Text.
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  1.  There exists numerous kinds of cryptocurrency wallets to permit users store and access their digital currencies in different ways. The question that is relevant in this context is what lengths are these wallets secure. Before taking on the security aspect, it is helpful to understand the various types or types of cryptocurrency wallets which exist today.
  2.  Cryptocurrency wallet: Types and varieties
  3.  These wallets can broadly be classified in 3 categories:
  4.  Software wallets
  5.  Hardware wallets and
  6.  Paper wallets
  7.  Cryptocurrency software wallets can again be sub-divided into desktop, online and mobile wallets.
  8.  Desktop software wallets: These wallets are meant to be downloaded and installed on desktop PCs and laptops. This specific variety offers the highest degree of security though their accessibility is limited only to the computer in which they are installed. Moreover, in the event, if the computer gets hacked or is virus-infected, there's a possibility that one may lose all her or his money.
  9.  Online software wallets: This selection of cryptocurrency wallets operate on the Cloud. Thus, they can easily be accessed from any computing device and from any geographical location. Apart from accessibility convenience, this kind of digital wallets store the private keys online. The keys are even controlled by third-parties; this makes them easily vulnerable to hacking and theft.
  10.  Mobile software wallets: Unlike both other varieties, mobile software wallets operate on smartphones through an app. These can easily be utilized everywhere, including retail stores and malls. https://www.cada.news/ellipal-hardware-wallet-review/ of the wallets is usually easier and smaller when compared to normal desktop ones to accommodate with the very limited space on mobile handsets.
  11.  Difference between hardware and software wallets
  12.  Hardware digital wallets vary from the software ones on the aspect of storing a user's private keys. The hardware wallets store an individual keys in a hardware device (for instance, the USB). Thus, as the keys are stored offline, these wallets offer an extra security. Moreover, hardware wallets are often appropriate for many online interfaces and may also handle different currencies. This variety of cryptocurrency wallets is also an easy task to make transactions with. As a user, you just need to plug in the device to any computer, that is connected to the net before entering a PIN, transfer the currency and just confirm the transaction. Your digital currency is kept offline by the hardware wallets and thus, the chance factor or security concern is also much lesser.
  13.  Paper digital wallets: This range of digital wallets can be user-friendly and ensures a high-level of security. The word "paper wallet" just refers to the hardcopy printout of a user's both public and private keys. However, taking into consideration the instances, it can also make reference to a software application designed to generate the keys securely before printing.
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