Types of Crypto Wallets Used by Crypto Enthusiasts

Types of Crypto Wallet - Paper, Online, Desktop, Hardware

Now that we know the terms used by crypto wallets users let’s dive to know more about the kinds of crypto wallet and their unique features. In case you missed our last post on terms used by crypto wallet users, here is the link.

If you are new to Crypto wallets and interested to know What are crypto wallets and How crypto wallets work, please check our last post here.

Types of Crypto Wallets

Crypto wallets are mainly categorized based on their storage, combination of public and private keys, accessibility, etc. Here are different types of wallets that are quite popular among crypto enthusiasts –

Paper Wallet

A paper wallet is a cold wallet used to store digital currencies. The process of accessing a paper wallet involves the printing of public and private keys on a sheet of paper. The keys are generated via open source wallet generator available like – BitAddress.org, WalletGenerator.net and BitcoinpaperWallet.com. As experts recommend users generating a paper wallet should unplug their internet and wipe the history after the keys are created to assure security and avoid hacking of your wallet.

Desktop Wallet

Any firm dealing with cryptos or digital currencies would launch his Desktop wallet for the convenience of its customers. Desktop Wallet are installable’s that could be installed on your laptop/desktop. As a desktop/laptop is mostly connected to the internet, you would need extra layers of security measures to protect your wallet like antivirus, firewalls, etc. Some of the leading desktop wallets available in the market are – Electrum and Bitcoin Core.

Mobile Wallet

With a need to access from any time and anywhere, Mobile wallets have gained popularity in the crypto world. The working is similar to the desktop wallet and provides hot storage both for Android and iOS versions. However, before installing a crypto wallet on your phone make get a review on features like Private keys, ease of use, security, back up and most importantly the development community if it’s active or not. Some of the mobile wallet available are – MyCelium, Edge

Online Wallet

The least secured wallet that offers hot storage is Online Wallet as they are always connected to the internet. The private keys are held in your browser and hence prone to DDOS attacks. They could be categorized further to hosted online wallets like Cex.io and coinbase or non-hosted online wallets like Metamask and myetherwallet.

Hardware Wallet

The most secure of the lot that offers cold storage and is a bit technical in terms of usage. As the name suggests, they are the hardware explicitly built to handle public and private keys. You can imagine as a USB drive as your wallet that would go online only when you connect it to a laptop for a transaction, hence secured and in control. Some of the examples of hardware wallets are Ledger Nano S and Trezor.

Did you explore any other crypto wallet? We would love to know about it. Please share your story with us on Twitter [@getnuo].

References

investopedia ; coinsutra; hobowithalaptop; @fastinvest

November 8, 2018

Vimba backed up by New Zealand government; founders believe Bitcoin Will Be Worth $600,000

What are Crypto Wallets and How Crypto Wallets Work?

Callaghan Innovation a government innovation arm in New Zealand supporting Vimba, formerly known as Mycryptosaver is focussing on crypto savings services that allow users to put their money into Bitcoin in small weekly amounts. As per the statement released by CEO Sam Blackmore, the government savings would be utilized to build crypto wallets and to expand the digital currency offering on the platform. The founder also believes that Bitcoin will ultimately be worth $600,000, however, discourages day trading and swing trading

BitGo Crypto Wallet Integrates Digix’s Gold-Backed Cryptocurrency

BitGo’s that attracted players for their patented multi-signature wallet technology is partnering with Digix to bring their DGX gold backed stablecoin. Digix that digitizes physical gold in a secure and trustless manner by backing every DGX by one gram of gold from London Bullion Market Association-approved refiners. The startup is adding compatibility with a gold-backed token whose value is not subject to the wild volatilities of the cryptocurrency world or foreign exchange fluctuations. The integration of Digix also helps deepen liquidity of its ecosystem that currently support 85 cryptocurrencies. This stable-price coin is particularly useful for payments, loans, and anything that requires a more stable store of value.

MapleChange Crypto Exchange Hacked

Ledn, First in Canada to Offer Crypto-backed loans.

As per a post on twitter an exchange MapleChange said – that “due to a bug,” an unnamed group of individuals managed to withdraw funds, adding that it is conducting a “thorough investigation” and will be unable to make refunds.”

After the “investigation,” MapleChange decided that it would be unable to pay its users back, divulging that “the exchange has to close down, unfortunately. This includes all our social media.” While the first part of the statement is logical, the second comment led many to raise their eyebrows, so to speak, in suspicions that this hack isn’t cut and dried.

Japan’s Financial Services Agency limiting caps on Crypto Margin Trading?

Japan’s Financial Regulator Discussing Caps on Crypto Margin Trading

Japan’s regulators are considering stricter limits on margin trading of digital currency as reported by Nikkei. To curb speculative trading and limit user exposure to volatility risks, Japan’s Financial Services Agency is considering leverage caps for margin trading of cryptocurrencies.

The push to regulate came in response to concerns by many users. With a theft with Coincheck early this year FSA received a lot of inquiries, and this move is just to reduce risks and improve user protection.