Cryptocurrencies are only as safe as their wallet. So, it is mandatory to own a secure wallet to execute different types of transactions. Blockchain is the underlying technology that enables the existence of all kinds of cryptocurrency. Due to the growing popularity and widespread adoption of digital currency across the trading platform, there is a rise in demand for the multi-currency crypto wallet to enable smooth and secure transactions for its users.
Blockchain App Factory is a white-label cryptocurrency wallet development provider. They can help you create a cryptocurrency wallet to receive, send and monitor their digital currency transactions. These wallets can handle multi-cryptocurrencies like bitcoin, ethereum, other altcoins, and fiat currencies. The wallets are secured with two-factor authentication (2FA) to eliminate duplicate and proxy transactions.
To get a secure wallet, you need to know everything about crypto wallets, without knowing that it is not possible to choose the right wallet to store your digital currency safely.
Three types of digital currency wallet -
- Software Wallet
- Hardware Wallet
- Paper Wallet
Based on the functionality, wallets are classified into two category -
- Hot Wallet (Software Wallet)
- Cold Wallet (Hardware Wallet & Paper Wallet)
Software Wallet:
A software wallet is the one that can be accessed through the internet. This wallet type is mostly preferred by those who often transact like a trader in an exchange.
It is further divided into three types:
- Web Wallet
- Desktop Wallet
- Mobile wallet
Hardware Wallet:
The hardware wallet is more secure than a software wallet and easier to work with than a paper wallet. It is a physical, electronic device like an external hard disk and pen drive. They use Random Number Generators to generate both public and private keys.
They provide a high level of protection against online attacks, but these hardware wallets are less user-friendly, and funds are less accessible as compared to hot wallets.
Paper Wallet:
It is a piece of paper which contains encrypted blockchain address and private keys. The information is printed on an article in the form of a barcode or QR code. To execute the transaction, one has to scan the code.
They have high protection against online hacking, but they are some inherent flaws that are not quite good for transactions. One of the significant drawbacks is the user cannot do partial fund transaction, that is sending the entire balance at once. So this leads to losing all currency stored in it, and paper wallets are non-reusable.
It is not recommended to use a paper wallet due to its underlying security issues.
A multi-currency wallet is an integral part of using any digital currency. Due to its critical requirement in blockchain networks, you can make more just being a cryptocurrency wallet service provider in the market.
Blockchain App Factory is a team of blockchain developers and cryptocurrency enthusiasts who can create a cryptocurrency wallet which you can take straight into the market. To know more wallet development services, you can schedule a meeting to discuss with the experts.
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