Leaving Bitcoin and cryptocurrencies on an exchange means that you risk losing them if the site is hacked or otherwise breached. The safer alternative is to store your coins in a cryptocurrency wallet. This is a piece of software that stores public and private keys, and that interacts with the blockchain. It enables you to make and receive payments with any compatible cryptocurrency. It offers security over your cryptocurrency while still enabling you to readily send and receive funds. However, there are several types of wallet available, and if you hold a currency other than Bitcoin, you will have to ensure that the wallet you choose is compatible with your chosen coin.
Cryptocurrency is a digital currency (decentralized and encrypted) which is transferred between users and confirmed in a public ledger (to keep track of transactions). New coins are generated via a process known as mining. Cryptocurrency is on the rise, and so is its application; arguably world currency in the future may be in the form of cryptocurrency so it’s worth it to keep your eyes on it! When it comes to “crypto”, the need for an intermediary is vanquished – all transactions are direct, and remain between source and destination. Like every form of currency, cryptocurrency must be kept secure and safeguarded from theft or hackery. This protection is provided by a cryptocurrency wallet. Around 35% of cryptocurrency users make use of hardware wallets. Hardware wallets are designed like USB devices and can be connected to any computer. They are the most secure wallet type, so much so, that some hardware wallets can remain uncompromised even when still attached to a computer that has been hacked. Two of the arguably best hardware wallets available are Ledger Nano S and Trezor. Here is a detailed comparison of them. Let’s compare Ledger Nano S vs Trezor…
Ripple is a cryptocurrency that acts as a digital payment network for transactions. It works on an open source, peer-to-peer, decentralized platform. Money is transferred from source to receiver via a gateway, which acts as a credit intermediary. Money can be transferred easily (and in any form) be it in litecoin, bitcoin, USD or even Yen. Ripple is the third largest cryptocurrency market. Its market cap is nearly 37 billion USD. In order to store ripple you need to have a wallet. So what are the best ripple wallets on the market today?
Cryptocurrency is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. The world of cryptocurrency is on the rise, and so is its application! The future of currency seems to be in the form of cryptocurrency, and like every form of currency, it must be kept securely and safeguarded. This protection is provided by cryptocurrency wallets.
Desktop wallets are a type of software stored on your computer desktop in which cryptocurrency can be stored. Taking Bitcoin as an example of one digital currency – there is a secure private key for every bitcoin that is stored in the desktop wallet. Owners of these wallets can access their private keys and send and receive bitcoins.