With the increase in count and use of the cryptocurrencies, the risks of keeping the currencies securely stashed has increased. There are more than 1300 cryptocurrencies, with bitcoin being the first and the best known. Whenever we purchase any cryptocurrency, we need a place to store it, and crypto wallet plays a central role in achieving it.
A cryptocurrency wallet is a strategically coded software which comes with a set of private & public keys and may support multiple cryptocurrencies. Each wallet, when assigned to a user, provide a public and a private key. The set of these keys, together, work as an identity for the user and can also work as a ledger by storing all the transactions.
Software wallets: These are the most commonly used wallets since the beginning of cryptocurrencies. A few wallets, being hybrid wallets, provide security of data by encrypting it before being sent to the online servers.
Application wallet installed on your computer or smartphone (for e.g. Jaxx, Exodus)
An online wallet where private keys are managed by a trusted 3rd party (for e.g. mymonero)
An online wallet provided by cryptocurrency exchanges (for e.g. Bittrex, Cryptopia)
Hardware wallets: These are the most secure wallets for storing cryptocurrencies data. These are installed on USB devices and can only be accessed when plugged in into a desktop. Some of the wallets even provide passphrases in order to unlock them to access stored data. It works even on a virus compromised desktop.
Paper Wallets: These are the best forms of cold wallets (wallets not connected to the internet), which needs passphrases and private & public keys, sometimes in the form of QR codes, printed over the paper. In order to do any transaction, we need to scan the QR code, hence, keeping the data totally secure.
We, at SemiDot Infotech, understand the needs and risks of our clients and provide them with the best wallet solutions based on their needs and requirements. We have successfully provided our clients with the single currency wallets, multi-currency wallets, software wallets & hardware wallets support depending on their specific requirements.
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