What are Cryptowallets and what are the Different Types

What are cryptocurrency wallets? How different are they from your other digital wallets. Well, Cryptocurrency wallets as the name suggests are meant to be used while trading cryptocurrencies. How these wallets are made? They are a product of blockchain development. The same technology that is used in the creation of crypto-currency is used for cryptocurrency wallet development. 

These wallets, unlike other digital wallets, don't hold money, instead of the hold a set of private and public keys. These sets of keys are used to transact cryptocurrency between two parties. Instead of sending the bitcoins from one party to another, the ownership of these coins is changed and the address of the owner is updated for those particular coins in the blockchain. You can either use existing crypto wallets or else you have your custom crypto wallet with the help of companies that provide Cryptocurrency wallet development services or custom blockchain development services.

Unlike digital wallets, Crypto wallets have various forms : 

1. Desktop wallets: These wallets reside on your personal computer and can be used for any cryptocurrency-related transactions. These wallets are very secure.
2. Mobile wallets: As the name suggests these wallets reside on your mobile phones and are very handy as it can be accessed anywhere anytime. Again these wallets are secure as log your mobile isn't tampered with.
3. Hard wallets: These wallets are present in the form of a portable disk drive or pen drive. These types of wallets hold entire blockchain and wallet related information and keys. These types of wallets are ultra-secure and most favored form of wallet. These devices are furthermore secured by biometrics to limiting access to the drive.
4. Cloud wallets: As the name suggests these wallets reside on cloud servers and can be accessed either via desktop or mobile anywhere anytime. These wallets although being easy to access and handy, possess less security. In the event of a cloud server is down or these servers being compromised can cause loss. Although such occurrence is quite rare one cant not rule out a security concern when it comes to Cryptocurrency. 

W3villa technologies is one of the prime custom blockchain development companies based in San Deigo, CA. We have a team of experienced blockchain developers who have worked on providing various custom blockchain development services. We aim to be a one-stop solution company for blockchain-related development.

Originalsource : https://w3villa.wordpress.com/2020/02/21/what-are-cryptowallets-and-what-are-the-different-types/