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As blockchain technology advances, new types of currencies and their safety become important; therefore, the need for different types of crypto wallets has emerged.
Due to the interest in cryptocurrencies, it is one of the most important issues for people to save and store their assets reliably. As a result, if there is no secure storage, it will not benefit you as much as you want.
For this reason, wallets called crypto wallets come into play. Join us as we examine wallets and types of crypto wallets for your different crypto needs. You can have an idea about how to secure your crypto assets and which wallet type is better for you.
On a blockchain network, a cryptocurrency wallet is a place where users can store, control, and trade their cryptocurrency assets. It lets people trade NFTs and collaborate with DeFi (decentralized finance).
A cryptocurrency wallet's main role is to store the private key, which is needed for transfers on any blockchain network. Private keys are used to access the blockchain address, which is where the cryptocurrency is stored.
In addition, the types of crypto wallets will be a roadmap for you to choose the safest wallet by mastering all of them. We will go into detail of types of crypto wallets which are cold wallets, hot wallets, custodial wallets, and non-custodial wallets while also exploring their sub-categories.
The concept of cold wallets is one of the crypto-related storage terms that we have heard frequently in recent years. This wallet type is used to store crypto assets.
Cold wallets are not connected to the internet. Therefore, risks such as theft and fraud are almost non-existent. It is also known as an offline wallet type due to its use without the internet. In simple terms cold wallets are physical storage devices that hold private keys for digital currencies.
Additionally, they act as a vault for cryptocurrency transactions and only interact with themselves. Therefore, when making a crypto exchange, it may be necessary to transfer funds from a cold wallet to a hot wallet. We will go further into hot wallets.
Funds can be stored in the cold wallet if not needed. In the fast-paced environment of cryptocurrencies, a cold wallet is the best way to protect investing in crypto in the long term.
Simply put, cold wallets are used for long-term savings, whereas hot wallets are used for everyday transactions. Cold wallets have two different types in themselves, hardware and paper wallets. Let’s examine each type in detail.
Hardware wallets have a physical device structure, as the name suggests. Since it has a structure similar to a USB stick, it can be supplied from various technomarkets and intermediary institutions.
It is possible to use it thanks to the pin code created after the purchase. It is similar to the external memory structure due to the possibility of working without the internet. For this reason, it is a wallet in the cold wallet category.
Hardware wallets are safe, convenient, and simple to use devices for storing private keys in an offline environment. As a result of these qualities plus their resistance to harm due to no internet connection, they are favored for use as cold crypto storage.
However, they can connect to the web and the Web3 ecosystem is what sets them apart from cold wallets. Hardware wallets can engage with decentralized applications (dApps) or smart contracts.
In order for a hardware wallet to function properly as a cold wallet, it must not interface with smart contracts. All hardware wallets are cold until connected to a blockchain app. When a hardware wallet connects to the internet, it becomes a hot wallet. Therefore, the risks emerge.
Paper wallets are wallet systems that work without the internet because they provide offline service. Therefore, it is among the wallet types preferred by people. As can be seen from its name, it is used to transfer keys on paper mainly in the form of QR codes.
It has a physical structure due to the transfer of public and private keys to the paper environment. You can think of a physical object similar to paper or a card similar to the barcode system. Therefore, it has an important place among the types of cold wallets.
Nevertheless, transferring cryptocurrency from a paper wallet to a software wallet in order to complete a crypto exchange can be difficult and risky, due to the internet connection.
Additionally, you must take special caution to keep your paper wallet safe in order not to lose your keys, which help you to locate your crypto assets on blockchain.
Hot wallets have an important place among the types of wallets used to store your crypto assets that people are curious about. We have examined the cold type in detail for you above in subcategories.
In hot storage wallets, also can be referred as software wallets, there is a connection to the internet, unlike the cold type. Therefore, they are also known as online storage areas.
This online storage is enabled with the help of supervisory mechanisms such as blockchain technology. With hot wallets users can interact with DeFi, exchange crypto coins, and sell them on DEXs using smart contracts.
Additionally, hot wallets store private keys online. Therefore, they compromise security while allowing internet access to the crypto world. This makes them easy targets for cyberattacks. However, unlike hot wallets, cold wallets store private keys offline.
There are some subcategories of hot wallets, which are desktop, web, and mobile wallets. Let’s examine each more comprehensively for you down below.
Desktop wallets have an important place among the types of hot wallets. They are wallets that offer trust because the private keys are stored locally and managed by the individuals themselves.
This type of wallet is frequently used because it is used on electronic devices such as computers. For example, a person who invests in stablecoin and chooses EURK will have a wallet that he/she stores and controls thanks to the key he/she manages from his/her computer.
Mobile wallets, as the name suggests, offer the possibility of using smart mobile phones. We see that people are turning to mobile usage instead of using computers.
For this reason, various applications have created practical usage opportunities for phones. The same applies to crypto wallets. You can control all your crypto assets that come to mind from the phone and store them in the wallet with this type of wallet.
Web wallets are a type of hot wallet located at an interface on the internet, as the name suggests. It is possible to control your crypto assets with transactions made within interfaces, such as websites. They are in the form of an add-on for the browser.
However, there are some issues to be considered here. Care should be taken to ensure that the preferred website is reliable. Otherwise, you may encounter malicious people trying to steal your assets. Therefore, keeping your wallet secure becomes highly important.
Crypto enthusiasts are highly curious about the differences between custodial wallet and non-custodial wallets. Let's examine which services the two offer for you.
In the custodial wallet type, private keys or passwords are stored for you. As the name suggests, there is custody. As the private key is held by an exchange it is impossible to connect with Web3.
In the non-custodial wallet type, all control is in the person himself/herself. It is the individual who owns the wallet who makes transactions with private keys as he or she wants.
They provide users complete control over their private keys, enabling them to transact on the blockchain and use DEXs to buy and sell cryptocurrencies. The unsecured system is considered much more reliable than escrow.
The working system of crypto wallets is one of the details that people are most curious about. People’s crypto investments and assets are in blockchain. It is seen that all assets are located in blocks due to a digital ledger structure.
To access cryptocurrency, you need both a public key and a private key. The private key is kept secret for security and asset protection reasons. This is how crypto wallets work basically. While in cold wallets these private keys are stored offline, in hot wallets they are stored online.
Thanks to private keys, you are allowed to make transactions by proving that your money belongs to you. To explain with a simple example, let’s take a person who owns EURK. The person’s investment will take place in blockchain technology.
Therefore, thanks to private keys, various transactions are made with the help of wallets. In this way, protection, control, and storage processes will be completed. You can also check our “wallet as a service” article to learn more about crypto wallets.
It will be important to determine your own strategy when choosing between crypto wallets. Above, we have explained the types of wallets and their functioning in detail for you.
By looking at these explanations, you can make your choice in that direction for the whichever type you are that suits your needs. It makes sense to choose according to the type and functioning of the cryptocoins you will make.
For example, in a stablecoin investment indexed with real coins, a different wallet can be directed to a different wallet. The wallets selected here will be required to master real currencies, exchange rates, and various parameters.
Therefore, the choice of a wallet that dominates the euro values of an investor who purchases EURK stablecoin based on euro will cause you to complete the process more efficiently. You can also choose a crypto as a service provider that enables you to pick the safest crypto wallet for you.
Safest crypto wallet questions are one of the topics people are curious about. Non-custodial wallets are more reliable due to security reasons.
In this regard, you can get help from various digital banks and crypto as a service provider. By choosing a safe and reliable cryptocurrency and secure crypto service provider, you can enjoy safe crypto investments without worrying about cyberattacks.
EURK is a reliable stablecoin 1:1 pegged to euro. EURK euro stablecoin provides fast, easy and secure payments for various payment options such as global payments, e-commerce payments and cross-border payments. You can enjoy risk-free investment with constant stable value.
You can easily trust EURK provided by Cryptobunq. CBQ is a secure one-stop shop crypto service provider for your various crypto needs including custody and wallet solutions for the best crypto wallet service. Therefore, you can choose EURK and CBQ for safety.
It will be reliable to make transactions by choosing leading companies for EURK purchases, such as CBQ. To learn more about “euro stablecoin”, “how to buy/sell EURK” and “transfer EURK” check our articles. You can also contact us and become our partner to benefit from EURK for safe investments!
