Cryptocurrency Wallets are secure digital wallets. They are used to store, send and receive digital currencies.
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Whether you wish to own cryptocurrencies or trade them, you should have a digital wallet. A cryptocurrency wallet is a software program that acts as a digital wallet and stores public and private keys. There is no physical currency stored in such wallets.
How does Cryptocurrency Wallets work?
A Wallet owned by you enables you to have a private key that can lock or unlock any record of transactions stored on the blockchain. If you wish to transfer cryptocurrency to another wallet you need to sign off ownership of the coins to the receiver’s wallet address using the private key. Similarly, if you wish to receive coins you can gain ownership of the coins from the sender’s wallet address by using the private key. Once the private key matches with the public key, a transaction is initiated and exchange of coins happens which will flash in your wallet balance.
Different types of Cryptocurrency Wallets
- Hardware Wallet
- Software Wallet
- Online Wallet
- Mobile Wallet
- Desktop Wallet
- Paper Wallet
How Secure are Cryptocurrency Wallets?
Cryptocurrency wallets are designed to extend a high level of security. By keeping the software up-to-date fresh, you are assured of the best of security measures and enhancements available.
Any digital technology is prone to vulnerability. Security offered by Cryptocurrency wallets differ from wallet to wallet. So, always add few extra layers of security like using a well-endorsed wallet, using authenticators, having multi-signature keys. Above all, also have a backup of your wallet and encrypt them. This can be the best way to recover your wallet.
Few Well Known Wallets
Till date, there are more than 700 cryptocurrencies available globally. Among them, Bitcoin is leading the pack of cryptocurrencies.
If you are interested to know further about Cryptocurrency wallets, do get in touch with OpenXcell. We have an efficient team of wallet developers with thorough experience in this domain. Our developers are always ready to discuss with you all the possibilities that can help them to offer world-class cryptocurrency application development services.
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