Cryptocurrency Wallets an essential part of trading cryptocurrencies. Mainly there are three types of wallets Software Crypto Wallets, Hardware Crypto Wallets, and Paper Wallets. Every type of Wallet has its own features and advantages. It is also worth mentioning that hardware wallets or paper wallets are said to be more secure. However, their accessibility is limited. While Software Wallets are easier to access anywhere. TOP10.DIGITAL is fetching you here all the necessary details about this type of wallet.
What about Software Crypto Wallets?
Software wallets are those wallets that are installed on a PC, used through mobile applications, or have online on a website. Mostly these wallets are said to be hot wallets. It means one can conduct transactions anytime. Further, Software Crypto Wallets are in many forms. However, three major forms are the following.
- Desktop Software Wallets: These are programs that are installed on a computer and then cryptocurrencies keys and private information are stored here. Moreover, these pieces of information can be accessed by only the user of the computer after inserting pins and passwords.
- Mobile Apps Wallets: These wallets are in the form of Mobile Applications. One can download and install Mobil App and then store his private keys in it. As mobile phones are carried every time by users with them, so these wallets are very easy to access anywhere. But it is also worth mentioning that smartphones are more vulnerable to malware.
- Online Software Wallets: These are web-based wallets. One can create an account on the websites that provide the facility of online wallets to store cryptocurrencies. So, these wallets can be accessed from everywhere, anytime, and from any device. However, the keys are stored by the website owners, not by the local users.
What are the best software wallets?
The most important question is now which one is the best software wallet or which software wallet should be chosen to store cryptocurrencies? Well, there are many such software crypto wallets. However, Exodus is the most recommended. Because Exodus supports almost 110 cryptocurrencies. The following are the most trusted and secured software wallets.
- Exodus
- Electrum Bitcoin Wallet
- Jaxx Liberty
- Atomic Wallet
- BitGo
What are the advantages of Software Wallets?
The following are the advantages of software crypto wallets.
- Support multiple cryptocurrencies
- Easy to access for user
- Available in different forms i.e. PC, Mobile App, Web based
- Can be accessed on any device anytime, anywhere
- Keys are often under your own control
What are the disadvantages of Software Crypto Wallets?
The following are the disadvantages of software wallets.
- Harder to use to manage your assets
- Less secure when connected to the internet
- Mobile apps wallets are vulnerable to malware
- Web-based wallets are owned by someone else
- Risk to lose your keys if computer is not backed up
Conclusion
Software crypto wallet is the modern way to store your cryptocurrencies, private keys, and information. These are very easy to access at anytime, anywhere and using any device. However, there are vulnerabilities as well when devices are connected to the internet. Stay tuned with TOP10.DIGITAL to know more about such crypto wallets.