Mlc Posted October 14, 2018 #1 Posted October 14, 2018 Hello everyone! This is a bit of a guide on the diffrent types of wallets available for new users of crypto currency, Hopefully it will be useful. Lets start with The online wallet. An online wallet also known as a Web Wallet is essentially online, meaning you can access it through your web browser using an internet connection. Online wallets can be used on any device that has a web browser and internet connection. (I would advise against storing large amounts of valuable coins in an online wallet seen as hackers tend to target them the most .) ive listed a few advantages and disadvantages for online wallets I thought might be useful . advantages. A Pretty obvious advantage is you can complete most transactions quickly seen as all you have to do is login and send! Another is most online wallets have the option of storing diffrent currencies making it easy to acces your assets in one place. Like I mentioned above if you only have small amounts of crypto coins web wallets are ideal ! Another advantage is been again to acces your wallet on the move with your mobile. Hopefully I pointed out the main advantages above I’m sure there are others but those are probably the main points to look out for . Next is disadvantages of online wallets again I’m just listing the top few I find most important , further research might show you more for each good and bad ! The first important disadvantage is . You are more at risk of being hacked and are susceptible to phishing scams, malware, DDOS attacks and outdated security measures. Another is you do not have control of your wallet. Because it is online, it is effectively stored on a third party, which does not come without it’s risks. Unless online wallets could provide better security from the risks above, id say It is not a good idea to store large amounts of money in an online wallet, so if you are looking for a long-term place to store a high investment in, online wallets are not ideal and should be avoided. Next is Mobile wallets As the name suggests, mobile wallets can be used on a mobile device, and allows you to access your wallet on the move. One of the great things about mobile wallets is that they can often provide more features than wallets that are purely internet based. That is not to say that they do not come without risks, so to give you an idea iv listed the top advantages and disadvantages for you. Advantages The first advantage is they are among the easiest of the wallets to use, and much more practical. They can be used on the go, which is great if you are regularly making transactions. Another is many mobile wallets will offer additional features that simply are not available with other wallets, such as QR code scanning. Disadvantages Mobile phones are not at all secure, and there is nothing that will save your savings if your phone becomes maliciously compromised. It is wide open to malware and viruses, which can completely wipe out any cryptocurrencies that you have saved. Next is Desktop wallets A personal favourite of mine if your looking for some where safe to store a lot of coins.Desktop wallets are among the more secure cryptocurrency wallets, however you will need to keep your computer up to date with security features and general software updates .Any laptop or computer can hold a desktop wallet disputes its age or condition. Another great thing about desktop wallets is that a lot of people have old laptops lying around, which are not being used for anything, which are ideal for desktop wallets. Advantages, It is associated with less risk, especially if the computer has never been connected to the internet. It is the ideal cold wallet to use if you are looking to store a large amount of currency somewhere. Another is you are not relying on your private key to be stored on a third-party server, again, reducing the chances of your account being hacked and your money stolen. Disadvantages, Because everything is held offline, if anything happens to your computer, and you are unable to fix it, you could lose all of your investment. You have to regularly back up your computer for the same reason as above. Regardless of whether you are connected to the internet, and despite the fact that a desktop wallet is considered a lower risk choice, your computer is still open to viruses and malware, which result in you losing all of your coins; which is not good if you are using this as a cold wallet to store larger amounts. So these are just a few of the more popular choices when it comes to crypto currency wallets and I’ve tried my best to show both good and bad points to each , Again I encourage all of you that are just starting out in crypto currency to do your research , If not your much more at risk of losing out , At the end of the day Bitcoin and other crypto coins are another version of money so choose wisely where you store it , just like you do with your own bank account. I hope this guide is helpful and not too confusing, any comments below would be great.
Kate Posted October 15, 2018 #2 Posted October 15, 2018 Well thats a nice detailed description Thanks for this it will really help newbies
williamshennie9 Posted October 15, 2018 #3 Posted October 15, 2018 Maybe post this in the community resources section? Newbies often go there to learn about bitcoin, Stake etc. Great article! Will definitely be helpful to noobs
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