Top Source for Simple Step-By-Step Cryptocurrency Wallet Guides & Tutorials
Our mission is to be of immense help to both advanced and new crypto users. We care about the safety of your bitcoins and your cryptocurrency investments. That is why we offer you over 50+ available cryptocurrency wallet guides here on Coin Wallet Guide. The links we have here will safely direct you to the right website where you can easily and uneventfully download the right crypto wallet you need.
Our Guides will provide:
How to Setup/Create your Cryptocurrency Wallet
How to Send and Receive Cryptocurrency from your Wallet
How to Check your Cryptocurrency Transactions
What is a Cryptocurrency Wallet?
To have an understanding of what a cryptocurrency wallet is, let me quickly ask you this simple question. Do you know what an email is? Now, your wallet works in a similar way as your email. The email provider like Gmail, Yahoo mail, Yandex mail, etc provides an address for people to send you emails, you reply them, and also have every mail kept in your inbox. Right? Good! In the same vein, a wallet provides you an address through which to receive digital cash from people, send out your own cryptocurrency/payments, and also store the balance that are unspent.
Though the wallet does not directly store your cryptocurrencies, it stores your private keys which you use in spending money from your wallet as well as a public key which is the address where people can send your cryptocurrency to. Just as losing your email password denies you an access to your mailbox, losing your private key also denies you access to your wallet and cryptocurrency/digital money.
Now, if you lose your password, does it stop people from sending an email to your mailbox? No, of course! The email goes into your inbox but you cannot have an access to read it. So, if you lose your private key, people would still be able to send cryptocurrencies to your public address but they are forever lost because you will never be able to withdraw them again.
What Type of Cryptocurrency Wallets Are There?
Sincerely speaking, there are different types of cryptocurrency wallets but we shall talk about the three popular types and they include:
1. Software Wallets
Examples of wallets that fall into this category include:
- Online web wallet: they are used online and require internet connections to access
- Mobile wallet: used by mobile devices
- Desktop wallet: they are used on computers and laptops
- Bitcoin clients: Used on the Blockchain network
2. Hardware Wallet
Hardware wallets are tokens or hardware devices for storing cryptocurrencies. They are used offline and usually generate codes which you alone have access to in order to carry out payment from your account. They are the safest form of wallet. Examples include Trezor, Ledger Nano, and Keepkey. They are mainly cold storage wallets.
3. Physical Wallet
Under the physical wallet, we have:
- Paper wallet: They hold your cryptocurrencies in hard copy form. They are also cold storage wallets.
Though some people like giving the wallets different names, the above are the main types that are available.
The Importance of a Wallet and NOT Leaving it on an Exchange Site
The importance of a cryptocurrency wallet cannot be overemphasized. Since your cryptocurrencies are assets that need to be protected, you need to have a trusted wallet where they should be stored away from the prying eyes of hackers who are out there looking for people’s digital money to steal.
- Wallets make it difficult for crypto thieves to easily steal your digital currencies
- They make it easier for you to be in control of your portfolio
- They help avert double tragedy. It prevents you losing your trading money and your balance money at the same time if anything happens to your exchange site.
Cryptocurrencies are highly attractive to hackers because of their high value. If you do not want to lose your hard-earned assets, you must make use of a wallet. However, the type of wallet you use would be largely determined by the volume of crypto assets you have.
Ready to Store your Cryptocurrency?
Kindly click on the top menu “Cryptocurrency Wallet Guides” to explore all the different types of wallet guides. If you know what you are searching for, click on the magnifying glass icon on the top right to search for your wallet. If you don’t happen to see what you are looking for, contact us and let us know which wallet guide you would like.
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nem | Nano Wallet | Desktop https://t.co/SzuExD9jhs— NelzValero (@orelavlenz) November 27, 2017