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What is Cryptocurrency Wallet?

Cryptocurrency wallet was a software functionality and used to store both public and private keys with various blocks in the network to allow the end users to send and receive cryptocurrencies and have a track on crypto balance. Every Cryptocurrency user/holder must have a cryptocurrency wallet because the trade and exchange of cryptocurrencies can only be recorded as a transaction on blockchain technology, it enhances the security of digital currencies. Crypto wallet can be in any form such as online or offline or mobile or desktop or hardware or software. In Short, cryptocurrency wallets will have complete control over the cryptocurrency and manage the transactions by the users.

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What is Cryptocurrency Wallet?

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  1. What is Cryptocurrency Wallet? Cryptocurrency wallet was a software functionality and used to store both public and private keys with various blocks in the network to allow the end users to send and receive cryptocurrencies and have a track on crypto balance. Every Cryptocurrency user/holder must have a cryptocurrency wallet because the trade and exchange of cryptocurrencies can only be recorded as a transaction on blockchain technology, it enhances the security of digital currencies. Crypto wallet can be in any form such as online or offline or mobile or desktop or hardware or software. In Short, cryptocurrency wallets will have complete control over the cryptocurrency and manage the transactions by the users.

  2. Types Of Cryptocurrency Wallet 1. Full Node Wallet It is also a cryptocurrency wallet containing its own full node and which is used to control your private keys, store a full copy of the blockchain, verify transactions by means of locally built transaction copies, without trusting any third parties. 2. Custodial Wallet A custodial wallet is another type of wallet in which the private keys are being stored by the third-party server. This Means third party has a full control over your funds while you only have to give permission to send or receive payments.

  3. 3. Desktop Wallet By using this wallet, you are able to install a wallet in a desktop computer and can have complete control over the wallet including the access over the private keys. 4. Mobile Wallet A Mobile wallet is a virtual wallet that stores a payment card information on a mobile device, it is the most convenient way for a user to make in store payments can be used at merchants listed with the mobile wallet service provider

  4. 5. Network-specific Wallet This is a type of wallet, that if you want to store multiple tokens on a single network, then network-specific wallet will be the most suitable 6. Web wallet / Online Wallet In this wallet, you can have control over cryptocurrency from anywhere, any browser and any mobile with access to the web.

  5. 7. Software Wallet Any wallet that can be used in a software based is called as an software wallet, you can either have it as mobile wallet or desktop wallet (Android, iOS) 8. Hardware Wallet It is type of secure kind of wallet, you can store your cryptos into a physical equipment like USB Device that are generally plugged into a computer via USB port

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