If you wish to transact digital money, you should have a crypto wallet. This e-wallet is a software application that is installed in tablets or mobile phones and once you have downloaded this application, you will be given an address and this is called public address which cannot be changed and there will be a private address that acts as a password.
Wallets are categorized based on where and how the private and public keys are stored, know all these bitcoin news on the internet and based on it they are broadly classified into 5 types.
- Hardware – As its name suggests, it is a hardware component which is used to handle both the keys. It is like a USB device which has some buttons and it is battery-less device that can be connected to mobile phones or laptops.
- Paper – This type of wallet is a bit technical and one needs to be more careful while using this. Since if you like to transfer bitcoins, you need to print your private and public addresses on this paper.
- Desktop – This is an installable wallet which is available for all operating systems. Since your devices are connected to internet, it is recommended for you to install antivirus programs.
- Mobile – It is one of the ways to store your bitcoins and is the most used method. Since mobiles are used to store them, it is easy to use.
- Web – They are always connected to the web and one can access using various browsers like chrome, internet explorer and more.