Hot Wallets: As you might expect, this kind of cryptocurrency wallet uses keys generated by internet-connected devices, typically servers at the wallet manufacturer's location or the wallet's back-end exchange. Usually some kind of portable U niversal Serial Bus (USB) hard disk or thumb drive.Ģ.
This adds an extra layer of "air-gap" security and lets these wallets come in a hardware format. Cold Wallets: This kind of cryptocurrency wallet uses keys created by a source that's not connected to the internet.
That's a lot of power to attach to a key, so where these keys are generated and who controls them is something you should consider carefully when choosing your cryptocurrency wallet platform.Ĭurrently, there are five basic kinds of cryptocurrency wallets:ġ. When you're talking about the cryptographic keys associated with your cryptocurrency wallet, you're referring to a very long string of numbers and letters that's machine-generated, and is used to lock and unlock access to your cryptocurrency collection as well as to generate the addresses of your wallet.
But they're all intended to store at least one kind of digital currency, and in the case of cryptocurrency, manage the cryptographic keys and other security considerations associated with key storage, digital currency transactions, and sometimes identity (ID) verification. Best Hosted Endpoint Protection and Security SoftwareĬryptocurrency wallets come in several different forms and can span software, hardware, or even paper.
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