As we all know, there are many cryptocurrencies available on the market. Just as we have our e-wallet for storing our cards, every cryptocurrency has its own wallet which allows you to add, send across, & receive currency in a secure digital way. Thus, if you wish to use cryptocurrency, you need to use a cryptocurrency wallet. Make sure you use the best cryptocurrency wallet app.
We should always understand the pros & cons when we know the functioning of the cryptocurrency wallet.
How does universal cryptocurrency wallet function?
Just like our e-wallet stores our data, universal cryptocurrency wallet stores a secret bit of data called the private seed/key. It is the confidential information & should not be shared. It also has a public seed/key which is attached to some amount of currency and can be used for universal cryptocurrency exchange.
Well, there are many types of cryptocurrency wallets and many mediums through which the universal cryptocurrency exchange takes place. To mention a few, cryptocurrency wallets include:
- Web/Online Wallet
It is the fastest platform for cryptocurrency exchange, although this wallet is advised only when you have invested a small amount. As the exchange takes place through the web browsers, the chances of hacking are maximum.
- A Mobile Wallet
This is very easy & convenient mode for dealing with universal cryptocurrency exchange. Just as you have banking apps to transfer money, there are many cryptocurrency trading apps available in both iOS & Android. While you use the best cryptocurrency wallet app, you get additional options like scanning of QR code, easier modes of payments etc.
- A Desktop Wallet
The desktop wallet is the most secure wallet as compared to online & mobile wallets because the storage of private keys is not on the third party server. It can take place on a smartphone or a desktop. The cryptocurrency trading takes place more privately.
- A Hardware Wallet
Just as a digital signature has its own individual token, for universal cryptocurrency exchange we have hardware wallets. It's a little non-user friendly but most secure. The hardware wallet available with the screen is the best, as you don’t need to connect it with any third party devices. While you trade with a large amount of cryptocurrency exchange, this wallet is preferred.
- A Paper Wallet
Paper wallets were the most secure wallets until hardware wallets came into existence. Although being the most anti-hacker cryptocurrency wallet, due to unnecessary efforts in universal trading of cryptocurrency it is barely used.
Now, while you know a bit about the different cryptocurrency wallets, the question is are they secure? Do they have any hidden cost just like bank sectors? Which cryptocurrency wallet should you opt for?
Well, to answer all your questions we recommend you make a smart & better move!
As mentioned before, you must choose the best cryptocurrency wallet or best cryptocurrency wallet app depending on the facts mentioned above. Online wallets have chances of getting hacked and once affected there is no way to recover the loss. The best iOS cryptocurrency apps & Android cryptocurrency trading apps available help you in maximum protection. Thus be cautious & safe!
Also, there is no direct answer to know if there are any hidden or direct charges on cryptocurrency trading as it is completely uncertain. Sometimes a minimal amount is charged as a processing charge while sometimes they are totally free of cost.
Further, the list of cryptocurrency wallets is never ending. You are the whole and sole decision maker. As it is very well said “You have to help yourself to help others”, you must exactly have an idea about what you expect from the cryptocurrency wallet. Following are the points you should keep in mind while choosing the best cryptocurrency trading app,
- Will you be trading on a daily basis?
- Will you be focusing on all the currencies or a single currency?
- Do you wish to work from home or travel & work as well?
Pick out some time and jot down your needs. Choose the best cryptocurrency wallet app or best cryptocurrency trading app regardless of the OS you use, as there are many best iOS cryptocurrency apps & great Android cryptocurrency apps available in the market.