Cryptocurrency Wallet Solution for Web, Android, iOS App: Top-notch Solution Provider
Cryptocurrency Wallets are the top-notch tools where multiple cryptocurrencies and private keys are stored. Most of the white label crypto exchange software has integrated wallets to perform instant transactions. This blog is intended to provide you clear information about the Crypto wallets and its usage in the industry.
What is a Cryptocurrency Wallet?
A Cryptocurrency wallet is a software program that stores cryptocurrencies and private keys safely. Therefore, every cryptocurrency has its own network and a unique wallet address. The public and private keys stored interact with Blockchains to enable the users to receive and send cryptos. With a crypto wallet, one can make transactions quickly and monitor the balance.
Most of the crypto wallets are hot and cold storage.
- Hardware Wallets
Hot storage refers to the type of storage which is connected to the internet. Hence, users can transfer their funds and currencies only when the wallet is connected to the internet. This type of wallet is not much safe since they are connected to the internet and hackers can easily steal them. Therefore traders can easily transfer funds whenever required.
2. Software Wallets
As the name suggests Software wallets will store the cryptocurrencies and private keys that can be accessed software-based.
3. Paper Wallets
Paper wallets are one of the most underrated cryptos wallets available. The thing is you need to print your public and private keys. This is because the keys are connected to any servers, which means that someone can access them if they had physical paper. Hence, when you need to transfer funds, you must simply enter the keys in the web or software wallet and scan the QR code to get printed.
4. Online Wallets
These types of wallets are the most convenient but at the same time, least secure. It is used to store the private keys and transactions record online. They are also referred to as the Cloud wallets.
5. Desktop Wallets
Desktop wallets provide a better level of security. The funds related to an account can only be accessed through that device which makes it a bit secure at the cost of convenience. However, it is important to remember that if a hacker were able to remotely get hold of the device, and would access the crypto wallet.
6. Mobile Wallets
Mobile wallets are similar to desktop wallets in terms of rendering better security than online wallets at the cost of convenience. You can access your wallet by downloading the application on the mobile.
How do Crypto Wallets work?
Cryptocurrency wallets are the software app allows the traders to perform instant transactions. Each wallet works differently depending on the type of usage. But in general, these wallets store cryptocurrencies along with the private keys using a public address.
Private keys are similar to the PIN number which is used to access the account. This means that when you send Bitcoins, you are sending value in the form of a transaction by providing the ownership. Ownership of your private keys gives you the complete control of the funds associated with the crypto wallet.
The public address is similar to crypto account numbers, which can be used to send or receive cryptocurrencies and can be shared publicly. Each address corresponds to the transaction of that address.
Let me explain to you a real-world example. When you want to transfer money from the bank account to someone, you need to have a private password. This password is visible only to you, not even to the bank.
The private key does the same job here. This key is linked specifically to the individual crypto wallet address. While in the case of the public key, it is mathematically linked to the wallet address but with a hashed version.
A hash function allows a sequence of letters and numbers in the form of encryption. This is the reason why wallets cannot be hacked. These two keys are completely different but connected to each other.
Conclusion:
These cryptocurrency wallets are applicable for both the web as well as mobile platforms.
If you are a person looking to integrate the Crypto wallet or require the creation of a cryptocurrency wallet, you can get in touch with Coinsclone, one of the top wallet solution providers across the industry!
Here are some of the features they integrate into their best-in-class wallet app:
- QR code scanner
- Multi-sig wallet
- Multi-currency support
- Biometric authentication
- Automated session logout
- Password-protected access
- Home screen customization
- Multi-platform compatibility
