What is a Crypto Wallet? & Which is the best Crypto Wallet?

What is a Crypto Wallet? & Which is the best Crypto Wallet?

A Crypto wallet helps you protect your private keys from the dangers and risks of the internet, just like a traditional wallet prevents loss and theft in the real world. You can use the hardware wallet to store, send, receive or spend your cryptocurrency. There are two types of crypto wallets: hot and cold. In this article, you would learn about how to protect your crypto coin.

Table of Contents

What is a Crypto Wallet?

When obtaining cryptocurrency from the internet, you might get it from an online exchange, whether you buy or get it for free. The cryptocurrency will store on the online exchange wallets that we called “Hot Wallets”.

A hot wallet is a type of crypto wallet, it can store your public and private keys which allow you to visit your wallet and see various cryptocurrencies that the exchange supports.

Therefore, when you buy and sell cryptocurrency via the exchange, it reflects the balance on your wallet, but it doesn’t mean you send/receive the crypto coin to or from someone, it means you/someone signs the transaction with a private key to an address, and broadcast it to the entire blockchain network. Eventually, when the network verifies this trade, both sides will update their balance in the address (crypto wallet.)

Do I need a wallet for crypto?

Yes, it would be best if you have a wallet to receive cryptocurrency. When you try to trade them on the internet, you can buy/sell the crypto coins via the crypto exchange. They will provide you with an online wallet to store your cryptocurrency. We called these “Hot crypto wallets”.

You can also buy a hardware wallet which provides offline and secure cryptocurrency storage. You can send the crypto coin from an online exchange to your hardware wallet, and protect it from malicious intentions from the internet, only you who knows the private key can access. We called these “Cold crypto wallets”.

Which crypto wallet is best?

Now you know there are two types of crypto wallets, hot wallets, and cold wallets. The major difference between them is that the hot wallets are always connected to the internet; the cold wallets are always offline and no one can access them so easily.

Hot wallets are online tools, most commonly used are online crypto exchanges or extension plugins. You can easily access them to check your balance and send/receive various cryptocurrency online. As a result of always being online, your crypto safety is at great risk, hackers can attack or set a backdoor on them, and steal your cryptocurrency.

Cold wallets are a safe way to protect your cryptocurrency. The most common cold wallet is a hardware wallet which stores your private key, the only access to your cryptocurrency. Hardware wallets are very difficult to hack as they are usually kept offline, and often portrayed as an USB drive If someone intends to steal your crypto, they need to get their hands on the hardware wallet in the real world and crack the private key which is nearly impossible. Therefore, the cryptocurrency on the cold wallet is very secure.

Best Crypto Wallets of 2022

Now you know that crypto wallets are the most important thing for buying, trading, and selling cryptocurrencies. You can easily use an online exchange hot wallet to have crypto coins. After that, we recommend you send the crypto from the hot wallet to the cold wallet, it can protect your cryptocurrencies safety.

Therefore, SecuX provides several hardware wallets to satisfy customers, who can protect their cryptocurrency by using our hardware crypto wallets.

1. SecuX Nifty
2. SecuX V20 Hardware Wallet
3. SecuX W20 Hardware Wallet
4. SecuX W10 Hardware Wallet
5. XSEED
6. XSEED PLUS
7. XSEED PRO