How a Crypto Currency Wallets works

Let's talk about how Crypto Currency Wallets work simply

If we take the way a normal Online Banking App works,

Imagine that the bank with your bank account is the Blockchain

Your bank account number is the Public Key to your Crypto Wallet

Your Private Key is the permission to access your Online Banking App and the Online Banking App.

So your bank keeps records and traces all receipts and payments from your bank account and transactions made through the bank.

Do you know what it looks like?

Blockchain records and traces everything that happens through your public key.

That means copying your data in a block

Using your Mobile Banking App, you can view your bank account balance and receive and payment reports.

In the same way, you can view the balance and receipts and payment reports from the Crypto Currency Wallet.

This is how a Crypto Currency Wallet works

Let's talk about different types of Crypto Currency Wallets

These Crypto Currency Wallets are unique according to their properties, features and uses.

Today we will talk about some of the most popular wallets that everyone knows.

Let's start with Software Wallets first

There are 3 types of software wallets.

1. Desktop Wallets

This wallet is special because we can download and use it as a software application. Simply put, it's like an app on the computer. Examples of this are,

Exodus

Electrum

Atomic Wallet

One of the advantages we have with this desktop wallet is that it is safe and easy to use.

2. Mobile Wallets

These are Smartphone Wallet Apps designed for your Android or IOS phones.

Look at how advanced and easy the world is now to control a wallet from a mobile phone.

Some of the most famous Mobile Wallets are,

Trust Wallet

Coinbase Wallet

MyEther Wallet

These are very convenient for our daily work.

3. Web Wallets

Web wallets are the next software wallets.

We can access these through a web browser.

These are mostly used for Crypto Currency Exchange like Coinbase, Binance and Kraken.

This is a little more special than the others. These are very convenient but there is a problem when compared to other wallets they are very low in terms of security.

Here we talked about 3 types of Software Wallets. Next let's go to Hardware Wallets.

We can take care of a big variety in this too. Let's talk about a few.

1.Paper Wallets

This is a physical document. It says a Public Address to get Crypto Currency and a Private Key to spend our money or send it somewhere else.

This method is considered as the most secure method. Because this is offline and not vulnerable to digital hackers.

2. Metal Wallets

This is the same as Paper Wallets but made of Metal (usually stainless steel).

It is made in this way to prevent damage from water or fire.

And it is a method that can be used for a long time.

What do you remember when you say this? Your ATM card. Exactly like that.

3. Multi Signature Wallets

These Multi Signature Wallets are Wallets that carry out transactions using several Private Keys.

These wallets are used by individuals and businesses.

Why for the safety and control of their money.

Generally, to transact with these Multi Signature Wallets, we need 2 or 3 Private Keys to ensure our transaction.

4. Custodial Wallets

In this wallet, a third party (like an exchange) keeps your private key for you.

This method is easy. But very risky.

Because your third party can hack or act dishonestly.

5. Brain Wallets

This wallet is a little more special than the others. Because the Private Key is generated from a password that you remember.

This way is also very easy. But if your password is not unique and strong, it is a threat to your wallet.

6. Deterministic Wallets

This is a bit similar to Brain Wallet.

Because one Password can generate several Public and Private Keys.

This method is very easy to backup and restore your wallet.

All you need is a good and strong password.

7. Watch - Only Wallets

This can only view the balance and transaction history.

Can't spend money.

These are generally used for monitoring purposes.

The security of this is improved by keeping the private key offline.

8. Mobile & Online Wallets

Some wallets are specially designed for crypto currencies that are new to them.

An example of Official Wallets provided by Crypto Currency Projects is Bitcoin Core Wallets for Bitcoin

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