- 03 Jul 2017, 14:40
#1429
The purpose of this sub forum is to discuss Digital and Crypto Currencies Wallets.
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet. Those wallets store the records of transactions on the blockchain.
Some marketplaces have their own internal wallet which make things easier for beginners to purchase cryptos.
However, for some reasons (security first), you might prefer to store your coins outside from your marketplaces
Wallets can be broken down into three distinct categories – software, hardware, and paper.
- Software: desktop, mobile, cloud.
- Hardware: USB key.
- Paper: physical copy or printout of your public and private keys.
A web server is an intrinsically a riskier environment to keep your currency compared to offline. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network and don’t rely on a third party for security.
If you’re interested in using a variety of crypto currencies, it may be more convenient to set up a multi-currency wallet which enables you to use several currencies from the same wallet.
Also, if you are day trading crypto currencies it may be more convenient to use your marketplace’s wallet to speed up the transaction process.
Before choosing a wallet, you should consider how you plan to use it:
- Do you need a wallet for everyday purchases (intraday trading) or just buying and holding digital currency as an investment?
- Do you plan to use several currencies or one single currency?
- Do you require access to your digital wallet from anywhere or only from home?
In this sub forum we will discuss and exchange about the various wallets available.
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet. Those wallets store the records of transactions on the blockchain.
Some marketplaces have their own internal wallet which make things easier for beginners to purchase cryptos.
However, for some reasons (security first), you might prefer to store your coins outside from your marketplaces
Wallets can be broken down into three distinct categories – software, hardware, and paper.
- Software: desktop, mobile, cloud.
- Hardware: USB key.
- Paper: physical copy or printout of your public and private keys.
A web server is an intrinsically a riskier environment to keep your currency compared to offline. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network and don’t rely on a third party for security.
If you’re interested in using a variety of crypto currencies, it may be more convenient to set up a multi-currency wallet which enables you to use several currencies from the same wallet.
Also, if you are day trading crypto currencies it may be more convenient to use your marketplace’s wallet to speed up the transaction process.
Before choosing a wallet, you should consider how you plan to use it:
- Do you need a wallet for everyday purchases (intraday trading) or just buying and holding digital currency as an investment?
- Do you plan to use several currencies or one single currency?
- Do you require access to your digital wallet from anywhere or only from home?
In this sub forum we will discuss and exchange about the various wallets available.
Cheers,
G
G