Cryptocurrency Hardware Wallets
Hardware wallets are small devices that are plugged into your computer or phone. The hardware wallet generates your private keys securely in an offline environment. The innovation is that many wallets generate private keys on internet connected devices like computers or mobile phones.
Source: ono.chat
Advantages:
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Private keys aren’t exposed to your computer
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Hardware wallets cannot receive computer viruses or malware
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You must have the hardware to confirm a transaction, preventing remote hacking
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Most hardware wallets are encrypted with a PIN or other security feature
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If you lose your hardware wallet, you can still recover your coins
Ledger Nano s
It is probably the most popular cryptocurrency hardware wallet at the time of writing. It costs about $95 and is sold by Ledger, a Bitcoin security company based in France.
Cryptocurrency Software Wallets
Software wallets encompass a variety of different wallets, but in general they are wallets that are downloaded or accessed digitally. These wallets include online/web wallets, desktop wallets, and mobile wallets.
Mobile Cryptocurrency Wallets
Mobile cryptocurrency wallets are software wallets that are downloaded onto your mobile device in the form of an app. The app stores your cryptocurrency. These wallets are simple and easy to use, and work well for people who pay for transactions using cryptocurrency.
Mobile wallets are safer than online wallets, but are still vulnerable to hacks.
Advantages:
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Straightforward and easy to use
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Great for people who buy items often with cryptocurrencies
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Some wallets have additional features such as QR code scanning or the use of near-field communication technology
Disadvantages:
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Your wallet could be hacked, especially if your phone is consistently connected to the internet
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If someone steals your phone, they could access your wallet
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