Where do you keep your money after collecting it. In the wallet right? same thing in cryprocurrency.you have to keep your cryptos inside a wallet which you think is safe for you.Before that you need to know what kind of wallet are available and you have to choose the most secure and more convinent type.
As per the my research the level of security and safety depends on the type of wallet you use according to your currency type.for example if you have bitcoin then you must have a bitcoin wallet. Its that simple. As i goes through various sources searching for best option of crypto wallet i found this five types of wallet.
What are the types of wallet available
- Hardware wallet
- Web wallet
- Mobile wallet
- Paper wallet
- Desktop wallet
Hardware wallets, are like USB devices build for handling private keys and public addresses. Where you can connect to pc or laptop or any mobile devices just like your pendrive.They are more secure and also offer highest level of security aginst online hacker but the only thing is that they are costly.and yoi have to check your device firmware regularly other wise it may be at .
Example : ledger, NanoX, cobo vault
web wallets are those which can be access through a browser.It doesn't require any download or install anything.you can simply go to a website in a browser and make your acount.As i search through various website i also found that web wallet can be hosted and nonhosted type. But found that using nonhosted wallet is more secure.But using such kind of wallet incude high risk because the user private key are held online and are prone to any kind of cyber attack by hackers.
Example: myetherwallet,metamask etc
Mobile wallets as the names suggest your own smartphone is your crypto wallet. It is the most used crypto wallets on the market mainly for bitcoin and altcoin. Because they are handy and easy to use.Mobile wallets are considered to be the fourth most secure wallet type for cryptocurrencies.But mobile devices are vulnerable to malware infection . Hence encrypting mobile wallet with a password, and also backup your private keys is necessary in case smartphone gets lost .
Example: Atomic wallet
Unlike other wallet paper wallet is a piece of paper on which a crypto address and its private key are printed out in the form of QR codes. Where the codes are letter scanned inorder to execute transaction. Being a paper base wallet it's impossible for any hacker to hack hence are highly resistence aginst hackers.paper wallet are considered to be the second most secure wallet type to store cryptocurrencies.But the only disadvantage is the numerous flaw and hence is dangerous.
Desktop wallet as the name suggest your desktop is your oen wallet.we just have to installed software according to our operating systems.Desktop wallets give users fulll control of keys. When you open a desktop wallet, a file called "wallet.dat" is created which contains your private key used to access your cryptocurrency addresses.Desktop wallets are considered to be the third most secure type of crypto wallet.
Example: Atomic exodus
Which wallet to choose and are more safe.
As per my research and knowlege hardware wallet is the most secure type of wallet for cryptocurrency. if you can afford it. Because many users are victim of various cyber attack and pishing.
But at the same time you can also used web wallet if you can provide your our safety and understand the risk involve. Mostly people prefer to use mobile and web wallet this days because its free of charge easy to handle. But you must also consider the security of your cryptocurrency at the same time. So why not try one of them.
More over online wallet are all prone to various cyber attack so it also depends on how secure users handle their wallet.