Wallets

From Coin Hunt World Wiki
Jump to navigation Jump to search

Cryptocurrency wallets store coins and are needed to interact with Dapps on a blockchain. There are many types and variations, but all are subject to the crypto credo:

Not Your Keys, Not Your Crypto

Wallets

Unlike a physical wallet that stores physical items, a cryptocurrency wallet does not store your coins. Your coins never leave the blockchain, in fact. A wallet is a device that stores your private keys, and cryptographically provides access to transfer ownership of your coins via public-key encryption.

Wallet Types

Hot wallet

Hot wallets are connected to the internet directly and can be custodial or non-custodial. A custodial wallet means someone else owns the private keys to the cryptocurrency and the user only owns an IOU for the crypto stored.

Some examples include:

  • Software hot wallets
    • Metamask
    • Exodus
    • Trust
  • Mobile hot wallets
    • Coinbase wallet

Cold Wallets

Cold wallets are not connected to the internet and are non-custodial and more secure, though they are usually more inconvenient.

Some examples include:

  • Hardware wallets
    • Ledger wallets
    • Trezor
  • Paper Wallets

Wallet Referral codes