Since the usage of crypto wallets is increasing their ilks are also taking shaping and now, users have plenty of options to choose. The sending and receiving of different coins in not tricky now because new technologies are emerging and making the trade easier. There are already various cryptocurrencies and their number is steadily increasing. In the future, you can expect the encryption and decryption of data to be more robust in many ways. We are already seeing cryptic formats that are gaining traction in this domain along with the use of private and public keys. To get all these high-end features, it is a must that you team up with a cryptocurrency wallet development company that is known for delivering reliable products and services to their clients.
Making a wallet could be a tricky job if you are not sure about the program or framework that you will use. We already have the traditional wallet that provides quite a few features along with high functionality in trading and recording of transactions. The crypto wallets are used not just for storing the assets, they can also be used as a potent means for buying and selling coins for several token holders in a secure manner.
In this article, we will discuss the different varieties of crypto wallets and dig deeper into their usage trends as well. We would also tell you the best way of getting a crypto wallet for your business. Before that, let us quickly glance through the methods that are used for storing cryptos.
Methods of storing cryptocurrencies
Mainly, crypto wallets are classified into two categories, hot wallets, and cold wallets. These varieties also have their sub-sections that we will dig into.
Hot Storage
This storage model is always connected to the internet so the users are always for the trade. It has been designed to make the buying and selling of the coins more efficient and faster at the same time. By using this type of wallet, you get easy access to funds and the levels of security are also unmatched. The transfer of tokens is rendered flawless and you get total control over the trading, however, this particular wallet is more vulnerable to hacking attempts compared to all its counterparts. The following wallets employ this method of storage:
Desktop Wallet– This is probably the most widely-used type of crypto wallet, it executes trade efficiently and gives you better results in every step of buying and selling different coins. It secures the transactions in a matchless manner and makes the assets more accessible to the users. It can be effortlessly installed and configured on a single computer and works perfectly for all the tasks. It can also work on multiple devices when you have a volume license of the software, it can be accessed with a password. All types of crypto funds can be stored seamlessly and they can be used for different purposes.
Web Wallet– Web wallets can be accessed over a website and they make the best use of the blockchain mechanism. You can simply open the platform through the browser of the device and there is absolutely no need to install any additional program or plugin for working this type of wallet. The practice of using keys is prevalent in this model as well and they allow access to multiple users. It does a brilliant job of securing the transactions by implementing the end-to-end encryption method to the hilt. This category of the wallet makes things very easy for crypto users, it gives several advantages as well.
Mobile Wallet– It works just like any other mobile app and in terms of giving access to your cryptos, no other variants work better than this one. It does not just the wallet more accessible but also adds many other merits to the functionality. If you a frequent trader and have to access your assets almost every day, then this one is the best option for you. It also makes the trading highly secure because the device always remains with you, the additional aspects of safety are also impressive.
Cold Storage
Contrary to the hot storage method, this one remains offline and is best suited for the users who access their digital assets very rarely. This storage model makes use of physical tools rather than digital and provides 100% assurance that your assets will remain only to you. Since they always remain offline, there is no possibility of losing the coins due hacking attempts, however, there are chances of theft or damage of the equipment that holds your crypto. There are mainly two types of wallets that make use of this mechanism:
Hardware Wallet– You can compare it with a memory stick or thumb drive that stores a large quantum of data and keeps it offline. In order to use it, you need a Random Number Generator (RNG) that creates private and public keys. With the help of a key, you can unlock the physical device and use the assets or transfer them to another wallet.
Paper Wallet– This is a typical piece of paper that contains the crypto address and the private key. They are considered the safest means of storing digital assets and are used by a large number of traders who like to preserve their coins. At the same time, since it is a piece of paper, it has to be kept ensconced very safely and it is recommended that you make a copy of it.
Still not clear about your choice of wallet?
If you are considering the adoption of crypto wallet for your business then consult with our experts and we will provide valuable insights on:
- The right procedure of developing a crypto wallet
- Choosing the appropriate type of wallet for your business
- Choosing between the single-currency wallet or multi-currency wallet
- Methods of making the wallet more secure
Multi-Signature Wallet– A multi-signature or multi-sig wallet is a type of wallet that involves more than one user or co-signer to authenticate the transactions. These wallets are considered safer because no individual can carry out a transaction on their own. Moreover, it rids you of various issues that we face while executing the trade that involves a high volume of coins.
Multi-Currency Wallet– As the name suggests, this is a wallet that lets you buy, sell, and store multiple cryptocurrencies. It enables users to manage a diverse portfolio that gives lucrative results in trading. By using this particular wallet, crypto traders can enable themselves in many ways, they can make the trade much more efficient and productive. It adds many dimensions to trade while giving several benefits to the users.
Upshot
For those who are planning to induct crypto technology in their business, it is essential to understand the aspects of performance and security of all the given options.
Coin Developer India makes the adoption of crypto technology very easy for businesses as well as individuals. Our developers have mastered all the programs and frameworks that are used to these revolutionary platforms. We have also empowered many entrepreneurs with decentralized applications and blockchain-based services. With us, you can successfully launch your crypto venture or induct it into your company to optimize the work and make huge profits.
You can get a free demo of our product right now and decide what kind of wallet will suit the requirement of your company. Call and whatsapp : +91 7014607737
