Wallet types and functions from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
When it comes to storing your bitcoins and other cryptocurrencies, you will need a digital wallet. Just like a physical wallet that holds your cash and cards, a digital wallet is a software program that allows you to store, send, and receive cryptocurrencies. There are different types of wallets that cater to various needs and preferences. The first type of wallet is a software wallet, which is a program that you install on your computer or smartphone. This type of wallet gives you full control over your private keys, which are needed to access your cryptocurrencies. Software wallets can be further categorized into desktop wallets, mobile wallets, and web wallets, each with its own advantages and drawbacks. Another type of wallet is a hardware wallet, which is a physical device that stores your private keys offline. Hardware wallets are considered more secure than software wallets because they are not connected to the internet, making them less susceptible to hacking. However, hardware wallets can be more expensive and les...
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