Types of Wallets

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several types of wallets used in the blockchain space.

They can be hot or cold wallets.

Hot means the wallet is connected to the internet and can exchange digital assets directly.

Cold means the wallet is offline and cannot exchange assets until reconnected to the internet.

The cold wallet provides greater security as no one can hack it online.

The hot wallet provides convenience as one can use it to exchange assets more freely.

There are several types of wallets as follows:

Online crypto wallets -- the wallet is provided by an online service.

These are provided by exchanges to enable the flow of digital assets.

Mobile wallets -- the wallet exists on the mobile device.

These make it easy to pay for things using one’s digital assets.

Hardware wallets -- the wallet exists on a hardware device such as a USB stick.

These make it easy to take offline for security purposes.

Desktop wallets -- the wallet resides on your desktop computer.

This makes it easy to access from other applications.

Each has its own advantages and disadvantages trading convenience for security.

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