We all have a habit of carrying wallets and purses in which we keep our money, plastic currency and other documents to carry around and keep it safe from theft. But, still one cannot completely deny the chance of wallet being robbed. And similarly, same threat should be anticipated for the cryptocurrency. The main question that is there is how far the system can be reliable and secure, to store the digital coins.
Why is security so important in a cryptocurrency software?
This article speaks in detail about cryptocurrency wallet.
Cryptocurrency wallet is one of the features available that comes with the software package. It is a key (cipher key)and the cryptocurrency is placed in as a digital code. It is with this wallet, digital coins are sent or received. Such cryptocurrency wallet is available with the cryptocurrency software when you buy the complete software package.
This key is actually the one that is stored in a wallet and this wallet is a software program to communicate wholly with all the users. These keys are of two types,
• Public key
• Private key
Both keys come into the system and enable the users monitor the digital summary.
Now that we have understood the term “cryptocurrency wallet” we shall know the various types of the wallet,
• Desktop wallet
• Cloud wallet
• Mobile wallet
• Paper wallet
• Hardware wallet etc.
Each of them has its own characteristics and here is a brief introduction about each of them.
The desktop wallet is a storage-based wallet available and controlled using a personal computer. And you obviously need a PC (desktop) to work on these wallets. The cloud wallet as the name suggests is purely based on cloud services where wallet will be stored on an online space. Due to this reason, the wallet will be vulnerable or prone to attacks.
A mobile wallet is accessible with a mobile or a smart device via an application. It is a good option as one can carry out the tasks easily on the go or at any place using these online services. Luckily enough there are certain offline modes of wallet available in the market too and people opt such versions as they are secure from online threats.
Paper wallets are more likely to fall under such category where the details are stored in a creative manner with high security. It is first stored as a physical copy and then transferred to software using QR scanning. And the last one, hardware wallet which stores the wallet details in a micro-hardware device like USB’s etc. and transferred by plugging in the device. These wallets are customizable and are available in all the cryptocurrency based MLM Software. If the customers require, these wallets can be easily integrated into the software and can be configured on most platforms.