OneCoin - Types of Cryptocurrency Wallets and Their Security Aspects
A Cryptocurrency wallet is a software program that stores private and public keys and interacts with different block chains so that users can send and receive digital currency and monitor their balance. There are various types of digital currency wallet which allow you to access your digital currency in different ways. These are broadly classified into three categories. • • •
Software Wallets Hardware Wallets Paper Wallets
The software wallets can be further is of three types desktop, mobile or online. Desktop: - Wallets are downloaded and installed on a PC or laptop. They can only be accessed from a computer in which they are downloaded. These wallets offer one of the highest levels of security, although if your computer has been hacked or gets a virus then it is likely that you can lose all your funds. Online: - Pockets run on the cloud and can be accessed from any computing device at any location. As long as they are more convenient to access, online pocket online stores their private key and is controlled by a third party who makes them more susceptible to hacking attacks and theft. Mobile: - Wallets run on an app on your phone and are useful because they can be used anywhere with retail stores. These are generally much smaller and easier than desktop wallets because of the limited space available on mobile. Hardware Wallets: - These are different from software wallets, because they store a user's personal key on a hardware device such as USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. These can be compatible with many web interfaces and can support different currencies; it just depends on which one you decide to use What's more, making a transaction is easy. Paper Wallets: - These are quite easy to use and provide a high level of security. When the word paper can refer to the physical copy of the word wallet or the printout of your public and private key, it can also refer to software that safely comes in pairs of keys which are then printed. Alternatively, if you want to withdraw or spend money, you only have to transfer funds to your software wallet with your paper wallet. This process is often referred to as 'sweeping', either by entering your private key or by scanning the QR code on paper wallet can be done manually. How secure Cryptocurrency wallets are:Each type of wallets has their own level of security and the security aspect mainly depends on two factors. •
On the Type of wallet you use
•
A chosen service provider.
A web server is an internally risky environment to keep your currency in comparison to offline. Online wallets users can highlight potential vulnerabilities in the Wallet platform, which can be exploited by hackers to steal your money. On the other hand, offline wallets cannot be hacked because they are not connected to just one online network and do not trust any third party for security. Although online purse has proved to be the weakest and hacking attacks are likely, but using any wallet requires diligent safety precautions. Remember that the wallet you use will lose your money if you lose your private key. Similarly, if your wallet is hacked, or you send money to a scammer, there is no way to regain lost currency or to return the transaction. OneCoin is a digital currency, based in cryptography who allow the user to transact overall the globe in a secure manner. If you are facing any kind of problem, then you can take ideas from us. We will present for your help.