Different Types Of Crypto Wallets – Detailed Guide

Types-Of-Crypto-Wallets
Different Types Of Crypto Wallets

This article will help you to choose the best crypto wallets to store your blockchain assets. So I am going to talk about different types of crypto wallets in details so that you can easily understand the type of cryptocurrency wallet.

This is sweet and simple guide for everyone even you are a beginner or expert both can easily understand the types of wallets through this article.

Before that you can learn about one of the best way to make money in cryptocurrency world that is crypto mining.

What Is Crypto Wallet?

Crypto wallet is the place where you can store you cryptocurrency like Bitcoin, Ether, and other cryptocurrency and other blockchain assets like NFTs. There are many types of crypto wallets like web, desktop, and hardware. I will talk about that in a bit.

What Is Public Key And Private Key?

In cryptocurrency world you listen a word called Private key a lot. Now lets understand what is Public key and Private key in cryptocurrency.

Public Key: Public key is like your email id that you share with other people to receive mails from others in crypto world you get a wallet address that you need to share with others to get cryptocurrency like Bitcoin, Ether, Doge, and Cardano, etc.

Private Key: Private key is like you passwords that you never share with other people because if you share that passwords you will lose you account or other people may miss use your accounts. In the Crypto wallets you get a seed phrase of 12 or 24 words that is called private key if you share that phrase you will lose access to your crypto wallet and your cryptocurrencies and NFTs too.

Different Types Of Crypto Wallets

There are two type of crypto wallets one is custodial wallets and the second is Non custodial crypto wallets. Now let’s know more about custodial crypto wallets and Non custodial crypto wallets.

What Is Custodial Crypto Wallet?

Custodial crypto wallets are the wallets where you don’t get any private keys because that private key is managed by the company who provides you the wallet.

If we talk about custodial wallet in one like then all crypto exchanges are the custodial crypto wallets where you can buy, sell, and store crypto currencies but didn’t get any private key. Also checkout the best cryptocurrency exchanges in India.

Here are some top crypto exchanges (Custodial crypto wallets)

Binance: Binance is the world’s largest cryptocurrency exchange where you can buy, sell, and store cryptocurrencies. Along with all big cryptocurrencies like Bitcoin and Ether you can also buy and sell ALT coins that you not get on your regional cryptocurrency exchanges.

Wazirx: Wazirx is an Indian cryptocurrency exchange where you can buy, sell, and store cryptocurrencies. The best thing about Wazirx is you can buy cryptocurrency in INR and you directly deposit INR from your bank to Wazirx wallet.

What Is Non Custodial Crypto Wallet?

Non Custodial Crypto Wallets are the wallets where you manage and secure your private keys by own. In any crypto wallet where you get private key while creating wallet so that wallet is custodial crypto wallet.

There are many non custodial crypto wallets available I will talk about some best non custodial crypto wallets in a bit. But before that let’s go deep into Types of crypto wallets.

Custodial and Non Custodial wallets are not only type of crypto wallet if we go deep in this we get to know about many other type of crypto wallets like Browser, Desktop, Mobile, and Hardware crypto walet.

So now let’s know about these types of crypto wallets.

Custodial Crypto Wallets vs Non Custodial Crypto Wallets

Here is the quick comparison between custodial and non custodial crypto wallets. So that you can easily choose best crypto wallet for you.

Custodial Crypto Wallet: In custodial crypto wallets the security of your cryptocurrency and other blockchain assets like NFTs are completely depend on the cryptocurrency exchanges where you store your assets. So if you crypto exchange will hacked or closed then you will lose all your blockchain assets like cryptocurrency and NFTs.

Non -Custodial Crypto Wallet: In nod custodial crypto wallets all your blockchain assets like cryptocurrency and NFTs are secured by you that means you get a private key to secure your crypto wallet which means your crypto and other blockchain assets are completely secure. The only thing you need to take care of is your private key never share your crypto wallet private key with anyone other wise you will loose assess to your crypto wallet and all your cryptos and NFTs.

My View: According to me non-custodial wallets are best to store your cryptocurrency and other blockchain assets like NFTs and more. Because they are more secure than custodial crypto wallets and there are many more reasons of choosing non – custodial crypto wallets but security is the priority.

Types Of Crypto Wallets

As I tell you about that there are four more types of crypto wallets Browser, Desktop, Mobile and Hardware crypto wallets. Now lets talk about these wallets types in detail.

Browser Crypto Wallet: Browser wallets are managed with in the browser. To use browser wallet you need to install a browser extension to create and manage your crypto wallet.

The most popular browser wallet is MetaMask that is used a lot for different things like trading, Play to Earn websites, and others.

Desktop Crypto Wallet: To use desktop crypto wallet you need to install a wallet app or software to your PC to use that crypto wallet.

The most popular Desktop crypto wallet is Exodus that is most used a crypto wallet as an Desktop Crypto Wallet.

Mobile Crypto Wallet: This is a wallet that you can access through your mobile which means you need to install an mobile application to start using a mobile crypto wallet to store your crypto and other blockchain assets.

The most popular mobile crypto wallet us Trust wallet that you can easily access and manage from your mobile.

Hardware Crypto Wallet: This is the most secure wallet type to store you cryptocurrency and other blockchain assets like NFTs. Because in this case you get a physical device to store your cryptocurrency and other digital assets.

Here are the best Hardware Crypto Wallets that you can use to store your cryptocurrency and other blockchain assets like NFTs.

  • Ledger Nano X
  • Ledger Nano S
  • SafePal S1Hardware Wallet

Conclusion – Types Of Crypto Wallets

That is it from my side now you know about all types of crypto wallets and you can choose the best type of crypto wallet you need to use. I also mentioned some best crypto wallets in each field so that you can easily choose the best crypto wallet to store your cryptocurrency and other blockchain assets like NFTs.

If you still have any question or any suggestion just let me know in the comment section.

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