As we can store our fiat currency in our wallet. In the same way, cryptocurrencies also can be stored in wallets. But these types of wallets are known as crypto wallets. Crypto wallets can be used to store, exchange, stake, and hold cryptocurrencies at your convenience.
There are mainly two types of crypto wallets.
- Software crypto wallet.
- Hardware crypto wallet.
1. Software Crypto Wallets
As cryptocurrencies are virtual assets, we can’t touch them. In the same way software, crypto wallets are the online programming software used to stored virtual assets.
We can access these wallets from our mobile phone or laptop through their online website or application.
Cryptocurrencies could be stored on many cryptocurrency exchanges. Each and every exchange offer multiple crypto address for sending and receiving cryptocurrency. But these are not fully secured.
As exchange and any third party can look in your portfolio balance. Sometimes exchanges can be hacked. So, the better option is the decentralized wallet.
2. Hardware Crypto Wallets
Friends as you can store your images, audio files, and video files on your laptop or on an external hard disk. In the same way, cryptocurrency can be stored in an external hardware wallet.
These may be your programmed SSD or HDD hard disk or some specially designed crypto hardware wallet. Currently, Ledger is one of the best-known and budget hardware cryptocurrency wallets available in the market. Along with this Trezor Hardware wallet is also a very popular crypto wallet.
Hardware wallets are most secured to store cryptocurrencies. As they stored cryptocurrencies offline. Hence nobody could hack your system. When you would like to sell your cryptocurrency just connect your wallet to the laptop through a USB port and send funds to exchange for trading.
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Crypto Wallet Hardware vs Software
We are providing a table for both crypto wallet hardware vs software comparison. Here you can compare the features of both types of wallets and decide which one is better for you.
|SN||Hardware Wallet||Software Wallet|
|1.||It is a physical device similar to Pendrive or hard disk||It is software similar to the android application|
|2.||The physical wallet supports fewer tokens.||Software wallet supports the maximum number of tokens.|
|3.||It supports offline cryptocurrency storage||It supports only online cryptocurrency storage.|
|4.||Highly safe and secure as nobody can connect while offline.||Highly safe and secure as you have full control of your device.|
|5.||These wallets are too expensive.||Most of the online wallets are available free of cost.|
|6.||Special precautions required to keep it safe from physical damage||No physical damage happens in this wallet.|
|7.||Not suitable for earning through stacking||Suitable for staking cryptocurrency and earn annual returns.|
|8.||Little Complicated process to sell tokens on exchanges.||Very easy to sell tokens on various supported exchanges.|
|9.||Can’t used for IDO or Token Swap.||Very easy to use for Private token buying and IDO, ICO purchasing.|
|10.||i.e. Ledger Wallet, Trezor, NenoX C7C5, KeepKey, ProKey||i.e. Trust Wallet, MetaMask,|