There exists numerous kinds of cryptocurrency wallets to allow customers store and access their digital currencies in different ways. The question that is related in this context is what lengths are these wallets secure. Before taking up the security aspect, it really is helpful to understand the various types or varieties of cryptocurrency wallets that exist today.

Cryptocurrency wallet: Types and varieties

These wallets can broadly end up being classified in 3 categories:

Software wallets
Hardware wallets and
Paper wallets
Cryptocurrency software wallets can once more be sub-divided into desktop, online and mobile wallets.

Desktop software wallets: These wallets are designed to be downloaded and set up on desktop PCs and laptops. Best Hardware Wallet offers the highest degree of security though their accessibility is bound only to the computer where they are installed. Moreover, in case, if the personal computer gets hacked or is virus-infected, there's a possibility that one may lose all their money.
Online software wallets: This range of cryptocurrency wallets operate on the Cloud. Thus, they are able to very easily be accessed from any processing device and from any geographical position. Apart from accessibility convenience, this type of digital wallets store the exclusive keys online. The keys are even controlled by third-get-togethers; this makes them easily vulnerable to hacking and theft.
Mobile software wallets: Unlike the two other varieties, mobile computer software wallets run on smartphones through an app. These can easily be utilized everywhere, including retail stores and malls. This range of the wallets is usually easier and smaller when compared to normal desktop ones to accommodate with the limited space on cellular handsets.
Difference between hardware and program wallets

Hardware digital wallets change from the program ones on the aspect of storing a user's individual keys. The hardware wallets store the user keys in a hardware machine (for example, the USB). Thus, as the keys are saved offline, these wallets offer an extra security. Moreover, hardware wallets are often compatible with many online interfaces and can also handle several currencies. This variety of cryptocurrency wallets is also an easy task to make dealings with. As a user, you just need to plug in the device to any computer, which is connected to the web before entering a PIN, move the currency and only confirm the transaction. Your electronic digital currency is maintained offline by the hardware wallets and thus, the chance factor or security concern is also much lesser.

Paper digital wallets: This selection of digital wallets is also user-welcoming and ensures a high-level of security. The word "paper wallet" just identifies the hardcopy printout of a user's both public and private keys. However, taking into consideration the instances, it can also refer to a software application designed to generate the keys safely before printing.