Crypto Wallets

Our objective and comprehensive reviews will help you pick the right crypto wallet.

Frequently Asked Questions
  • What is a Cryptocurrency Wallet?

    A cryptocurrency wallet is a digital wallet that allows you to store the unique digital codes needed to send and receive crypto assets, such as Bitcoin, Ethereum, and Dogecoin. It’s important to reinforce that these wallets don’t store your actual cryptocurrencies, despite what their name may lead you to believe.

  • What are the Types of Cryptocurrency Wallets?

    Software, hardware, and paper wallets are the three major types of cryptocurrency wallets that fall under the two main categories of wallets known as hot and cold wallets.

    Cold wallets have no connection to the internet and come in some physical form, such as a hard drive or a piece of paper, making them the most secure wallets possible.

    Hot wallets, on the other hand, do have some form of an internet connection, which causes them to be more susceptible to security breaches. Hot wallets are favored for their flexibility, such as the ability to access your funds or trade on the go. These software wallets come in the form of web wallets, desktop wallets, and mobile app wallets. It’s important to reinforce, however, that this availability comes as the result of a hot wallet’s web connectivity, which inherently leaves your funds open to some form of vulnerability. 

  • How do Cryptocurrency Wallets Work?

    Cryptocurrency wallets provide public keys and private keys to enable crypto users to interact with their digital assets stored on public blockchain networks.

    A wallet’s public key is the wallet address you can receive funds to and the private key is what you use to access your funds to make transactions. 

  • Do You Need a Crypto Wallet?

    Yes. You cannot access your cryptocurrency without your private keys and an interface that accesses a blockchain. All wallets can store keys, but only hot wallets can access the blockchain, so it's important to keep your keys off your hot wallet until you need them.

  • Does Your Crypto Still Grow in a Wallet?

    Yes, your cryptocurrency will continue to grow while stored in your wallet. The wallet is simply a point of access.

  • Are Crypto Wallets Safe?

    Cryptocurrencies are high-value targets for hackers, so crypto wallet security is essential.

    Some safeguards include encrypting the wallet with a strong password, using two-factor authentication for exchanges, and storing any large amounts you have offline.

    Some common-sense rules include not sharing your password or passkeys with anyone.

    Most modern wallets generate a 12-word mnemonic seed phrase. An example phrase could be "airport bedroom impression sample reception protection road shirt" which seems random but is created and linked to your keys by your wallet. You can use the phrase to restore the wallet if the device is lost or damaged. These words should be carefully stored in a safe place because anyone who finds them will be able to access your cryptocurrency.

Key Terms

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