TYPES OF CRYPTO WALLET - PART I: 𝘏𝘖𝘛 𝘞𝘈𝘓𝘓𝘌𝘛 vs 𝘊𝘖𝘓𝘋 𝘞𝘈𝘓𝘓𝘌𝘛?
Crypto market has became a hot topic globally. However, this craze also led to the presence of bad people trying to take advantage of it negatively. Instead of using knowledge to create true values, they would find ways to steal others’ money. One of the most common tricks used is via personal wallets. Let's learn about these with BHO to avoid unfortunate money loss!
There are 2 types of wallets on the market: hot wallets and cold wallets.
A wallet in the form of software, connected directly via Internet. The pros of this wallet includes: cheap price & its convenience (easy to use on both phone & computer). However, hot wallets also have higher risk in terms of its vulnerability to cyber attacks. In fact, there are numerous attacks being carried out on a daily basis targeting hot wallets.
A wallet in the form of hardware: similar to normal storage devices (eg USB/Hard disks), but these are designed to be a wallet to store cryptocurrencies. The advantage of cold wallets is that it is very safe, since the risk of being attacked by hackers is significantly lower. However, physical risks such as damaged devices leading to asset loss, inconvenience or relatively expensive price, etc still remain unsolved.
Published on January 12, 2022
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