Defining Cryptocurrency & Crypto WalletsThe cryptocurrency was once thought to be just a technology demonstrated, but today, discussions are underway whether or not to accept cryptocurrency as a valid method of payment. The endorsements by big names like Elon Musk have been instrumental in changing the perception and fate of cryptocurrency.Although a lot of people might not understand the technology that goes behind these decentralized digital coins, they use cryptocurrency wallets to store their crypto assets. A crypto wallet is a software storage mechanism that holds your cryptocurrency.Understanding The BasicsBefore we jump into cryptocurrency wallet development, we will need to understand how a cryptocurrency wallet functions. Unlike the traditional \u201cwallet\u201c that serves to store paper currency and coins, a cryptocurrency wallet does not actually store but rather facilitates access to common storage. It can be considered quite similar to your banking interface username and password.Every cryptocurrency wallet is assigned a unique address and that address will serve as a pointer to which crypto assets need to be sent and will also show from where the crypto coins were sent. To access your cryptocurrency wallet, you will need to use a combination of two credentials called the public and private keys. It can be considered similar to your username and password in a diluted context.There are different types of cryptocurrency wallets, and they have their own classifications. The classifications are based on the type and also on whether or not they are connected to the network. Cold WalletAs you may have guessed, the cold wallet is the one that is not connected to the network. Since it is out of the network, they are considered extremely secure. There are two major types of crypto cold wallets. This type of wallet gets its name from the \u201ccold storage\u201d type of crypto storage\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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