A crypto wallet is a digital tool that allows you to store, manage, and interact with cryptocurrencies. It doesn’t store the actual coins but holds the private keys that give you access to your cryptocurrency on the blockchain.
| Wallet Type | Description | Advantages | Disadvantages |
|---|---|---|---|
| Hardware Wallets | Physical devices that store private keys offline | High security | Expensive, less convenient to transact |
| Software Wallets | Desktop or mobile applications | High control and convenience | Vulnerable to local malware |
| Web Wallets | Accessible via browsers | Connect to web3 apps | Phishing attacks |
| Paper Wallets | Documents that store private keys manually | Highest offline security | Easily lost or damaged |
| Custodial Wallets | Online platforms that hold coins for you (Coinbase) | User friendly, fungible | Less control, vulnerable to exchange hacks |
