What are crypto wallets?
A crypto wallet is, essentially, a means of storing information necessary to complete transactions with Bitcoin and other cryptocurrencies. One could, of course, keep track of keys on paper – known as a ‘cold wallet’. Physical devices similar to a USB drive, known as hardware wallets, offer a similar solution – they don’t require an internet connection, so they’re considered one of the safer options. But most of us expect our payments and transactions to be carried out in smoother, easier, and more convenient ways. Both paper and hardware wallets are impractical for frequent use or paying for products and services ‘on the go’. This is where digital crypto wallets come in. Known as ‘hot wallets’, these apps enable users to store, send, and receive cryptocurrency quickly and easily, just like a banking app enables you to access your traditional bank account.