As the name may suggest, a cryptowallet is a type of wallet used to send and receive crypto-assets such as cryptocurrencies and non fungible tokens or NFTs. You may think of cryptowallets as sort of a storage place; however, cryptowallets do not store crypto-assets; they let you interact with a blockchain network by using something called private and public keys. Keep reading to know what is a cryptowallet, the different types of cryptowallets, and how they are used.
Different types of cryptowallets
There are basically three types of cryptowallets: software, hardware, and paper cryptowallets. Depending on how they operate, wallets can also be classified as hot and cold wallets. Software wallets are also referred to as hot wallets because they are constantly connected to the internet; On the other hand, hardware and paper wallets may be referred to as cold wallets because they have no connection to the internet. Hot wallets are most recommended for people who want quick access from any device and for trading accounts. Cold wallets are always the safest choice because the wallet keys are stored offline which makes them very resistant to hackers.
A cryptowallet’s public and private keys
A cryptowallet is basically a set of keys that lets you interact with the blockchain. There is a public key that you can give to someone else so they can transfer assets to your wallet. The public is really the address to your wallet and it works similarly to a bank account number. Your private key is your access code to your wallet and it can be used to send crypto assets. It should be kept to yourself, anyone with your private keys can take full control of your account and steal your crypto assets. By using something called asymmetric encryption, a public key can be used to restore your public key; however, the public key can never be used to restore the private key.
Recommended Crypwallets for NFTs?
There are a lot of different choices to choose from, but Metamask is by far the most popular choice today among NFT collectors. It has over 30 million active users and a very easy-to-use mobile app and browser extension for chrome and firefox. It allows you to buy and swap coins within the app and browser extension as well. Its simplicity makes it a good option for beginners, so if you are looking for a crypto wallet to start collecting NFTs, Metamask is a great choice.
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