A Basic Guide to Cryptocurrency Wallet

1
visit www.sphinx-solution.com
Call 91-020-26434646
A Basic Guide to Cryptocurrency Wallet When we
are talking about transactions over blockchain
technology development, we have to know about
cryptocurrency. Cryptocurrencies are popular
right now. Before you get the digital wallet, it
is essential to brush up your cryptocurrency
wallet knowledge.
What is cryptocurrency wallet? Crypto wallet is a
software program that records private and public
keys and interacts with various blockchain to
allow users to send and receive digital
currency and monitor their balance. For instance,
if you want to use Bitcoin or Ethereum in a
wallet, you are storing the different and unique
keys to your wallet. Talking about optimal
security, cryptocurrency wallet offers the best
result. How does it work? When an individual
sends you any cryptocurrency, they are
automatically passing the ownership of the coins
to your wallet. To spend those coins and activate
the funds, the
2

• private key listed in your wallet have to match
  with public address the currency enlisted to. If
  the public and private keys match, your digital
  wallet balance will rise and the senders will
  lose some accordingly. You can see the
  transaction record on
• the blockchain and a change in your account
  balance.
• Different types of Cryptocurrency wallet
• Lets check the different types of wallet
• Desktop wallet This type of wallet is solely
  downloaded and installed on a computer or
  laptop. So, it is only accessible to a single
  computer from which
• they are downloaded. The desktop wallet comes
  with the highest level of security as it can be
  only accessed from a single device.
• Online wallet This wallet runs on the cloud and
  you can manage it from any devices, from any
  location. Though they store your private keys and
  are
• controlled by a third party, the keys being kept
  online gets vulnerable to a hacking attack.
• Mobile wallet This wallet works on an app on
  your smartphone. These keys can be used anywhere
  including retails stores. They are usually very
  compact and occupy little space on the phone.
• Hardware This wallet comes in the hardware
  device, for example, USB. Though it needs
  internet to make the transaction, they are stored
  offline which makes it more secure. Hardware
  wallet is more feasible as you can do the
  transaction from any internet-enabled device by
  plugging your hardware wallet. You just have to
  enter your pin, send currency, confirm and
  unplug the device after you are done.
• Paper Paper wallet comes with high security. It
  is the printout of your private and public keys
  or a piece of software which is used to securely
  generate a pair of keys which are then printed.
  Transferring of currency to the paper wallet is
  done from the software wallet to the public
  address noted on your paper wallet.

3
USA 1 732-947-4310 UK 964 0771 7777
916 Malaysia 6017-2126274 IRAQ 964 0771
7777 916 BRAZIL 55 21 2258-7260 INDIA
91-020-26434646 https//www.sphinx-solution.com
Copyright 2018 Sphinx Solutions Pvt Ltd. All
rights reserved.