Cryptocurrency wallets are digital systems that store, send, and receive cryptocurrencies. They operate using a public key (the wallet address), private key (a password that provides ownership), and keystore files (an encrypted code of the private keys). There are different types of wallets including universal wallets (that store multiple currencies), multi-signature wallets (that require verification from multiple parties to authorize transactions), online/web wallets (that can be accessed through an internet browser), desktop wallets (that are downloaded and stored on a computer), mobile wallets (downloaded as apps on phones), hardware/offline wallets (that store private keys on a hardware device offline for added security), and paper wallets (

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All You Should Know About
Cryptocurrency Wallet!

2. General awareness of Cryptocurrencies is increase with each passing day and so are
various questions. As the concept of digital currency is still on a nascent stage, if not
consulted with an expert users you may end up with answers which can be
misleading and confusing. It is therefore critical to understand basic concepts first
and then move in to the complexities of this subject. One such basic thing about
Cryptocurrency is the knowledge of “Cryptocurrency Wallet”.
What are Cryptocurrency Wallets?
Cryptocurrency exchanges work as third party service providers, you trust, for
trading, selling and buying. But, unlike banks you do not keep them there for long.
As professional trader you constantly keep it moving to enjoying trading. But to get
a better control on your coins and to be secure you manage them under keys. This
secure key management is called –Cryptocurrency Wallet.
Cryptocurrency Wallets are safe digital systems to store, send and receive digital
currency. They are operated with- Public Key, Private Key and Key store Files.
These three actually define the wallet and the way the work.

3. How do Wallets Operate?
Wallets either receive or send digital currencies, and for both they need to identify
you and at the same allow you the safety and authority to manage it. The three
functional units of wallets are:
1. Public Keys
It is an address which denotes you and people see your wallet address in this
form to send funds. Therefore by you can compare this with your bank account
number.
2. Private Keys
It is a password to the currency you own. To be precise it is a digitally coded
signature which gives ownership of your currency. It is equivalent to the
Personal Identification Number you have for your bank account.
3. Keystore Files
This is the encrypted code of your private keys. It carries your data and
identification which is converted into digital code to authorize your access
and prevent unauthorized entry.
General and Important information
All Cryptocurrency have their own wallet and you are suggested to use their official
wallets only for better control. You may also use:
A. Universal Wallets
They allow different Cryptocurrency storage,
sending and receiving. You can use them
anytime anywhere with registration to any one
of them. They can hold multiple types of
currencies and hence are called- Multi-Currency
Wallets.

4. Some can even convert one currency to another through integration with
third party termed- Shape Shift.
B. Multi-Signature Wallet
There are wallets which require verification from multiple parties. Only
when inputs from all of them are complete, then the transaction is taken as
complete.
C. Online or Web Wallets
These wallets can be accessed using any web browser or when you connect
them with the help of internet. They are fast in completing transactions.
They are also sometimes termed as – Hot Wallets. Though they are suitable
for handling small quantity of currency, the chances of hacking these
wallets are high hence you must take proper care while using one.

5. D. Desktop Wallets
These wallets can be
downloaded on your
PC Desktop and they
stay there. You cannot
operate them from any
other device, once
done. That means you
must ensure that your
PC is highly secured
against any virus attack
or hacking. Also you
must not damage the
desktop of the computer physically, because that also will damage the
downloaded wallet. Once damaged you cannot retrieve the data or the
funds. Therefore you are also required to take a backup of the wallet.
E. Mobile Wallet
These wallets are
downloaded on
your mobile phones
and run on these
applications. They
are highly
convenient and can
easily be used
anywhere, anytime.
Here also, you need
to ensure that your keep your mobile phones safely.

6. f. Hardware or Offline Wallets
Hardware wallets store your private key on a hardware device e.g. an USB.
Therefore the possibility of wallet getting hacked online is absent and you get
complete safety. Once you plug them on, any device you can, you can perform
online transactions but the currency is safely store offline. You actually have
to keep the hardware device safely.
g. Paper Wallets
You are allowed to take the printout of the QR Code of the Public and Private
Key. These wallets then can help you send and receive digital currencies. This
way without digitally storing the data- both online or offline.

7. The most critical thing which you must keep in mind, always, irrespective of the
kind of wallet you use is safety. Take ultra-care of your “Private Key”. Once you
lose or misplace this you actually lose the fund and cannot retrieve the
Cryptocurrency.