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Published On: Fri, Sep 14th, 2018

Cryptocurrency Wallet Development Options

When it comes to the differences between physical and digital currencies, perhaps the most jarring variation is that the money is essentially intangible. While there are methods to physically carry cryptocurrency around, there are no bills or other official forms of hard currency associated with Bitcoin and altcoins.

Instead, a digital wallet will often serve as the storage medium for cryptocurrency, but there are a few different kinds of wallets, and each of them is suited for a specific purpose. Over the course of this article, we are going to look at cryptocurrency wallet development, but more specifically, we’ll cover the various wallet types.

Picking the right kind of wallet for your coins may determine how simple it is for you to access your money. Depending on your needs, you may wish to choose a hardware wallet or a software wallet, and even those have distinct subtypes, so let’s get right to distinguishing them from each other.

photo/ Gerd Altmann

Software Wallets

These wallets are not physical devices, but instead, they are programs that hold your coins. There are three different types of software wallets: mobile wallets, desktop wallets, and cloud wallets.

Desktop Wallet

A desktop cryptocurrency wallet has the benefit of improved security because it can only be used on the computer it’s installed on. This means that someone would need physical access to your device so that they can access your cryptocurrency.

If you’re concerned about losing a large number of coins, you’ll find that a desktop wallet is the best option that’s based on software. For even larger amounts, resorting to a physical medium would likely be the best option because desktop wallets aren’t completely immune to being hacked.

Mobile Wallet

As you would expect, a mobile wallet is one that’s based on a mobile device like a tablet or a smartphone, and this gives you more mobility and convenience at the expense of security. Phones can sometimes be lost or hacked, so you may not want to carry huge amounts on a mobile wallet.

Cloud Wallet

While a cloud wallet is convenient in that it can be accessed from any device with the right credentials, this also means that it will be a riskier option than the other two. Cloud wallets are not necessarily a bad option, but they won’t provide the security you’ll want for more significant sums.

Hardware Wallets

There is only one kind of hardware wallet, and it consists of a portable storage device that can contain your cryptocurrency. Most of the time, you’ll find that hardware wallets are USB data drives which you can keep on your person at all times, though you’ll want to stick with software if you’re prone to losing things.

Conclusion

As you can see, the field of cryptocurrency wallet development isn’t as simple as outsiders would assume, as everyone has different needs that will need to be catered to. We hope that this article has helped make matters a little more clear.

Author: Adam Edmond

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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