One of the most common terms you’ll hear is ‘wallet’ when it comes to cryptocurrency. This is because your digital wallet can store your digital coins. It’s also where you can send them to other people. And, of course, it’s where you can get your hands on your Emerald Tokens. Without a wallet, you can’t use your Emerald Tokens ($EM).
There are different wallets, depending on where you keep your Emerald Tokens. It’s good to grasp the different types, as you might end up choosing the wrong wallet for your needs.
Types of Wallets for Cryptocurrencies
Digital wallets fall into two broad categories:
· Hot wallets
These are digital (or software) walletsand can therefore connect to the internet.A good example is MetaMask.
· Cold wallets
These are physical wallets. They cannot connect to the internet and are therefore more secure from cyber-attacks. The only way you lose your funds with cold wallets is if you lose them or if they are stolen.
The digital wallets we’ll look at below fall under either hot or cold wallets.
Desktop wallets are stored on your computer. Desktop wallets can be downloaded from the website of a cryptocurrency, like Emerald Tokens (EM).
Desktop wallets are easy to use because they’re just on your computer -usually always accessible. However, if you lose access to your desktop or it breaks down, you won’t access your wallet. If you have a lot of $EM in your wallet, you might lose them all.
This type of wallet is convenient because you can access it from anywhere, and there are no limits on what you can do with it. However, if someone got their hands on your login information, they would access your coins. That’s what makes this type of wallet one of the least secure.
It’s important to remember that if you lose your account login information for an online wallet, you won’t recover them or get them back in any way.
Mobile wallets are easy to use and let you access your coins anywhere. You can download an app on your smartphone, enter your account information, and send or receive funds.
When linked with WalletConnect, mobile wallets also serve as a convenient means for accessing decentralized apps.
The downside? Someone could hack your phone and steal your coins.
These are physical devices like a USB stick that holds your cryptocurrency. This is an easy way to keep your coins safe while still having access to them. They’re also quite challenging to hack and are one of the most secure storing your currency.
The disadvantage is that you need to be connected to the internet to use it.
A paper wallet is a physical copy of your Blockchain Node Rewards address and private key. You can print it out onto a piece of paper, or it could be handwritten. One of the advantages of using a paper wallet is that you can take it with you and use it anywhere without an internet connection.
However, paper wallets are not 100% secure as they can be stolen. When using a paper wallet, make sure that you put it somewhere safe.
So, Which Digital Wallet Should You Choose For Your Emerald Tokens?
The digital wallet you choose depends on your needs and how you manage your tokens. For example, if you plan on holding your tokens for an extended period, your best option is a hardware wallet. If you plan on spending your tokens soon, an online wallet will be better.
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