Many Cryptocurrency Wallet come in various forms such as hot wallets, cold wallets and other wallets offering unique features and solutions to users. Below are some of the common types of crypto wallets:

Cold wallets are physical wallets used for storing Bitcoin and can function without connecting to the internet. They come with a USB drive to connect with devices and let you buy, sell, and trade Bitcoin and crypto-assets while connected to a computer or mobile device. These wallets offer additional tiers of protection as they are more difficult to hack than an internet-connected wallet.

Hardware Wallet

This is similar to a physical wallet. Hardware wallets come in the form of a thumb drive. Hardware crypto wallets help store your private keys to your crypto offline and are considered one of the safest methods to store Bitcoin. These are encrypted hardware wallets that offer enhanced security features.

Paper Wallet

Paper wallets are pieces of paper with users’ private and public keys printed out on them. Some paper wallets might come with scannable barcodes or QR Codes created by an app to help you access your cryptocurrency offline acting like an offline wallet.

Hot Wallet

A Hot wallet refers to a virtual currency wallet that is accessible only online and facilitates cryptocurrency. Hot storage wallets often come in the form of desktop wallets and mobile wallets.

Desktop Wallet

These bitcoin wallets are software wallets used on PCs and laptops but can only be accessed from a single computer on which they were originally installed. Security-wise they come with risks such as viruses or hack attacks that could lead to losses.

Mobile Wallet

These are wallets that can be used over smartphones. A mobile Bitcoin wallet will let you accept or make cryptocurrency payments almost instantly. However, you will need to back up your private keys on physical paper for added security.

Web Wallet

Web wallets run on the cloud and are accessible through PCs and smartphones. While they are more convenient to access, web wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.