![]() ![]() Surprisingly though, people seem to prefer convenience to safety, as hot storage tends to be more popular than physical devices. That’s right, hardware wallets don’t come for free, but they are considered the safest method for storing crypto (especially large amounts) since they keep your private keys outside the internet. Sure, there are more advanced models, only they cost way more. They come in the form of portable devices containing simple software - just enough to execute a transaction by plugging the device into your computer or mobile. The very fact that they are exposed on the internet when processing the transactions makes hot storage vulnerable to cyber scams and traceable to hackers.Ĭontrariwise, hardware wallets operate offline and are therefore known as cold storage. More specifically, once you activate a crypto wallet, you’ll get private keys (a random array of encrypted case-sensitive characters) that serve as a password and give you access to your wallet. However, the problem with hot storage is the virtual storage rooms. Having your wallet “in your pocket” gives you the highest level of convenience when handling your crypto assets. Software wallets, on the other hand, are nothing but a regular app you can download for free either on your desktop or mobile device. Online wallets are identical with all familiar browser-based platforms ensuring easy navigation and access from any device. The first two wallet types are called hot storage because they need internet support to interact with the blockchain. On a fundamental level, crypto wallets fall into three basic categories: If it doesn’t, we’ve got a couple of immediate alternatives that cover the shortage of Exodus’s features. This will certainly help you decide whether Exodus fulfills your expectations or not. In this article, we’ll guide you through the basic categories of crypto wallets and compare them against Exodus’s underlying traits. The commercial success of Exodus must be supported by a superior feature set but how would you know that it is the right choice for you? In such a competitive industry, Exodus appears as one of the most popular solutions for convenient storage and one that puts easy accessibility on the pedestal. Despite all this, security is still the key priority in the search for the best cryptocurrency wallet. As the market standards are continuously rising, wallet designers must ensure fast and cost-effective crypto transfers. Instead, digital wallets ensure the storage of your private keys as proof of ownership and the full history of all your input/output transactions.Īlthough wallets have always been an integral part of the crypto industry, now that cryptocurrencies have secured their status in the global economy, there is a dramatic surge in the demand for a reliable crypto wallet. Contrary to their name, crypto wallets don’t actually contain any blockchain assets. In crypto terminology, the virtual storage space is called simply a crypto wallet. ![]()
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