What are crypto wallets?
A crypto wallet is a computer software/mobile application that is similar to real-world wallets. It stores private keys and thus ensures the safety as well as security of cryptocurrencies. These wallets help to send, spend, and buy digital assets in a safe manner.

Types of crypto wallets
Hot wallets and Cold wallets are the two different classifications of crypto wallets based on their storage type.

Hot wallet consists of
Web wallets
- They are browser-based wallets that facilitate flexible crypto transfers.
Mobile wallets
- These are similar to normal mobile apps and they enable instant crypto payments On The Go.
Desktop wallets
- They run on desktops (installed as software) and can be accessed only when necessary.

Cold wallet consists of
Paper wallets
- Writing down the private keys on paper and storing them in a secured location.
Hardware wallet
-They are USB-like devices and they offer the highest security to one’s crypto assets.

Hot Wallet and Cold Wallet - Which is better in security?
Hot wallets are online crypto wallets that store private keys in an online program. It facilitates the transfer of digital currencies from the owner to the end-user. On the contrary, cold wallets are offline crypto wallets that store private keys offline.

The risk of losing your virtual assets is very much lower in cold wallets than in hot wallets. At the same time, hot wallets enable faster transactions in no time.