If you want to start or set up your crypto-wallet, that can be the best thing because you can make the transaction securely. It is a place where people keep their crypto securely. There are different types of cryptocurrency wallet that people uses. But there are some most popular that the people commonly use, and those are-
- Hosted wallets
- Non-custodial Wallets
- Hardware wallets
A person can choose any one of them, and the one you choose always depends on what you are thinking or want to do with the crypto and the safety you want to provide to your currency, which is in the wallet. You need to keep in mind many things because then only you will be able to choose the best!
Type Of Wallet And it'sTo Set-Up
Here you will learn about the three different types of wallets that are commonly used by people because if offer them the safety of their crypto. Those are mentioned below-
The hosted wallet is one of the most popular and easy to set up a wallet for crypto. If you are buying crypto with the help of the Coinbase app, then the crypto you have will automatically be held in the hosted wallet. Do you know why it is called hosted? It is because, in this, a third party keeps your crypto safe, just like the bank keeps your money. If you have lost the USB wallet or the keys, there is also nothing to worry about with the hosted wallet. To set up the hosted wallet, you need to follow these steps-
- You need to choose the platform you can trust that offers you security, ease of use, financial regulations, and other things.
- Once you choose the right platform, you need to create your account, which can be done in just two steps.
It is the coinbase wallet that provides you with complete control of your crypto. Choosing a non-custodial wallet does not rely on a third party to keep their crypto safe. It is the software to store the crypto and remember the password and safeguard your profile. And if your private keys go into someone else account, then the access will go in their hand. To set up the self-custody wallet, you need to follow these steps-
- You need to download the wallet application and create an account in that.
- After that, you need to write the private key, and you need to make sure it is not simple because it will keep your currency safe and transfer the crypto through the wallet.
It is a physical device that is a thumb drive size; it has the offline crypto private key. Most people do not use it because it can increase the complexity and cost. To set up the hardware wallet, check this out-
- First, you need to purchase the hardware and install the software.
- Once it is done, you will transfer the crypto to the wallet.
It may be clear that if you want to make the crypto transaction secure or store the cryptocurrencies securely, then choose the best wallet.