Top 5 crypto hot wallets
Users' public and private keys are stored in cryptocurrency wallets, which also offer a user-friendly interface for managing cryptocurrency balances.- Article authored by Kunal Chowdhury on .
Transactions in digital currencies are becoming more familiar and accessible. The number of cryptocurrency users is increasing and in parallel with this, the number of cryptocurrency thefts is also increasing.
Cybersecurity is always relevant, especially when it comes to protecting your own finances. How to safely store coins without fear of theft?
Despite the fact that the name suggests a pile of coins lying peacefully in a certain cell, a crypto wallet does not store your assets. It is needed to access records in the blockchain that confirm your rights to a certain amount of cryptocurrency. They actually store complex access codes or keys. In fact, any cryptocurrency storage is not so much a wallet as a ledger.
When you exchange USDT to BUSD, there is no transfer of coins between you and your counterparty. Coins remain "lying" in the blockchain. Both participants in the transaction sign the ownership of the wallet address of their counterparty. This process uses two access codes: a public key and a private key.
You provide the public key to your counterparty. Just like it happens with a bank account number or an e-mail. You keep the private key as secret as your bank card PIN or password for accessing your email account.
Crypto wallets are conventionally divided into two groups: hot and cold. The main difference is that hot wallets (they are also software wallets) are always connected to the Internet, while cold wallets remain offline.
Thanks to hot wallets and their inextricable connection to the Internet, users can access to view and manage their coins from a smartphone or computer. Some repositories are available directly on the web or as a browser extension, that is, from any device.
The hot storage method is very convenient for active traders and those who consider digital coins as a means of payment. To the greatest extent, this applies to mobile and web versions of storage.
A constant connection to the Internet automatically implies a greater risk of cyberattacks. Blockchain is almost impossible to hack, but the theft of keys through the identification of hidden vulnerabilities or phishing attacks is a harsh reality and cryptocurrency exchanges suffer the most from them.
Trust Wallet is a popular mobile online crypto wallet and the official Binance mobile app. Despite belonging to the ecosystem, one of the leading cryptocurrency exchanges in the world is a non-custodial wallet. It can be used regardless of the presence of an account on the exchange. It supports over 40 blockchains, so it can store over 4.5 million coins and tokens.
This is a great choice for NFT and decentralized application lovers. The wallet has a built-in Web3 browser and provides users with direct access to dApps and blockchain games.
It is one of the best-known and most widely used Ethereum wallets. This is largely due to its ease of use and accessibility: the wallet has an attractive and simple design for budding investors looking to store and send Ethereum-compatible cryptocurrencies and interact (dApps).
It also fully supports popular Web3 networks including Polygon, Binance Smart Chain, and Avalanche, and can be linked to NFT marketplaces. However, Bitcoin and its forks cannot be stored in MetaMask.
Exodus was created for desktop devices and they remain a priority even now that the program has acquired mobile versions. Exodus supports over 260 cryptocurrencies and NFTs and can be integrated with hardware storage. The wallet regularly receives new applications that expand its technical capabilities.
Atomic Wallet supports over 300 coins and tokens, direct card purchases, staking, and internal swaps. However, the list of coins available for exchange on the integrated decentralized exchange is very limited. This is easily fixed with LetsExchange, the opportunity to make ONE to BUSD exchange is open at any time. To use this vault, users do not need to open accounts and disclose sensitive data.
The Crypto.com DeFi non-custodial wallet is a great choice for users starting their path to decentralized finance. The vault supports over 250 coins, and staking is available for 40 assets.
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