A digital wallet is designed to allow you to store and use crypto coins online both in exchanges and apps. But which digital wallet for crypto do you use? How do the wallets work? Here is your complete guide for 2022.
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A Closer Look at Digital Wallet for Cryptos
A digital wallet is an application developed to store digital assets or crypto coins securely. The wallets do not hold the coins the way we are used to the standard wallets, but they capture a string of codes that signify ownership of the cryptos and allow you to manage them from one place. You can also use them to send, receive, and convert your crypto coins.
Every crypto coin has a specific wallet for storing it, but there are some wallets that support multiple coins. The main types of digital wallets include:
- Desktop wallets.
- Mobile wallets.
- Web wallets for cryptos.
The Mechanics of a Digital Wallet for Crypto Coins
One fact about crypto coins is that they only exist in their native blockchain networks. So, when you purchase some coins, say Bitcoins or ETH, the crypto wallets store codes that signify ownership. One of these is the private keys that help to protect the coins from hacking and make it possible to check the balances.
Your digital wallet also comes with another code referred to as the public keys, which serves as the main address. If another person wants to send you some coins, what you give him is the public keys. We must say that crypto wallets do not have limits on the value you can transfer with them.
The Best Digital Wallets for Cryptos to in 2022
There are plenty of digital wallets that you can use today. It all depends on what you want. So, let’s look at the leading options.
- Coinbase Wallet: This is among the most popular coins today. It has cut a name for being secure and user friendly. You can use it to store most coins, including Bitcoin, Litecoin, and Ethereum.
- Exodus Wallet: This is another common wallet known for its impressive safety. It is free and comes with top-of-the-range features, such as Shapeshift integration, live chat and custom trading fee option. It works with Windows, Linux, and Mac operating systems.
- Trezor Wallet: If you are uncomfortable dealing with desktop or hot wallets, it might be a good idea to consider a hardware option, such as Trezor. It allows you to store your coins offline and is designed with two buttons for checking transactions. It is considered the most secure of all hardware digital wallets.
- MetaMask: This digital wallet was designed for storing ETH and other Ethereum-based tokens. It works like an extension, and you can use it on a computer or mobile device. After installing the wallet, it generates an address that you should use to access the wallet. It also provides you with a seed phrase to use for recovering the wallet address.
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Other notable digital wallets for cryptos include Trust wallet, Exodus wallet, Bitgo wallet, Cloudflare, and MyEtherWallet. Remember that if you plan to sell or buy cryptos regularly, keeping them in a cold or hot wallet might not be the best idea. Instead, you should consider using the exchanges because they also offer exchange wallets. However, exchanges are usually the primary targets for hackers because of the large numbers pooled together.
Receive and Send Crypto Coins with hi Wallet
hi Wallet is another awesome option that you can use for sending, receiving, and converting crypto coins. Indeed, the wallet stands taller than others because it also offers you the opportunity for making passive income. Here are some useful tips for earning money with hi:
- Refer friends to earn HI.
- Stake your HI to receive regular passive income.
- Receive gift cards from family and friends on hi platform.
- Play games, earn some coins and convert to fiat, BTC, or ETH.
hi Wallet is immediately created on your account immediately after signing up. hi is the easiest way to conveniently access and use your cryptos on both hi network and emerging crypto ecosystem.
You can access hi.com on Telegram, or WhatsApp, type “hi” on chat and create an account on the menu that pops up.