Cryptocurrency: A Beginner’s Guide

Photo by Executium on Unsplash
Photo by Executium on Unsplash
Photo by Executium on Unsplash
  • Hot wallets that are linked to the Internet put users at risk of being hacked
  • Cold wallets that are not connected to the Internet and are deemed safer.
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Photo by Old Money on Unsplash
  • Hardware wallets made by third parties have to be purchased. These devices work somewhat like a USB device which is deemed safe and only connected when required to the Internet.
  • Web-based wallets provided, for example, by crypto exchanges, are considered hot wallets which put users at risk.
  • Software-based wallets for desktops or mobiles are mostly available for free and could be provided by coin issuers or third parties.
  • Paper-based wallets can be printed bearing the relevant data about the cryptocurrency owned with public and private keys in QR code format. These should be kept in a safe place until required in the course of crypto transactions and copies should be made in case of accidents such as water damage or printed data fading through the passage of time.
Photo by Austin Distel on Unsplash
  • Fiat-cryptocurrency Such exchanges provide for fiat-cryptocurrency purchase via direct transfers from banks or credit and debit cards, or via ATMs in some countries.
  • Cryptocurrency only.There crypto exchanges dealing in cryptocurrency only, meaning customers must already own a cryptocurrency — such as bitcoin or ethereum, — to be ‘exchanged’ for other coins or tokens, based on market rate.
Photo by Jievani Weerasinghe on Unsplash

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Yugal Thakur

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