The Different Types of Cryptocurrency Wallets

The different types of cryptocurrency wallets in Australia.

Today we will discuss what wallets are available for cryptocurrencies in Australia. The list below provides a brief overview, for a more detailed description visit TABER.

Hot wallet– or online wallet, these are the wallets that your online bitcoin exchange uses. Obviously they do not offer optimal security, as you won’t have access to all your private keys like you will with the wallets listed below, but they are comparatively the most liquid. Whether you choose to use an online wallet should depend on whether you want to trade regularly, or store your wealth in Cold Storage, which is the next type of wallet.
Another advantage of an online wallet like coinjar, is that you can spend your bitcoin on items using your coinjar card, you can even withdraw cash.

Cold Storage: An offline wallet, these come in 3 types
-Software wallet. A good example of a software wallet is exodus, exodus offers the ability to hold a multitude of currrencies on their platform offline, whats better is that you can have access to your private keys should you choose to, you can even transfer between their coins inside the software using shapeshift.

-Hardware wallet- Ledger is a good example here, Ledger will hold you currency on a USB type of hardware that enables you to hold your currency and private keys completely offline, this is a good option for holders.

Paper wallet- This is simply the proccess of printing off your private keys so they never have access to the internet. You can do this using My ether wallet.
Another good option for long time holders. A downside is, you should never lose your private key!

For more info and trusted Australian bitcoin exchange reviews, backed by a community standard, visit TABER.

Your’s Aye,

Coin Capital