Cryptocurrency Wallets over Time
Cryptocurrency Wallets over Time
People are asking me about wallet types. And I agree, it's technical. In fact, if you were to simply look up these terms with a goog search, you will probably be frustrated as well!
SO; without further ado, let us wade thru the "Kim Chee" and discuss the myriad of terms surrounding crypto currency wallets today!
A "dedicated wallet" is a typical wallet, like Vessel for STEEM, or most BTC wallets only handle BTC, right?
Most ETH wallets, are for ETH only.
That simple.
(Props to @jesta for Vessel for STEEM! Most do not realize while Steemit provides an excellent, world changing web wallet integrated with the FIRST social media to be built on a blockchain, Vessel is a great dedicated wallet app that also works for STEEM blockchain.)
So we talk in terms of a "dedicated wallet", or a multi-wallet like EDGE or Exodus. Multi-wallets are capable of storing many blockchains but are constantly being upgraded to support new currencies.
Wallet History:
Wallet History:
Heavy wallet:
Wallets started out being "full nodes" running on the blockchain, and they would process every transaction and then tell you how much was in your wallet, and allow you access to transfer what was in the wallet.
Lite wallet:
A wallet that talks to a known good node on the network, holds your keys, and shows you how much you have in the wallet, and allows access to transfer funds in that wallet.
Occasionally a wallet can only handle 1 public key (or address on the blockchain) at a time. For people like me, that have at least 2 wallets for every blockchain i'm using (1 main, 1 for testing) then this can be a problem, but i simply keep more than 1 computer on hand 😉 One on the phone and one on the PC usually..
Heavy wallets can be a huge pain, and might need to run for a day to sync with the blockchain, BEFORE THEY EVEN ALLOW ACCESS to your funds on the blockchain. If the wallet is not sure by it's own accounting that your account holds funds (and it is not capable of doing so until it syncs with the network) it will not grant access to your funds, even though it will give you a current tally of what it currently believes your balance is.
Hot wallet:
On the network, it's actively communicating over the internet, it's open to being used (and hacked).
Cold wallet:
A paper wallet for example, that is not on the network ever, until it is restored to the wallet that generated it. Cold wallets can be handy, for storing crypto for years. But, they could be impossible for your survivors to understand, if they are left with a crypto key on paper, as their inheritance...
"Air-gapped" wallet, will mean that the wallet is capable on the client-side, of doing the cryptography necessary to use the private key, and will never broadcast the private key over the internet.
Hardware vs Software wallets:
Hardware wallets like the Trezor, simply keep your private keys on a small separate computing device that has no keyboard. It will connect with your PC< and ONLY allow access to your private key if you know the PIN number or IF you have access to the full backup password set to restore the wallet (in case it is lost, or PIN is forgotten).
The hardware wallet can be kept in a safe, and access will not be available to hackers to monitor your keyboard (with malware) and steal your password to your software hot wallet on your PC.
this is very informative @surfyogi
Thanks for this education about crypto wallets. Before now, I never know the difference of one type of wallet from another.
@surfyogi it's good to be enlightened by you and the difference between wallets so as not be confused when using them.
The wallet am quite familiar with is the hardware wallet and the lite wallet.
A beautiful apartment you do have sir, I believe you are also a decorator 😁!!
Great analysis dear..
I appreciate your post and I think that your great content to create and provide this platform and I follow your every post..
Actually I know that this post is helpful for us..
Keep it up..
Upvote and resteemit done...
Perfect review and you are right, to have a well-protected purse from hacking, a thing necessary! Thank you @surfyogi
nice to know something from you always special for me, thanks for your kindness to share dear @surfyogi
Wow the man himself @surfyogi always great to see your blog especially your travel round the world blog, well the truth is, people are losing determination on the platform as for me I'm accumulating steempower cuz I know STEEM will rise again,
Well what makes the safest kind of wallet @surfyogi?
Safest wallets are often not very convenient.
Convenient wallets are usually much less safe...
Lite wallets are good for most people that don't have a lot too lose.
If you have a large amount of funds, then it's not a bad idea to have the Hardware wallet, then from there, transfer spending allowance to a phone multi-wallet like Edge, that is so convenient for sending and receiving funds.
Hardware wallets are limited in capabilities and usually only support the major currencies that have existed for a long time. BTC, ETH, etc.
Man so good to see your post once again.
With recent market lows it seems a lot of people have stopped posting altogether. It does my heart good to now see the old players more and more in action. It's my boost of much needed confidence...........
I'm EXCITED I"M BUYING STEEM!
That is a great idea as far as the market is concerned. The best time to buy is when there is blood and its red. Everybody knows it but few show the courage.
Buying steem is good news and I am so glad that you shared it :-)
WRITING THIS ARTICLE TODAY!
MAKES ME REALIZE how valuable Steem really is!! OMG...
I was not aware to few of them but as it seems the more the security the more there is chance to losing few of our precious crypto in one way or other !
While as time will pass by all the delay or problems that we are facing right now shall pass I suppose !
I am clueless when it comes to these things! Now I tell me there are different types of wallets? OMG
Under which category do Exodus fall under?
Exodus is a PC-only light hot software multi-wallet!?
;-)
And Edge wallet, is a Mobile-only light hot software multi-wallet!
Damn! I need to order a new BRAIN on Amazon!
I need to start explaining this in french too..... I will get inspired by your post I think ;)
Feel free anytime to repost in French!
@surfyogi 😘
Even google cant explain it this much.
The only blockchain wallet i know is steem and sbd wallet. Hahaha but now i know more. Thank you
Wow, there are so many wallets. I am still finding it hard understanding all these wallets and how they work. Thanks for shedding light on it @surfyogi
Hmmn
Cryptocurrency and wallets.
Well, overtime, through you, I've been able to understand that there are different types of wallets.
All thanks to you though, I probably wouldn't have understood all that.
But I rather prefer wallets like Exodus that supports most of the cryptos.
As for Edge, i really don't think they have a flexible wallet when it comes to password recovery.
I'm still getting to understand it's proper function though.
EDge is pretty good for a "spending money" wallet, where you only put a week or month's worth of cash in there at one time, not your life savings..
Hmmn
Okay I get it,lol
R U going to help me pick out the JET FLEET GF?!
Thank you for a useful post, it was interesting to read about this classification and get understanding of all the types.
hello gina!
Thanks for dropping by
WOw what a coincidence i read some things about wallet few hours ago.Thanks for shedding more light @surfyogi
Hi Naomi
Are you the curious type, like me? ;-)
Very curios sir, i always want to know things am really sorry for replying this late sir. I have been very busy
Great analysis and I gain knowledge from this post..
Keep up my friend and carry on your actions..
Actually this time steem price very low but recently increase this crypto.
Thanks for sharing this post...
Thank you very much for sharing this valuable information. I will evaluate each post for you personally, following you, thank you so much for sharing the valuable information about Blockchain.
I would like to thank you for sharing this valuable information among us. This is a very valuable blog blockchain's story. So, if you share updated information every day, we benefit a lot, I follow you, I am a great person.
You actually look great in all the photos, that its quite confusing to choose just one. But I will go for the first photo!...
Great analysis of the different types of wallet, with the advancement of blockchain technology a lot of new branded types of wallet has been introduce into the ecosystem
A special post from a special leader. @surfyogi, you are nothing but the best
It is interesting and wide Wallet's theme for me in particular at this time that started to generate PRE (Presearch) as you mention must be tested. Regards!
Very interesting great analysis without a doubt a great contribution for us friend that you share great work greetings
Thanks for a comprehensive list of wallet types. I didn't know there was a dedicated wallet app for Steem.
enjoying yor travelling moment.
best of luck @surfyogi
Thanks a lot for sharing sir,this will really help us,great knowledge and once again thank you so much @surfyogi
Thanks you so much @surfyogi as the way you have explained about blockchain history is really amazing.
Never thought we have these many wallets,thank you so much sir for explaining in detail.
wow really there are lot of types types sir when it comes to these wallets,i am so glad i got great description about them,imformative post sir,thanks a lot for your support sir.
No one can explain better than you sir,great to know all the technical terms from you.
Great post sir,love the way that you introduced about wallet history,nice information,thanks for sharing.
Really great work from you sir,this will really help the crypto noobs who are trying to keep their hands on this sector.
Wooh lot of history about cytocurrency this is getting just knowing many things from this thanks so much @surfyogi for this infor God bles s you sir
Great details you shared really incredible to know about it time to use all of these that's the beauty of the blockchain
wow
ThaNks for sharing this, I bet it, you don't know how helpful it was to me. More knowledge @surfyogi
I would like to know about the EDGE wallet, to operarate it and know how it wok.