Wallets

Cryptocurrencies have become increasingly lucrative, especially as investments. Individuals and companies turn to crypto and blockchain for various reasons, but taking care of digital coins and tokens is becoming increasingly difficult.  Mobile wallets have increased in demand recently, especially for people hoping to trade on the go. These wallets allow cryptocurrency owners to check in on their coins and tokens from time to time and trade from anywhere.  Some of the best crypto wallets for both Android and iOS devices…

Cryptocurrency exists as a natively digital entity that needs to be protected. We have crypto wallets and software programs to store your crypto assets' keys. Unfortunately, these software programs being dubbed "wallets," confuse new users. Crypto wallets don't store cryptocurrency the same way pocket wallets store currency. They only store your private and public keys that help with transactions. These keys are unique letters and numbers that allow you to send and receive cryptocurrency.  Whereas public keys are open to…

Cryptocurrencies were created to be used in a peer-to-peer transactions, according to the whitepaper of Satoshi Nakamoto. This led to several cryptocurrency wallets by famous companies like Multibit, Electrum, Blockchain.com, Trust, ImToken, Coinomi, etc. Together with all the rest, these wallets have played a significant role in making crypto transactions easier. On the other hand, care must be taken when downloading a mobile wallet, as many fake ones are out there to steal users' funds. On the other hand, cryptocurrency…

The annals of the crypto industry are flooded with numerous security breaches, which led to the loss of vast amounts of money. Mention a few cases of Mt. Gox, Coinrail, Cryptopia, etc., which have contributed to the slow mass adoption of cryptocurrencies. Storing private keys on online computers or interacting with websites are some routes through which hackers steal the funds of crypto users, hence the need to keep private keys offline or in a cold state. On the other…

A Multisignature wallet (or Multisig wallet) is one where you need control over multiple private keys to spend from that wallet. That is, each address in the wallet has numerous private keys behind it. The idea with multi-sig wallets is that multiple people can cooperatively control the funds in the wallet. Alternatively, the wallet can require approval from various devices owned by the same person, i.e., a form of second-factor authentication. According to bitcoin.com, “Multi-signatures can also be used for redundancy to…

Asymmetric Cryptography or Public/Private Key Cryptography is the backbone of the modern information society. They comprise two uniquely corresponding cryptographic keys (basically long random numbers) where the key pair are mathematically related. Whatever is encrypted with a Public Key may only be decrypted by its corresponding Private Key and vice versa. Public Key Cryptography can, therefore, achieve confidentiality. For asymmetric encryption to deliver confidentiality, integrity, and authenticity, users and systems need to be sure that a public key is authentic, belongs…

When thinking about investing in the crypto world, the first thing a rookie has to select carefully is a wallet. A crypto wallet is a software or hardware platform designed to hold the private key to your funds. Selection of a wallet is a task that involves consideration of different variables, including technology, security, speed, reliability, and efficiency.  There are two types of crypto wallets, custodial and non-custodial wallets. The former requires a third party to hold the account's private…

Cryptocurrencies are virtual assets meaning they do not exist in the real sense. However, coin holders can store and use their reserves using crypto wallets. A cryptocurrency wallet is a software program that securely holds public and private keys, allowing digital currency owners to view their balances and send and receive coins on a blockchain. In addition, users can view the wallet as their local bank that stores their funds and access them when needed. Therefore, if you are interested in…

As a beginner in crypto, you may wonder what public and private keys are and why you need them. Private and public keys are vital in cryptocurrency and blockchain to safeguard transactions. If you're seeking to enter crypto, you must understand private and public keys. Here's an in-depth look at each of them.  The Basic of Private and Public Key Private and public keys are elements of cryptography. Cryptography, also known as cryptology, is the study and practice of encrypting…