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2021-11-16 09:16:17
WHAT IS A CRYPTO WALLET?

I. What is a Crypto Wallet?

A crypto wallet allows you to store, send and receive cryptocurrency. It is essentially a digital bank account for your cryptocurrency. If you purchase any quantity of cryptocurrency and want to store it yourself, you must select between utilizing a hot wallet, a cold wallet, or an exchange wallet

 

II. What is an exchange wallet?

An exchange Wallet is a wallet that is commonly used by people. It is a wallet created on exchanges and users do not directly hold the private key. Therefore, there will be some risks such as a scam floor, or a sudden collapse of the floor due to an attack, so users cannot withdraw money.

So why do so many people use exchange wallets? It is due to the convenience of exchanging wallets. Retail investors often buy cryptocurrencies by depositing Stablecoins on the exchange and buying the coins they want. They will then leave the property on it so they can sell it faster. Or if users do not intend to buy too many coins, the fees for withdrawing assets to hot or cold wallets sometimes become unreasonable compared to the asset value.

 

III. What is a cold wallet?

A cold wallet, otherwise known as a hardware wallet or cold storage, is a physical device that keeps your cryptocurrency completely offline. Many look like USB drives.  Taking your holding offline protects them from hackers and online threats, but it also puts them at risk of being lost. There is no backup to this form of storage; if you lose your wallet, you lose access to your investments. Cold wallets can also be expensive, costing up to $200.

What are the best cold wallets you should use?

 

IV. What is a hot wallet?

A hot wallet is a form of digital storage that you can access on your computer or phone. It’s faster and makes it easier to trade or spend crypto than their counterparts – cold wallets.  The hot wallet is connected to the internet and could be vulnerable to online attacks which could lead to stolen funds.

Hot wallets make it simple to transfer crypto-assets to exchange to execute more transactions or cash out your holdings, and they're safer than storing your coins in your exchange account.

Almost all hot wallet is free to download and free to use.

What are the best hot wallets you should use?

 

V. What is Neko wallet?

Neko Wallet is a hot wallet that supports both cryptocurrencies and Non-fungible Tokens (NFTs).  Neko Wallet is pre-loaded with more than 6000+ token addresses so that users don't have to manually import them. With Neko wallet Connect and in-app browser, users can connect their wallets with their favorite dApps right on their mobile phone. Neko Wallet allows users to experience DeFi service across multiples platforms. 

For more information about Neko Wallet:  

How to create and use Neko Wallet?

How to create a watchlist on Neko Wallet?

 

If there are any questions, please feel free to join our community for further discussions about Crypto/Neko Wallet with our admins and other members!