At the moment there are a huge number of different variants of bitcoin carriers. Therefore, in the Internet space constantly appear more and more secure wallets, which are called cryptocurrency wallets.

The main feature of e-currency – the funds belong exclusively to their owner. A person can spend his virtual money on anything and at any time. Non-cash money can be quickly transferred to any part of the world, while at work, at home, on a visit or on public transport. To read about the 6 cryptocurrency exchanges registered with BSP.

General information about cryptocurrency wallets

A cryptocurrency wallet is the equivalent of a traditional money bag. Only in this case, financial resources consist not of paper, but of computer code, and are not in traditional, but in virtual storage.

A particular account can only be accessed by the user who has the key to it. Without a private code to spend money, the user will not succeed. That is why the private key should always remain the most sensitive information.

There are five types of cryptocurrency wallets with which users can manage their funds. The location of your private key directly depends on the type of storage. For example: 

  • if you use an electronic program, the key will be “hidden” in the depths of the World Wide Web. 
  • with the help of a material carrier, personal data will be stored away from unauthorized access and electronic programs.

Use of flash-like wallet (hardware wallet)

A hardware wallet is considered one of the most reliable options for storing digital money. Such a device is small in size, looks like a regular USB flash drive, so it is very convenient to use. To use the services of such a device, you need to connect the device to a computer, tablet or even a phone.

The main advantage of the device is a high degree of key security. You can be sure that your private information is safe, even by connecting the device to a computer where there is access to the Internet or on which spyware malware is installed. The key is in a well-protected environment, remote from aggressive Internet phenomena. Even if the attackers succeed in taking possession of the device itself, the money stored inside will remain inaccessible to thieves. The device is protected by your own PIN.

Unfortunately, the device has a significant drawback – it is easy to lose. How many flash drives, phones, mp3 players lost by scattered people? A crypto wallet can have the same fate. In case of loss, damage or theft of the device, the owner must initialize the storage and get a special code to restore access to their own assets.

Such a device is easy to use, it can be configured by almost anyone with basic skills of working with modern gadgets. As can be seen from the above information, the hardware wallet has very few vulnerabilities.