Explore Wallets for Bitcoin with XcelPay.
Bitcoin cold wallet — a type of wallet that involves storing a private key outside the global network. Such storage is highly reliable and safe from tampering. The use of cold wallets is relevant in the presence of large amounts of cryptocurrency and the need to store them for a long period.
The peculiarity of cold storage is that a public key is used to receive money, and the private key is used for withdrawal. If the money from the wallet is transferred using the global network, the wallet is “lit up”, and the storage process itself changes the status to “hot”.
Mobile — wallets that allow transactions using a smartphone. It’s worth highlighting the Coinomi application, which also supports cold storage of cryptocurrency.
Hardware wallets are special devices with a small size and display. They are designed to store cryptocurrency and are made in the form of a separate device. The best representatives are Ledger Nano S, Trezor ONE White, KeepKey.
Paper wallets are a type of storage that involves listing a private key and an address on a piece of paper. Money is stored off the Internet, which ensures their safety and protection from hackers
To be brief, a wallet that is not connected to the Internet is a cold cryptocurrency wallet whether it is Bitcoin, Ethereum or Litecoin. The most common 3 types of cold wallets:
Paper wallet
Bitcoin wallet, like many other currencies, consists of 2 key components. Public and private key. Using the first you have the opportunity to receive money, because this is the address of your wallet on the blockchain. Using a private key, you send money to other participants in the system. So how, after all, to create a paper wallet of bitcoin, and what is it in principle?
These are printed on paper your two keys. For convenience and simplicity, it is better to use a QR code along with text. It is unlikely that you will want to manually enter 32 characters of your wallet each time, although some mnemonics techniques can simplify this task by several times. The main danger is the fragility of the paper. A wet or burned sheet becomes almost useless.
USB wallet
Storing keys can be simpler. USB devices are considered worth a few coins, from almost US $ 1. On a dedicated flash drive, you can store both files, and even make it multicurrency. The disadvantage of this option is considered to be the vulnerability of systems and viruses. Such a flash drive needs to be stored for only one purpose.
Hardware wallet
Today it is the safest way to store bitcoins and other cryptocurrency assets. Why is he so remarkable? Firstly, the device comes with preinstalled software and works like a USB device, which creates a new layer of security. Secondly, the capabilities of the hardware wallet are much richer, and multi-signature is quite an essential phenomenon. Thirdly, many cryptocurrency exchanges use a hardware wallet as a cold wallet.
At the moment, not many manufacturers offer such devices. And in their field, perhaps the most striking and marketing-oriented. This is Trezor and Ledger. Agree, they have quite affordable price for storing your bitcoins.
While you are choosing hardware Wallet, please make sure you already have our digital payment wallet — XcelPay Wallet, because it is an easy to use payment solution that provides security for your cryptos assets and your transactions. You can download the latest version of XcelPay Wallet 2.0.28 with new interactive UI and wallet recovery with ETH private key. Xcel Pay Wallet is a commercial POS, digital payment wallet and crypto payment gateway.
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