Cryptocurrency wallet
Software that stores access keys
Used to exchange cryptocurrencies
Users can view balances
Types of cryptocurrency wallets
Hot wallets
Cold wallets
Hot wallets
Exists online
Mobile or desktop
Can be non-custodial or custodial
Suitable for active users (regular transactions)
Hot wallets: Pros
Highly accessible
Available on any internet-enabled device
Often free of cost
Hot wallets: Cons
Vulnerable to hacking
Technical issues
Cold wallets
Exists offline
Usually a hardware device or paper wallet
Suitable for long-term savings
Cold wallets: Pros
Extremely secure
No issues involving internet
Cold wallets: Cons
Not easily accessible
Expensive
Cryptocurrency wallet development
Build your own secure wallets