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There exists various types of cryptocurrency wallets to permit users store and access their digital currencies in various ways. The question that’s relevant in this context is what lengths are these wallets secure. Before taking on
Ellipal wallet review , it really is helpful to understand the various types or varieties of cryptocurrency wallets which exist today.

Cryptocurrency wallet: Types and varieties

These wallets can broadly be classified in 3 categories:

Software wallets

Hardware wallets and

Paper wallets

Cryptocurrency software wallets can again be sub-divided into desktop, online and mobile wallets.

Desktop software wallets: These wallets are designed to be downloaded and installed on desktop PCs and laptops. This particular variety offers the highest degree of security though their accessibility is bound only to the computer in which they are installed. Moreover, in case, if the computer gets hacked or is virus-infected, there is a possibility that one can lose all his / her money.

Online software wallets: This selection of cryptocurrency wallets run on the Cloud. Thus, they are able to easily be accessed from any computing device and from any geographical location. Apart from accessibility convenience, this sort of digital wallets store the private keys online. The keys are even controlled by third-parties; this makes them easily vulnerable to hacking and theft.

Mobile software wallets: Unlike both other varieties, mobile software wallets run on smartphones through an app. These can easily be utilized everywhere, including shops and malls. This range of the wallets is usually much simpler and smaller compared to the normal desktop ones to support with the limited space on mobile handsets.

Difference between hardware and software wallets

Hardware digital wallets vary from the program ones on the facet of storing a user’s private keys. The hardware wallets store an individual keys in a hardware device (for example, the USB). Thus, because the keys are stored offline, these wallets offer an added security. Moreover, hardware wallets are easily appropriate for many online interfaces and may also handle different currencies. This variety of cryptocurrency wallets is also easy to make transactions with. As a user, you just need to plug in these devices to any computer, which is connected to the web before entering a PIN, transfer the currency and just confirm the transaction. Your digital currency is kept offline by the hardware wallets and thus, the risk factor or security concern is also much lesser.

Paper digital wallets: This selection of digital wallets is also user-friendly and ensures a high-level of security. The word "paper wallet" just refers to the hardcopy printout of a user’s both public and private keys. However, taking into consideration the instances, it can also make reference to a software application designed to generate the keys securely before printing.