- A Public key is the secured digital code directly connected to the cryptocurrency wallet balance.
- Whereas a private key verifies the account owner.
- Also, it allows you to monitor, send, receive, and store the cryptocurrencies without the use of intermediate.
After the huge success of the first digital currency, many investors started to invest their money in cryptocurrencies. Also, they started to invest in popular altcoins. Startups, entrepreneurs, and investors used superior white label cryptocurrency exchange software. By using this source code you can start your own bitcoin exchange trading platform. After starting your exchange platform you need a crypto wallet.
In this blog, let us see about the cryptocurrency wallet. Also, the types and benefits of using a bitcoin wallet on the exchange platform.
What is a Cryptocurrency wallet?
Crypto wallet is a software program that stores and receives any type of cryptocurrency. It is also used to transfer cryptocurrencies from one wallet address to another address. If you have an exchange platform or exchange account, then definitely you should have a bitcoin wallet. Without a crypto wallet, you can not store and receive any currencies including fiat currencies.
Bitcoin wallet monitors your balance and records your transaction. You have private keys for security. Whenever you transfer cryptocurrency from your wallet, you should enter the private keys. So you should not share your wallet private keys with others. They act like online banking platforms.
It is mostly used for the secured crypto transaction. When you transfer cryptocurrency to other exchanges, it just needs a password verification to access your wallet balance. It has both the public key and private key. The Public key is encrypted with the public address which acts as an account number.
A Public key is the secured digital code directly connected to the cryptocurrency wallet balance. Whereas a private key verifies the account owner. Also, it allows you to monitor, send, receive, and store the cryptocurrencies without the use of intermediate.
If you already have an exchange account, then you can adapt cryptocurrency wallet software to integrate the bitcoin wallet in your exchange platform. There are two types of storage in the crypto wallet they are
- Hot wallet
- Cold wallet
Here hot wallet is online storage. You can access and monitor your balance only through the internet. It is one of the prominent bitcoin wallets used in all white label cryptocurrency exchanges. It acts as a tool to store, send, and receive cryptocurrencies. They are linked with the private keys and public keys for secured transactions.
Hot wallets can be hacked sometimes. Because you can access this wallet only through the internet. So more possibility of scams and hacking. You can hold cryptocurrency in the hold wallets and transactions can be done through the internet. So it’s a major advantage of using hot wallets in the white label crypto exchange.
The cold wallet is offline storage where you can access your cryptocurrency without the internet. Also, you can monitor your wallet balance without the internet. It holds the cryptocurrency and tokens offline. All the cryptocurrencies are digital in the exchange platform.
Cold wallets are more secure than the other wallets. Due to offline access, there is no possibility of thefts and hacking. So many startups, entrepreneurs, businessmen, and investors used superior cryptocurrency wallet software to develop the cold wallet. Without a cryptocurrency wallet development, you can not launch your own wallet. The Cold wallet is most prominently used in all over the exchanges.
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Types of Cryptocurrency wallets:
In the crypto world, the bitcoin wallet is categorized into five types. They are
- Mobile wallet
- Web wallet
- Paper wallet
- Desktop wallet
- Hardware wallet
A Mobile wallet is a wallet application on the mobile. It stores the payment card information on your mobile. It allows the users to perform peer to peer transactions. It is available for android and IOS mobiles. You can use cryptocurrency wallet software to launch bitcoin wallets instantly on your mobile.
Paper wallet refers to the offline storage of cryptocurrencies. They operate differently from the internet. It is a printed sheet of paper that has private key and QR code information of cryptocurrency transactions. They are removed from the internet so it will be more secure in offline storage. Paper wallets are mostly used by investors for security potential benefits.
It is also known as ledger hardware wallets. It is a multi-currency wallet that stores the cryptos offline. For now, there are two types of hardware wallets such as ledger nano s and ledger blue. These two wallets support a wide range of cryptocurrencies in the white label crypto exchange.
Benefits of using the cryptocurrency wallet:
- Transactions are quick, cheap and secure.
- Private keys and public keys are used for secure transactions.
- Easy to access in white label crypto exchange
- A Bitcoin wallet is a cutting-edge technology used all over the globe in the exchange platform.
- Simple and easy to integrate into your cryptocurrency exchange platform.
- You can access and monitor your balance using the crypto website wallet and crypto application wallet.
- Using the cold wallet is more secure to store your cryptocurrencies.
- There is no limit on storing tokens and cryptocurrencies.
- You can avoid scams, hacking and fraudulent activities by using the premium cryptocurrency wallet software.
- Decentralized altcoins and bitcoins can be stored securely in the exchange trading platform.
- Your crypto wallet transaction and balance can not be seen by the government.
- There will be no third party intermediate during the transaction.
Best Cryptocurrency wallets:
Some of the finest bitcoin wallets that you can use in 2020 by the cryptocurrency wallet development. They are
- Coinbase wallet
- Exodus wallet
- Copay wallet
- BRD wallet
- Jaxx liberty wallet
- Keepkey wallet
- Trezor wallet
- Electrum wallet
- Guarda wallet
- Free wallet
- Ledger Nano s wallet
- Infinito wallet
- Nexo wallet
- Bitcoin wallet
- Blockchain.info wallet
- Green coin wallet
- Robinhood wallet
- Airbitz wallet
- Hive wallet
- Schildbach wallet
The Crypto wallet is a more important module in exchange trading platforms. Every user should have a bitcoin wallet to store and receive tokens and cryptocurrencies. If you are a person looking to integrate a wallet in your exchange platform. Then by using the secured premium cryptocurrency wallet software, you can launch instantly.
Else, choose the best cryptocurrency wallet development company which offers a secured wallet for your trading platform.