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Wallets

Wallets are an essential within trading with cryptocurrency. Without a wallet you will not be able to trade cyrpto. This wallet contains various things, specific keys and codes which are essential for interacting with the blockchain which allow you to recieve and send your currency, and it contains the information about how much of the currency you are in control of. 

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Do I need a wallet, or is it just usefull?

Yes, a wallet really is needed for trading cryptocurrencies. Without the wallet there is no interaction with the blockchain, meaning you are not able to send or recieve currency. 

Hot vs Cold Wallets

Within the thousands of choice which website or possible company you would want to use as you wallet, there are also two main different types of wallets, hot and cold.

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Hot wallets are online wallets. These wallets are usually free, and have the great benefit of being able to hold any type of cryptocurrency, with no limits. A larger disadvantage is the security of a online wallet is much smaller as a cold wallet. 

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Cold wallets are created devices, specifically and only for the use of storing cryptocurreny. Having the main benefit of being very safe, and accessable from anywhere you wish, cold wallets also contain many disadvantages. Usually cold wallets are expensive in cost, and have a very limited amount of cryptocurrencies which can be held within it. 

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Making the choice between a hot or cold wallet is complicated, yet very important to choose correctly. 

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