We are in the age where digitalization is expanding day by day. Because of the fast revolution of the digital world, we have a new source of investment called cryptocurrency. As we all know about that cryptocurrency is a blockchain program. We can change the ownership of the blockchain. To do this, we got Wallets. There is no difference between Wallets and Wave Wallets. Waves wallet are the dedicated wallet to own Waves. So, if you want to own a Waves token, you should have a Waves wallet and connected to Waves platform login.
So now we know that there is practically no difference in the working of a dedicated wallet and a standard wallet. Suppose you want to invest in Waves you have to login in Waves platform login through a wallet. Wallets work on the concept of key. Wallets store both keys of your currency. When you buy a cryptocurrency, you are provided with two keys, and that is a public key and a private key. When someone wants to transfer you the currency, they put your public key, and these keys are compared with another key, and when one matches it is the currency is credited in your account. To access your account, you have to enter your private key.
This system secures the currency as to send the currency there is another key, and to withdraw or access your account, you have to enter another key. This makes it difficult for hackers to crack your private key. And public keys are also secured by encryption.
There are majorly three types of wallet to secure your both keys: –
- Application Wallet: – Application Wallets can be used on any platform. Wallets are provided you to in numerous options like Windows, macOS and mobile as well such as Android, iOS. You can access the wallet through your browser as well. They provide flexibility to invest. You can access your wallet anywhere in the world with a device having internet. But they are not a secured option as they are available to hackers all the time. So, you have to choose wisely between flexibility and security.
- Hardware Wallet: – Hardware Wallets are the physical hardware which stores your keys. So, when you want to transact the cryptocurrency, you have to plug in the hardware in the device, and you can access the wallets. This is the most secured option you can get by the online transaction.
- Paper Wallet: – Paper wallet is the physical print of the keys. A software generates both keys, and you have to print on a paper physically. This option is not under the eyes of hackers, so it is not a secured option.
A wallet is nothing but a program which manages the cryptocurrency. We cannot invest in cryptocurrency without owning a wallet. A wallet is the most crucial element to invest in any currency. Wallets are platform compatible with every device. So, you do not have to buy any additional equipment. You have to login in your Waves login platform through the wallet and start investing.