Taking the leap into the world of cryptocurrency isn’t as scary as you might think, especially with PumaPay’s crypto wallet app. During this How-To, we’ll take you through some of the common terminology surrounding crypto wallets so you can find your perfect match!
If you’re still wondering what exactly is a crypto wallet, your crypto wallet is similar to your traditional bank account. It’s basically just a way for you to securely hold your cryptocurrencies and send/receive crypto transactions all in one place.
The Different Crypto Wallets
Crypto wallets can be specified as ‘hot’ wallets or ‘cold’ wallets, the difference between the two depends on where the wallet is stored.
For example, hot wallets are stored online with the crypto stored available to be spent regularly. Whereas cold wallets are kept offline, funds can be received to this wallet but its purpose is not for everyday financing, just purely for storage.
There are three different types of crypto wallets (hot or cold) that are available: Software, Hardware and Paper. We’ll be taking a look at the most popular type of wallet, the software crypto wallet.
Software Crypto Wallets
Most of the software wallets available are ‘hot’ wallets with internet connectivity, however, depending on the features, these can range in characteristics from the types of cryptocurrencies they support to the platform they operate on. These software wallets are available for desktop, mobile or online.
- Desktop Wallets
- Stored on a computer
- Wallet accessible only by the desktop user
- Private key is only stored on the desktop
- Mobile Wallets
- Available through a smartphone app
- Easily accessible
- User is responsible for their private key
- Online Wallets
- Accessible from any device
- Private key stored by website owners
PumaPay’s crypto wallet is a type of mobile wallet, let’s take a look at a few more of its features…
PumaPay’s Comprehensive Mobile Wallet App
Through PumaPay’s Mobile Wallet app, you can easily store, exchange, send and receive your favorite cryptocurrencies. Including PMA, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Stellar (XLM), Ripple (XRP) and all other ERC20 tokens.
And with PumaPay’s user-friendly interface, you can use your crypto wallet to purchase products and services from the ever-growing number of PMA-supported businesses with ease!
If you’re new to PumaPay, be sure to check out our PumaPay Wallet tutorial to help you get set up in no time.
Discover something new!