An online cryptocurrency wallet can be defined as an account on a special service that takes responsibility for the storage and use of users’ private keys. That’s the most convenient storage method. It provides quick access, but reliability isn’t so good.
It’s very easy to open a crypto wallet on such services. The process has much in common with a regular registration on any website. In fact, upon registration on any cryptocurrency exchange users are provided with hot wallets to store assets.
To use an online wallet, you only need to remember your username and password. Using an Ethereum Classic web wallet, you can log in from any device and get instant access to your savings and transactions.
That’s an easy and convenient way to store digital coins. However, it’s not recommended to use it for large amounts. First, you shouldn’t do it because Internet services are vulnerable to hackers as well as DDOS attacks. In addition, the user often doesn’t appear to be the owner of the private key. Therefore, he can’t be considered a full-fledged owner of the savings stored there.
As for tried and tested online wallets, one can mention:
- Coinbase: It’s a secure, tried and tested multi-currency online wallet;
- Blockchain: It’s a crypto wallet with a minimum commission that the user sets independently as he wishes.
Mobile crypto wallet
With the increasing popularity of smartphones, mobile wallets, special applications that enable you to store digital coins and carry out cryptocurrency transactions directly from mobile devices, are in great demand.
To open such a crypto wallet on a smartphone, you need to install a special application and register with it. Using mobile versions of wallets has almost the same pros and cons as online ones. However, some applications provide their users with private keys. It’s also worth noting that in case of loss of a mobile device, the owner also risks losing his savings, especially if two-step authentication has not been employed in the mobile crypto wallet.
Popular mobile applications:
- Jaxx: That’s a mobile version of the popular local wallet;
- Coinomi: It’s a mobile crypto wallet, which supports over 100 types of currencies;
- Blockchain: That’s one of the most popular online wallets with a good reputation.