TYPES OF CRYPTOCURRENCY WALLETS, SECURITY .

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Good day to you all hardworking members of this community, it is your favorite blogger @awesononso. It has been a while but I'm here again to captivate you all with more cryptocurrency related topics, and I am very sure you will enjoy reading.

As you can see in the topic segment above this post is about types of cryptocurrency wallets and their securities.

TYPES OF CRYPTOCURRENCY WALLETS

Cryptocurrency as it offers diverse and multiple services also have and require diverse needs and thus therefore arises the different types of cryptocurrency wallets meant to serve these various needs.

HARDWARE WALLET: As the name implies hardware wallets are physical devices that we can see feel and touch, these devices are used store or save a cryptocurrency user or owner keys offline.

These devices or wallets offer additional and enhanced security and seeing as the keys are stored offline it is immune to hacking and unauthorized access through the Internet.

SOFTWARE WALLET: This is the opposite of hardware wallet also known as digital wallet and as the name implies you cannot touch it or feel it but you can see it.

It is an application that enable users to store their cryptocurrency, that is their digital assets. These software programs also allow users to send and receive cryptocurrency.

MULTISIGNATURE WALLETS: Just as the name implies these are types of wallets that requires multiple signatures or authorization from different or multiple authorized parties before the wallet can be accessed or before any transactions can be done or carried out.

These types of wallet with the way it works provides an extra layer of security making it impossible for any unauthorized person or any one authorized person to steal, defraud or carryout any illegal transactions.

SECURITY AND SECURITY MEASURES OF CRYPTOCURRENCY WALLETS

Our cryptocurrency keys and assets are very valuable to us and any means, place, device or wallet that we would use to save, store and safeguard these keys and assets must have done a lot to earn our trust and must have proven to have security and security measures that are impenetrable.

So let us examine together the security measures cryptocurrency wallets have.

VERY STRONG PASSWORDS: I could remember when I first created my steemit account, I thought I created strong passwords before but when I saw the steemit keys I was shocked and then I came to the conclusion that a strong password should both be impossible to hack and also impossible to memorize.

BACKUP AND RECOVERY: This is another security measure which the cryptocurrency wallets operates on.
Through backing up one can save his or her private keys offline. This allows for the possibility of users to regain and retrieve their funds and assets in the case of misplace or erasing of phone or system data.

TWO FACTOR AUTHENTICATION: This is a program that requires users to provide a secondary method of verification like a one time password (OTP) aside from their password or in addition to it.

This extra Level of security ensures that no one can remotely access or carry out any transactions without the device to which the OTP will be sent to.