Your wallet will have a unique address for each asset that is supported by it. Each address is an alphanumeric string that is completely different from all others. This means nobody else will receive assets that are meant for you. Unlike a fiat wallet, crypto wallets are more than a simple preference of style.
To properly assess the type of wallet you need, you will need to understand the fundamental differences between all types of wallets.
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Hot storageHot wallets are non-physical and always online. Because of this, they are less secure, but they can be fairly convenient if you need to;
Send or receive assets several times a day.
It may be difficult to hook up a USB, transcribe a key, or scan a QR code if you plan on making a number of transactions throughout the day. Digital assets that you plan on using can be stored on your hot wallet so you can use them at your convenience.
Utilize your assets on-the-go. In the modern era, everyone is on-the-go, and you may need to use your funds when you are away from home. In cases such as this, a mobile wallet may be best for you. The three types of hot wallets are;
• Desktop walletsare programs that live on your PC or laptop.
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Because a desktop wallet is only accessible from the device that the program was installed to, this wallet type is more secure than a web wallet. Your digital assets will only be put at risk if you fall victim to a virus or personal hack.
• Mobile walletsare usable via a mobile applications. This type of wallet is safer than a web wallet because the data is not stored via the cloud. However, it is considered less safe than using a desktop wallet due to the commonality of losing or breaking a phone.
• Web walletsare cloud-based, meaning you can access them on any device that you can connect to the internet.
While this makes them convenient, they are also less secure than other wallet options.
Cold storageCold wallets are the safest method of storage, as it is physical and it generally remains offline. Hardware wallets will use an online client so you can manage your digital assets with a user interface.
Cold storage is best if you want to;
Keep your digital assets secure. If you are concerned about your digital assets' security, you can keep them in a cold storage.
Separate your digital assets. If you would like to separate the assets you plan to use immediately and those you would like to store, you can choose to store some digital assets in a cold wallet and your ready-to-use assets in a hot wallet.
The two types of cold storage are;
• Hardware walletsare considerably more secure than desktop, mobile and web wallets.
Private keys are stored on a special device that can be linked to a computer via a USB port or to a mobile phone via Bluetooth.
While they are not free like most of the previously mentioned hot wallet options, hardware wallets are one of the safest options for anyone that wants to keep their digital assets both accessible and offline.
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• Paper walletsare another secure method, though they may not be the most convenient. A paper wallet is a physical representation of ownership that is on a paper.
Your public and private keys will be written on this paper as a QR code. You must scan this QR with a hot wallet to use your assets.
As you can see that different wallet types have different pros and cons. Also you should understand that the weakest part of the wallet security is users not the types or brands of the wallets.
If you take necessary actions like setting a strong password, backing up your wallet and keeping these sensitive data safe, even a hot wallet is pretty secure.
But if you don't care these measures, you can be hacked even if you use a cold wallet.
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Now that you understand the basics, you can pick out the wallet that works best for you. Please remember: No backup = No asset!Get your wallet