IBS Academy Free Education
By IBS ACADEMY
A crypto wallet is used to interact with a Blockchain network. The three major types of crypto wallets are hardware, software, and paper wallets.
A wallet is a combination of a public address and a private key. The wallets can be categorized based on the method and location of storage in the following segments. Crypto wallets can broadly be categorized into cold wallets and hot wallets:
In addition to hot and cold wallets, it’s essential to understand the difference between custodial and non-custodial wallets.
When you buy cryptocurrency, you receive a wallet, often referred to as a hot wallet. This wallet is online and connected to the internet. Think of it like your everyday bank account, where you can access your funds.