A cryptocurrency wallet is a tool that enables users to store, send, and receive digital assets, such as Bitcoin, Ethereum, and others. Instead of holding physical currency, crypto wallets manage the private keys that control access to your funds on the blockchain.
There are two general categories of wallets:
Custodial Wallets
With custodial wallets, a third party—such as CoinZoom—manages your wallet's private keys. This allows for easier access and recovery, and is ideal for users who prefer a more traditional, secure account experience. CoinZoom offers a custodial wallet through its website and mobile apps, allowing users to buy, sell, send, and receive supported cryptocurrencies.
Non-Custodial Wallets
These wallets give users full control of their private keys and funds. However, they also carry more personal responsibility for managing security and backups.
Common types of crypto wallets:
- Web wallets: Accessed through a browser. Convenient, but security depends on the provider. CoinZoom’s platform functions as a secure web wallet.
- Mobile wallets: Designed for smartphones. CoinZoom’s iOS and Android apps let you manage your crypto on the go.
- Desktop wallets: Installed on a computer. Users are responsible for backups and private key storage.
- Hardware wallets: Physical devices that store private keys offline. Highly secure, recommended for long-term storage.
- Paper wallets: Physical printouts of private/public keys. Risky if lost or damaged.
- CoinZoom also offers enhanced wallet features such as multisig vaults for added security.
Important:
Always verify that you are sending or receiving cryptocurrency using the correct wallet address for the specific asset. Funds sent to the wrong type of wallet address may be lost.