Altcoins is one of the famous cryptocurrency. It is similar to the bitcoin and also works on the same principle. Altcoins is a renowned digital cryptocurrency in the world. The same fundamental structure is used in altcoin which is used in bitcoin. Altcoins is an open-source and free platform.
After purchasing the altcoins digital cryptocurrency the first question strike in the mind is where to store altcoins?? Then don’t worry, for storing the altcoins there are different types of wallets available in the market for different types of requirements. Mainly, the wallets are categorized into two parts such as HOT and COLD wallets. The hot wallets are connected to the internet for making the transaction and the cold wallets are not connected to the internet. In short, the hot wallets are the online wallets and the cold wallets are the offline wallets. In the online wallet, the private address can be stored in any system like mobile, desktop device, etc. and offline wallets can be stored as a private key in the coded device or physical form.
Hardware wallet (Cold wallet)
The hardware wallet is the most secure and safe digital cryptocurrency storage wallet. The private key address is stored offline in the coded form. The hardware wallet is a coded device. It is connected to the computer for sign in for achieving the blockchain access. It is a completely offline process and the private key is secure and safe in the coded device.
Mobile Wallet (Hot wallet)
Mobile wallets are available on the smartphone in the form of the app (application). Using a mobile wallet is very simple and convenient. It is used for quick purchases and transactions. It is a hot wallet because it stores the private key address online.
Desktop Wallet (Hot wallet)
The desktop wallets are an application that is installed on the personal computer. It is also known as software wallets. All private key address are stored in the hard drive of the computer. It is a hot wallet and without the internet, no transactions can occur.
Paper Wallet (Cold wallet)
Currently, paper wallets are safe and secure to store the altcoins. It is an offline wallet. It comes in a cold wallet because there is no use of the internet for transactions. The private key address is stored offline.
Now you know where to store altcoins. I hope the above article solves all the problems for storing the altcoins. If you have any other queries then please mention the queries in the comment section.