Digital Wallet for Crypto: Everything You Need to Know

A digital wallet for crypto lets you store and use your cryptocurrency in exchanges, online, or via an app on your smartphone. But how do you set up your crypto digital wallet, and which one should you choose?

What is a digital wallet for crypto?

A digital wallet is a software/application program that securely stores your cryptocurrency assets. They don’t hold the currencies but rather give you the tools to access and manage your digital assets in one place. Digital wallets can also be used to send, convert, and receive cryptocurrency from other users. Each cryptocurrency has its digital wallet and can store that virtual currency, though some wallets support more than one currency.

Diﬀerent digital wallets allow diﬀerent types of access to your private keys – hot digital wallets keep custody of your keys but make it easier to send, receive, and use your crypto. Cold wallets (hardware wallets) give you complete control over your private keys – so you’re always in direct control of your digital assets.

What is a Digital Wallet: Your Comprehensive Guide

How does a digital wallet for crypto work?

A crypto digital wallet has private keys that allow you to sign transactions on the blockchain.

These private keys are vital since they help secure your crypto coins safely against hacking or theft. They also allow you to check their balance execute transactions and other services in your wallet. Additionally, the private keys provide an extra layer of security to your digital wallet.

Your digital wallet also comes with public keys, which is the wallet address you share with others so they can transfer crypto to your wallet. Unlike banks, there is no limit on how much cryptocurrency you can store in a digital wallet. If the value of a certain cryptocurrency unexpectedly rises, this might result in some significant gains.

Types of digital wallets

Software wallets come in various forms, including:

Desktop wallets for crypto: These are two forms – “thick” and “thin.” Thick digital wallets allow users to download the entire blockchain on their desktops. They typically require lots of storage space on a reasonably powerful PC. Through third-party services, a thin wallet provides blockchain functionality. The thin wallet approach is much simpler to use.
Mobile wallets for crypto: These are conveniently available for use on your smartphones or tablets – an excellent option for hodlers who want to transact securely on a regular basis.
Web wallets for crypto: Web wallets like MetaMask allow you to send and store cryptocurrency via a web browser. The major advantage of web wallets is that they can be accessed anywhere and from any device.

Best digital wallets for crypto 2022

There are plenty of digital wallets for crypto to choose from. The decision really comes down to your needs, level of security, and what kind of device you’re using.

Following are some of the best digital wallets for cryptocurrency:

1. Coinbase Wallet

Coinbase is one of the most popular digital wallets for cryptocurrency, and it is very secure. You can also use it to buy and sell bitcoin, Ethereum, Litecoin, and other cryptocurrencies. It is free to use, and the website is user-friendly.

2. Exodus Wallet

One of the safest wallets out there, Exodus is free to use and oﬀers incredible features like Shapeshift integration and custom trading fee options. It has a “beautiful live chart” feature available on Windows, Mac, and Linux. In addition, Exodus is distinct in encrypting your private keys and transaction data locally for your eyes only.

3. MetaMask

MetaMask Wallet is a digital wallet that stores Ethereum-based tokens. It’s one of the most popular digital wallets for Ethereum, and it’s very secure. You can function on any computer as a browser extension or download it on your mobile device. Upon the installation of MetaMask, you will receive an address, which you can use to access your wallet. The new wallet created provides you with a seed phrase for added security. Ensure you store your seed phrase in a safe place.

4. Trezor Wallet

A good choice for those who want proper security, the Trezor wallet allows you to store your private key oﬄine. It has a small OLED screen and two buttons so you can check transactions on the device itself. Trezor has the most robust security features and a solid track record of any hardware digital wallet.

5. Trust Wallet

Trust Wallet is another excellent option for storing your cryptocurrency oﬄine. It’s straightforward to use and has many features, including support for the most popular cryptocurrencies and altcoins. It’s available on Android and iOS so that you can access your funds from anywhere.

6. Bitgo wallet

Bitgo Wallet is an excellent choice for those who want to store their cryptocurrency in a safe and secure place. It oﬀers two-factor authentication, multi-sig security, and HD wallet services. Plus, it has a very user-friendly interface.

7. Cloudﬂare

The first of its kind, Cloudﬂare oﬀers digital currency wallets backed by Cloudﬂare’s global network, providing extra security for your cryptocurrency assets.

8. MyEtherWallet

This is a digital wallet and a tool that allows users to generate new wallets and manage their private keys. This makes it an excellent option for those just getting into crypto. It’s also user-friendly, making it simple to send and receive digital currency.

Should I get a crypto wallet or use an exchange?

If you plan to buy or sell cryptocurrencies, you don’t need to keep your crypto in a cold wallet or get a hot wallet. Many crypto exchanges allow you to save your coins in an exchange wallet. Customers can even trade cryptocurrency within their existing accounts with some services, such as Robinhood and PayPal.

However, considering the security dangers associated with exchanges, relying only on this solution is not recommended. Make it a habit to move your crypto into your personal wallet after each trade.

Crypto Wallet vs Exchange: Which is Better for You?

Are crypto digital wallets safe?

Crypto digital wallets use advanced encryption to ensure that your funds are secure. And because digital wallets sit within your passcode-protected device, with payments often only possible via a PIN or two-factor authentication, they’re quite secure. However, hot digital wallets are vulnerable to hacking since they keep your private keys online. As such, only physical hardware wallet can oﬀer the best protection for your digital assets.

Send and receive crypto in your Zurich Wallet

Zurich makes it very easy to send, convert and receive cryptocurrency in your anjotrade digital wallet. Unlike the traditional banking system that only wants to make money from you, Zurich aims to make money for you. There are many ways to earn money with Zurich:

Earn Zurich Gold by inviting your friends to join Zurich
Stake Zurich Gold and receive yield rewards every day, month, and year
Receive gift cards from friends and family on Zurich
Play games on Zurich to earn coins that you can then convert for ETH, BTC, or fiat

When you sign up to Zurich, you’ll instantly receive your own secure Zurich wallet right on your account. Your Zurich wallet oﬀers the easiest and most convenient way to access your crypto with the Zurich ecosystem.

Here’s an easy guide on how to create your zurich wallet.

Access Zurich via the Webapp. Follow the simple steps to complete the signup and access your Zurich wallet. When you create an account, your Zurich wallet is automatically created.
To see if it’s working, transfer some amount of crypto to your wallet. Tap on the menu button on your personal user dashboard to summon the menu, and click on Deposit
Select the cryptocurrency that you’d like to deposit from the drop-down menu after entering the desired amount.
Once you’ve selected the crypto you are depositing, let’s say USDT, copy the Deposit Address to your clipboard and confirm. Congratulations, you’ve just transferred crypto to your Zurich wallet.