Virtual Wallets Flashcards
How Does a Cryptocurrency Wallet Work?
Software used to view and use cryptocurrency
Why are there different Types of Wallets?
Different storage mediums, online and offline
What is a full-node wallet?
A wallet available for every coin where you control your private keys and host a full copy of the blockchain. =
What is a custodial wallet?
A third party holds the private key for you (in an app)
What is a desktop wallet?
An app that connects directly to a coin’s client.
What is mobile wallet?
A wallet on a smartphone app.
What is an online wallet?
A web-based wallet.
What is a software wallet?
A software-based wallet
What is a hardware wallet?
Hardware built to securely hold crypto-currency. These devices make transactions and get data online
What is a paper wallet?
Print a QR code for a public and private key.
What is a coin-specific wallet?
Only works with a specific network.
What is a network-specific wallet?
Hold multiple tokens on a single network.
What is a universal wallet?
A wallet that holds addresses from multiple coins
What are crypto-currency public addresses?
Cryptocurrency-specific account numbers, used to receive a specific type of cryptocurrency
How do you prove you are the owner of crypto-currency public addresses?
A private key is a secret code associated with a public address used for non-custodial wallets
