Soft wallets are commonly utilized in the form of apps on mobile phones and desktops and can also be accessed through browsers. Internet connection is required as soft wallets use cloud or server storage. The data can also be stored on your hard drive making it easy to do fast and small trades.
Types of Software Wallets.
- Desktop: When you use a desktop, you can download and install a software wallet on your PC or laptop. They can only be accessed from the computer on which you have downloaded the software to.
The con with this is that if your computer is hacked or gets a virus, you may lose all your funds.
2. Online: Having a wallet through a third party such as one that runs on a cloud service will make it more accessible for you from any computer and any location.
But this makes it vulnerable to hacking attacks and thefts.
3. Mobile: Having a wallet on your phone is of course very useful and easy to use, the app that you use on the phone can be used everywhere so you will have easy access to your funds and use the app to pay at certain retail stores that support payment through cryptocurrency.
The mobile apps are simpler than the desktop wallets because of the limited space on mobiles phones.
Every software must have an update so that hackers don’t have an easy entrance to your software wallet, you should always update the software on your computer as well as on the mobile.
Adding an extra security layer such as a two-factor authenticator and additional pin code that requires it to be entered every time you want to use your wallet application.
Setting long and complex passwords and with uppercase and lowercase letters, numbers and signs are a good combination to securing your funds.
Image: mohamed Hassan
*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.