What is wallet address?
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Your wallet address is a one-of-a-kind string of numbers and letters (also known as a public key) that individuals can use to give you cryptocurrency and that is used to validate transactions on the blockchain. It can also be compared to the crypto equivalent of your bank account’s IBAN or SWIFT CODE in that it is simply used as an identifying number.
Although wallet addresses do not expire, some providers produce many addresses for the same wallet. This implies that even if the address has changed, the funds should still be in your wallet. You should be able to retrieve a list of your past addresses from within your wallet, but if you are unsure, contact your wallet provider.
Types of Wallet Address
Several wallets support different cryptocurrencies, however some wallets permit you to store multiple currencies (if you’re buying a lot of coins, you’ll need multiple wallets, depending on your source). That said, here are the different types of cryptocurrencies available:
Hot wallets is used to keep your crypto on your computer or online and allow you to access it quickly (depending on the provider). They’re ideal for storing little quantities of bitcoin that will be utilized regularly, such as for daily trading or online purchases.
Hot wallets are classified as follows:
Online wallets: These cloud-based wallets may be accessed from any device with an internet connection and are stored by a third party, making them the least secure. Some online wallet providers, such as Coinbase, offer insurance for your assets, but it’s important to check with them to see whether they do.
Mobile wallets: Mobile wallets are also based on a third party, but they live on your device as an app. These can be used to pay at real stores as well, but the risk is that your funds may be lost if your phone fails or is hacked.
Desktop Wallet: Desktop wallets are placed directly on your computer and can only be accessed from the device to which they were downloaded. If the device is hacked, infected, or damaged, the funds in desktop wallets are at risk.
Cold wallets exist only on paper or on a USB-like device. They’re most commonly utilized to store greater quantities of cryptocurrencies for investing or HODLing.
Cold wallets are classified as follows:
Hardware wallet: Hardware wallets are tangible devices that look like USB sticks and store your wallet keys or code.
Paper wallet: A wallet made of paper featuring a QR code, wallet address, and key. Because the transaction and your wallet history are stored on the Blockchain, receiving funds to your paper wallet is no different than receiving funds to other types of wallets. Here’s a short and simple video explanation from one of our affiliates on how to withdraw or transfer coins from a paper wallet.