Storing cryptocurrencies is an intricate thing, in this educational guide we have tried to break it down for you.

How does digital wallets store cryptocurrency?

Crypto wallets do not store your cryptocurrencies, it is quite the opposite. Digital coins always stay on the blockchain, they never leave their place on the blockchain. When someone says that he or she has sent or received cryptocurrency, it means that the address to the specific cryptocurrency on the blockchain has transferred to another owner, and this is the beauty of this system that whomsoever possesses the address of wallet (keys) (seed phrase) is the owner of pertaining cryptocurrency.

Wallets actually create your public address, which enables you to receive coins, and create a private address that enables you to send coins. Digital wallets also confidentially host and save your private address, and in this way facilitates the process of sending and receiving cryptocurrencies.

What are the stark categories of digital wallets?

There are two stark categories of wallets, hardware wallets(cold) and software wallets (hot) hardware wallets are tangible electronic devices and you have to pay for hardware wallets. Software wallets are free and come with easy access. With new mobile wallets like Orbitex, you can trade, save or even invest in cryptocurrencies just by clicking few times. We take the security of our customers above all. The new mobile wallet Orbitex uses the 2FA so that no harm could be done to your digital assets.

What is the difference between digital currency and cryptocurrency?

The stark difference between traditional currency and digital currency is that it is completely decentralized, meaning, no central entity or government can control it. For this reason, it is a well-said phrase that in cryptocurrencies you are the owner of your bank. Because as the sole owner of your digital assets you must take the ownership and as well as the responsibility and precautions for the security of your assets. That’s when you need the best mobile wallet Orbitex.

Why some people use exchanges to store their digital currencies?

Some people do not use any specific wallet for storing their cryptocurrencies, because the leading crypto exchanges allow the users to hold their cryptocurrencies in the exchange.

But the thing here is that this might work for novice crypto enthusiastic because exchanges are the biggest target of black hat hackers and caused the staggering loss of millions of dollars. Although exchanges are now going extra mole to make sure that no hacker can steal the digital assets of their trusted customers, there is a lot to be done to achieve the invincible level of protection. That is why any person who wants to make sure the safety and security of his digital assets, should choose a crypto wallet like a new mobile wallet Orbitex. It will make you in charge of your digital assets without any intermediaries.

Conclusion

You can download the new mobile wallet Orbitex on any device. You can send and receive digital currencies just like sending and receiving face-to-face goods by using QR codes and P2P technologies. Since most of us spend our screen time on mobiles devices, this is the most convenient way of doing digital transactions.

So, in a nutshell, the new mobile wallet Orbitex is designed to facilitate the users so that they can enjoy the transactions of cryptocurrencies without any difficulty. If you are new to cryptocurrency, it is highly recommended that you should use the new Orbitex Wallet and start your journey in the realm of cryptocurrencies with a new mobile wallet Orbitex.