1. Hardware wallets: A hardware wallet is a physical device designed to secure your cryptocurrency. It stores your private keys on a hardware device similar to a USB drive, making them completely offline and providing extra security.
2. Software wallets: A software wallet is a digital version of the physical wallet. This wallet stores your private keys in an app on your device instead of using a physical USB stick. These wallets are generally easier to use, but less secure.
3. Online (hosted) wallets: Online wallets are wallets that store your private keys online with a third-party provider. This means your funds are accessible from anywhere as long as you have an internet connection. However, this also makes them more vulnerable to being hacked.
4. Paper wallets: A paper wallet is a physical record of your public and private keys. They are printed out on a piece of paper, which you can then store in a secure place. This wallet type is one of the most secure, but it’s also the least convenient to use.
5. Mobile wallets: A mobile wallet is an app on your smartphone that stores your private keys. These wallets are easy to use and are great for making transactions on the go, but they are also vulnerable to being hacked if your phone is stolen or lost.