First, before you get to the point of choosing a cryptocurrency wallet, you need to know what it is. Rosic (2017) defines a crypto wallet as a “software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance.” If you want to acquire and use any crypto like Ubricoin, your doorway is the wallet.
There are different types of wallets that present different features appealing to a user’s preference. They can be broken down to three categories being, software, hardware and paper. Software wallets have subcategories, which are desktop, mobile or online wallets.
Essentially, you download the wallet and install it in your desktop. Then you can use it to carry out a transaction.
This app runs on your phone. You can get most of the apps on the Playstore and download them.
Online wallets run on the cloud and are accessible from any computing device in any location as long as there is availability of an internet connection.
A hardware wallet is different from a software wallet in that they are in physical form like a USB device. Although transactions occur online, they are stored offline and therefore provide additional protection from hackers and malware.
Paper wallets are easy to use and provide a high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that securely generates a pair of keys, which are printed. If, you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet by either entering your private keys manually or by scanning a QR code on the paper wallet.
Due to the nature of our ERC20 token, we highly recommend the use of a software wallet, especially a mobile wallet because they are easily accessible and usable. To conduct Ubricoin transactions, you need to have an, ERC20 compatible wallet. You may refer to an earlier article on the best ERC20 wallets out there. Now go out there and enrich yourself.
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Rosic, A. (2017). Cryptocurrency wallet guide: A step-by-step tutorial. Retrieved d=from https://blockgeeks.com/guides/cryptocurrency-wallet-guide/