There exists numerous kinds of cryptocurrency wallets to allow users store and access their digital currencies in different ways. The question that is relevant in this context is what lengths are these wallets secure. Before taking up the security aspect, it is helpful to understand the many types or types of cryptocurrency wallets that exist today.

Cryptocurrency wallet: Types and varieties

These wallets can broadly be classified in 3 categories:

Software wallets
Hardware wallets and
Paper wallets
Cryptocurrency software wallets can again be sub-divided into desktop, online and mobile wallets.

Desktop software wallets: These wallets are designed to be downloaded and installed on desktop PCs and laptops. This specific variety offers the highest level of security though their accessibility is limited only to the computer where they are installed. Moreover, in case, if the computer gets hacked or is virus-infected, there's a possibility that one may lose all his or her money.
Online software wallets: This range of cryptocurrency wallets operate on the Cloud. Thus, they can easily be accessed from any computing device and from any geographical location. Apart from accessibility convenience, this type of digital wallets store the private keys online. Ellipal Titan supported coins are even controlled by third-parties; this makes them easily susceptible to hacking and theft.
Mobile software wallets: Unlike the two other varieties, mobile software wallets run on smartphones through an app. These can easily be utilized everywhere, including shops and malls. This selection of the wallets is usually much simpler and smaller when compared to normal desktop ones to support with the very limited space on mobile handsets.
Difference between hardware and software wallets

Hardware digital wallets change from the software ones on the aspect of storing a user's private keys. The hardware wallets store an individual keys in a hardware device (for instance, the USB). Thus, as the keys are stored offline, these wallets offer an extra security. Moreover, hardware wallets are often appropriate for many online interfaces and can also handle different currencies. This variety of cryptocurrency wallets is also easy to make transactions with. As a user, you merely need to plug in the device to any computer, that is connected to the net before entering a PIN, transfer the currency and just confirm the transaction. Your digital currency is kept offline by the hardware wallets and thus, the risk factor or security concern can be much lesser.

Paper digital wallets: This range of digital wallets can be user-friendly and ensures a high-level of security. The term "paper wallet" just refers to the hardcopy printout of a user's both public and private keys. However, considering the instances, it can also refer to a software application meant to generate the keys securely before printing.