There are a lot of ways for you to store your bitcoin, zcash, or any kind of cryptocurrency. Not all of them are as secure and works as great as the other ones. There is a kind cryptocurrency storage, that is definitely and absolutely one of the most secure ones out there is a cryptocurrency locker or otherwise known as a cryptocurrency vault. A cryptocurrency locker or a cryptocurrency vault is pretty much just for storage. It acts a lot like a cryptocurrency wallet but is way more secure and a lot harder to get into not just by any person, but by you too.
If you’re looking for a very secure way to hide all of your cryptocurrency, then the right choice is definitely choosing cryptocurrency lockers. Even though a vault and a wallet are actually very similar, it is very different from each other. If you’re wondering about how these two things are different, then you’ve come to the right place since that’s exactly what we’re going to discuss if you’re wondering about this topic. So, what makes a cryptocurrency vault and a cryptocurrency wallet different?
But before that, we need to understand what a cryptocurrency wallet is all about actually to know the differences between the two. So, let’s talk about what a cryptocurrency wallet is first. A cryptocurrency wallet is pretty much just the same thing as a vault. It stores somebody’s cryptocurrency that they have stored over the years. The wallet is visible to everyone out there, but you do have to decrypt it to be able actually to access the wallet. There are actually a lot of kinds of cryptocurrency wallets. So, here they are.
- Paper Wallets
These wallets allow you to print your private and public keys using QR codes. You can download these codes on both plastic and paper.
- Online Wallets
These are the ones that run on the cloud, making it very convenient and accessible since you can open them up anytime and anywhere.
- Offline Wallets
Offline wallets make it so that hackers from the internet will find it to be impossible to access your private keys leading to them not getting entry into your account.
- Hardware Wallets
Hardware wallets are probably the most secure wallets out there, especially if you plan on keeping your coins in the long run.
- Desktop Wallets
These are pretty much just the wallets that you can download and install on your computer.
- Mobile Wallets
Mobile wallets are the same thing as desktop wallets, but instead of running on your computer, it’ll be installed on your mobile device.
When it comes to cryptocurrency wallets, there are also things such as cold storage and hot storage. What do these two things mean? Hot storage is the ones that are less secure and is also the one who is connected to the internet. This then leads to smaller expenses for the wallet provider. On the other side, we have cold storage. Cold storage is way more secure than hot storage and is the one who isn’t actually connected to the internet, leading to the wallet providers’ requirement of more expenses. But it also is worth it since your coins will be so much more secure compared to going for the hot storage cryptocurrency wallets out there.
Now that you know what a cryptocurrency locker and what a cryptocurrency wallet is, let’s head onto the list that will show you how these two things are different.
- Geographic Distribution
Most of the bitcoins out there aren’t in just one server. There are a ton of servers out there, and your bitcoins are in one of them. Your cryptocurrencies of any sort will be safe since it isn’t in just one server. Also, since it isn’t connected to the internet, nobody can access it, making it so much more secure compared to cryptocurrency wallets.
- Advance Security
When it comes to security, cryptocurrency lockers are the better choice compared to wallets. Lockers are so much more secure, and I’m pretty sure almost nobody would be able to get access to your account and get ahold of your coins. All of the purchases you make will be delayed for about 48 hours, and during those 48 hours, the cryptocurrency locker provider will then try to get ahold of you. And the purchase will finally be approved if the owner sends a voice confirmation that confirms that purchase. But if there is more than one owner of the locker, all of them will have to send their own voice messages to confirm the purchase. So, I’m pretty sure you can see how cryptocurrency lockers are really secure.
- More Features
Some vault providers also provide additional features that other providers may not have. And I’m pretty sure that wallets don’t really have any additional features. But it does seem like the vault features do often seem like they are premium features, so you might need to pay for the extra features that the provider will give to you.
So, when it comes to comparing the two of them, I’m sure you can see how much more secure a cryptocurrency locker is. But at the end of the day, it does depend on the company that provides you the wallet or the vault for you to store your coins. So, finding the right provider for you is just as important since you are going to trust them with the money you have. So, finding a trustworthy wallet or vault provider will come handy in the long run.
Hopefully, this article leads you to understand this topic more. And that you now know what a cryptocurrency locker or vault is and what a cryptocurrency wallet is as well. And that you know each of the differences of each wallet and what makes cryptocurrencies lockers secure. If you are looking for the right vault or wallet provider, you have to be secure since there are a lot of scams out there now, especially with the internet.