Types of Wallets

Internet Access: Hot & Cold Wallets

To ensure security, blockchain wallets come in different forms: hot wallets and cold wallets. Hot wallets, accessible through browser extensions or smartphone apps, are considered online and provide convenient access but are potentially more vulnerable to hacking. On the other hand, cold wallets, stored in air-gapped devices or hardware wallets, are offline and provide enhanced security by isolating the private keys from potential online threats.

Key Management: Custodial & Non-Custodial Wallets

The distinction between custodial and non-custodial wallets is also crucial. Custodial wallets, often provided by centralized exchanges, grant control of private keys to a third party. This arrangement means that users must trust the exchange to safeguard their keys and provide access when needed. In contrast, non-custodial wallets give users exclusive control over their account's private key, ensuring complete ownership and security of their digital assets.

All wallets covered by the Creditcoin Documentation are self-custodial.

When selecting a wallet, it is crucial to conduct your own thorough research (DYOR) to ensure the wallet's security, reputation, and compatibility with your specific needs, as well as to verify its authenticity.