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Wallet

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hevnsnt edited this page Jun 14, 2016 · 8 revisions

A ⏣ wallet is a secure digital wallet used to store, send, and receive digital currency like SecKCoin (⏣). In order to use SecKCoin cryptocurrency you will need to use a cryptocurrency wallet. At this time, SecKCoin only works with our official wallet, which in most cases will need to be compiled before use.

Cryptocurrency itself is not actually “stored” in a wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored that shows ownership of a public key (a public digital code connected to a certain amount of currency). So your wallet stores your private and public keys, allows you to send and receive coins, and also acts as a personal ledger of transactions.

There are a number of different types of wallets you can use including online, offline, mobile, hardware, desktop, and paper. Each “type” refers to what type of medium the wallet is stored on and whether or not the data is stored online. Some wallets offer more than one method of accessing the wallet – for instance, Bitcoin Wallet is a desktop application and a mobile app.

Remember that with any wallet, if you lose your private key, then you lose your money. That is true for paper wallets, hardware wallets, or any other wallet type. The reason you lose your keys doesn’t matter; there is no way to reclaim your cryptocurrency without them.

Here is a quick breakdown of the different types of cryptocurrency wallets:

  • Desktop Wallet: The most common type of wallet. Typically an app that connects directly to a coin’s client.
  • Mobile Wallet: A wallet that is run from a smartphone app.
  • Online Wallet: An online wallet is literally a web-based wallet. You don’t download an app, but rather data is hosted on a real or virtual server. Some online wallets are hybrid wallets allowing encryption of private data before being sent to the online server.
  • Hardware Wallet: Dedicated hardware that is specifically built to hold cryptocurrency and keep it secure. This includes USB devices. These devices can go online to make transactions and get data and then can be taken offline for transportation and security.
  • Paper Wallet: You can actually print out a QR code for both a public and private key. This allows you to both spend and receive digital currency using a paper wallet. With this option, you can completely avoid storing digital data about your currency by using a paper wallet.

Now that you know everything about wallets, is your computer:

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