GETTING STARTED WITH CRYPTO

What is a Digital Wallet? How is it different from a Cryptocurrency Wallet?

Published January 5, 2022
Written by Omair Khan

A digital wallet is a service that allows you to store your credit and debit cards, electronically. It is also a convenient way to pay for purchases by allowing you to use your phone to pay instead of physically carrying cash or a credit card. As technology continues to innovate, digital wallets have started to store your ID cards, coupons, loyalty cards, and more. An example of a digital wallet is Apple Pay.

A cryptocurrency or “crypto” wallet is similar to a digital wallet. To keep it simple, cryptocurrency wallets store your private keys - your passwords that give you access to your cryptocurrencies – while also allowing you to send & receive cryptocurrencies like Bitcoin safely. The main types of crypto wallets that you can choose from are:

Online Wallets: These wallets store the user’s private keys in an app or other software. It’s similar to using an online bank account.

Paper Wallets: These wallets store the user’s private keys on a sheet of paper. Paper Wallets are accessible through QR codes.

Hardware Wallets – These wallets store the user’s private keys in a thumb-drive (hardware) device. Hardware Wallets can only be used if connected to a computer.

Black Swan Bitcoin ATMS allow customers to choose between Online wallets and Paper wallets, at the customers convenience. After selecting the amount of Bitcoin at the ATM, you will have the option to choose where you would like your Bitcoin stored.

Disclaimer: The information and content manifested on the Black Swan Bitcoin blog are for educational purposes only. Nothing published by Black Swan Bitcoin constitutes as investment recommendation, nor should any data or content published by Black Swan Bitcoin be relied upon for any investment activities.