COMPARISON OF HARDWARE AND DIGITAL CRYPTO WALLETS

Abstract

This article compares hardware and digital wallets, a new technology method for storing cryptocurrencies such as bitcoin and Ethereum. The crypto wallets reside on a user’s computer or mobile device or can reside on a flash drive, as in the case of hardware wallets. The comparison method used is based on the security and integrity of both types of wallets. Additionally, the authors will look at the most important factors that should ensure a high level of social acceptability of the new hardware and digital wallets. The use of digital wallets manifests itself in various ways. The ease of use of being able to complete a transaction in a matter of seconds. The speed with which the transactions are executed reflects the efficiency. This paper discusses the current state of digital wallets on the market, better options for purchasing and using digital wallets, digital wallet security, and future trends in their development, and concludes that both cryptocurrency wallets have advantages and drawbacks. However, hardware wallets are much more secure, but their capabilities are confined. A software wallet is much more convenient to use than a hardware wallet because it can be connected at any time. This novel investigation shows that both wallets are very secure and appropriate for use, as the additional costs of Hardware wallets are minor compared to the costs of paying with actual cash.