What is a Crypto Wallet and Its Types?

Coins.co.th Support -

Crypto wallet is considered as an encrypted virtual keychain, containing all the information needed to access your funds on the blockchain. The purpose of a crypto wallet is to allow users to interact with the blockchain. A wallet combines and contains both two types of keys: public keys and private keys. 

  1. Public keys are comparable to account numbers. They can be freely shared with everyone, and anyone can potentially send transactions to them.
  2. Private keys, on the other hand, should be kept private, as their name suggests. You can think of them as a kind of PIN or verification code, which, together with its corresponding public key grants you access to the actual funds on the blockchain.

There are two main types of wallets; custodial wallet and non-custodial wallet. Custodial wallets are wallet services offered by cryptocurrency exchange, etc. where the private key is managed and stored for its user. While non-custodial wallet, users have sole control of their private keys, which in turn control their cryptocurrency. This also means that users are solely responsible for key management. Any loss of key management such as recovery seed/phrase would result in permanent loss of funds. 

Coins.co.th offers a custodial wallet to its users. We're responsible for key management and protecting customer funds. When a user wishes to send cryptocurrency out of Coins.co.th wallet, they simply log in to the platform with a username and password, input the public key of the location to where they wish to send. In case that user lost access to the account, user can reach out to Coins.co.th's support for assistance.

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