Wallets

A wallet is a digital wallet used to store public or private keys along with addresses for transaction. There are various types of wallets available, each one offering a certain level of security and privacy.

Here is a list of the various types of wallets, based on their functions:

• Software: This wallet is installed on the actual computer; the private key access is with the owner of the machine on which the wallet's software is installed. 
• Web Wallets: These wallets are based on the cloud and can be accessed anywhere. The private keys are shared with the wallet service.
• Paper Wallets: The private keys of this wallet are printed on paper.
• Hardware: These are physical wallets and are small and portable in nature. The private keys are with the hardware users of each wallet.

It is important to understand the functioning and the need for various wallets along with the requirement for each.