3.2 Types of crypto wallets

Crypto wallets fall under two general categories: software wallets and hardware wallets. Software wallets are simply desktop programs or browser extensions that make it easy for people to send, receive, and store crypto.

Hardware wallets serve a similar purpose but are physical devices that can be plugged into a computer.Software wallets are sometimes called "hot" wallets because the funds are kept online. Hardware wallets keep private keys held offline or in "cold" storage.

Payween is a cryptocurrency wallet that aims to provide a secure and user-friendly crypto asset management platform. Payween will be both a desktop program and mobile application. Payween Wallet has been planned to be launched in 2022.

The important part of a wallet and the part where new users often find themselves getting into trouble is the private key. A private key is like the key to a safe deposit box. Anyone who has access to the private key of a wallet can take control of the balance held there.

But unlike a safe deposit box, crypto users who hold their own private keys and make transactions using non-custodial wallets (i.e., a wallet not hosted by an exchange or other third-party) become their own bank.

"It is similar to a bank account but the main difference is it is controlled by a key that only you control. You use this [private] key to initiate transactions, which is called 'signing’

While the idea of crypto itself is still new to many people, crypto wallets themselves are designed to be user-friendly. Web wallets like MetaMask and desktop wallets like Electrum come with a graphical user interface (GUI) that is made to be as simple as possible.

Payween Wallet will take care of your cryptocurrencies, securing your private keys on their wallet while simultaneously letting you manage, observe and trade your assets from the mobile app.