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What are software wallets?
Software wallets come in many different types (web, desktop, and mobile wallets), each with its own unique characteristics. Most of them are somehow connected to the Internet (hot wallets).
You can use web wallets to access blockchains through a browser interface without having to download or install anything. This includes both exchange wallets and other browser-based wallet providers.
A desktop wallet is a software you download and execute locally on your computer. Unlike some web-based versions, desktop wallets give you full control over your keys and funds.
Mobile wallets function much like their desktop counterparts but designed specifically as smartphone applications. These are quite convenient as they allow you to send and receive cryptocurrencies through the use of QR codes. As such, mobile wallets are particularly suitable for performing daily transactions and payments.
Just as computers, however, mobile devices are vulnerable to malicious apps and malware infection. So it’s recommended that you encrypt your mobile wallet with a password, and backup your private keys (or seed phrase) in case your smartphone gets lost or broken.