There are 5 types of cryptocurrency wallets.
- Hardware Wallet like the Trezor or Nano S Ledger.
- Paper Wallet.
- Desktop Wallet.
- Mobile Wallet.
- Web Wallet ( this is the one that I use on the Exchange like Coinbase or Coins.Ph)
For example the hardware wallet “cold storage wallet” like the Trezor or “Nano S Ledger”.
In Layman’s terms ( and pls correct me if I’m wrong):
In what i understand, cold storage wallet is not like an actual wallet where you can keep physical cash in it.
This small device is like my ATM card where it holds passwords and pin codes. But the actual money is in the bank or the cryptocurrency is in the Bitcoin Blockchain or in the ZCash Blockchain.
So if I lose my ATM card, it can be replaced, if I lose my Nano S Ledger it can be replaced w a new one and as long as I know the old codes and pins, I will be able to use the new one like the old one.
The blockchain is like a water loop that runs in my house from a source, it supplies all the water in my house and all the properties of that particular water supply within it.
The ZecWallet. What is it? Why did it took me 12 hours to synced it or to connect it?
Where is it synchronized to?
I work in a dialysis center and I can understand how the Reverse Osmosis water system works.
Please explain to me in layman’s terms, in a way a person who works in healthcare or a non computer technical person like myself can understand, in a simple diagram or in any way you can.
I will appreciate it very much.