What are cryptocurrency wallets?

Cryptocurrency wallets can be divided into several types: software, hardware, and paper. Software wallets with a permanent internet connection are referred to as hot wallets. They are special applications for computers and smartphones, as well as online interfaces. Hardware wallets, which are similar in design to flash drives, are considered the most reliable because they are connected to the Internet only at the time of transactions. A paper wallet means a secret phrase and a private key printed on paper.