Hybrid Wallet
Tue, Apr 15A cryptocurrency storage and management system that combines a software wallet (stored on your own computer) with a web wallet (hosted on a third-party server).
The majority of your digital currency account information is kept on the wallet host’s server, with one crucial exception…your private key (the unique code that identifies you).
Your private key is stored solely on your own device. When you initiate a transaction, your private key is encrypted during its transmission to the exchange’s server, ensuring that they never have access to it. This is a remarkable security feature, but gaining access to your private key also requires a password (which only you know).
If you lose or forget that password, you may be denied access to your account, potentially resulting in the permanent loss of the funds in your account.
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