Cryptocurrency Wallets, Vulnerabilities and other Security Concerns
Cryptocurrency have been in circulation since as early as the 21st century, the concept that came into much attention with the publication of the white paper in 2008 by Satoshi Nakamoto which outlined the basic concepts of cryp-tocurrency at the earliest. Bitcoin later came to the face of cryptocurrency market. Since then there have been an influx of various cryptocurrencies, most of which can be said to be variation of Bitcoin’s basic structure itself. Once the cryptocur-rency transactions became popular, other auxiliary services such as cryptocurrency wallets also came in to focus. With hot and cold wallets, ie, live and offline wallets that are available in both website based and mobile based platform offering various services to the users , choosing from among them became a matter of usability and security offered by the wallets to the users. When casual and less technology expert users of wallets gave more importance to the usability of the application, whereas more experienced tech users gave more importance to the security and privacy aspects of the application. This paper discusses in details the cryptocurrency wallets along with the security concerns associated with different types of cryptocurrency wallets along with their ease of usability. A study on various wallets types is carried out along with case study on each type for a minor comparison study.
Keywords - Cryptocurrency, Wallet, Security Concerns, Web-based Wallets, mobile-based Wallets, Hot Wallet, Cold Wallet, Hardware Wallet, Web Application, Vulnerabilities, Cyber-Attacks.