HARDWARE WALLET
A Hardware wallet is a device specifically designed to securely store cryptocurrencies. These devices store your private keys(which should NEVER be shared with anyone).
Hardware wallets can be used in conjunction with some web wallets in order to make them more secure.
With a hardware wallet you are in control of your crypto assets and responsible for not forgetting your login details. If you cant log in then you can consider your crypto assets lost.
SOFTWARE WALLET
A Software wallet is used on either your desktop computer or an app on your mobile devices. The private keys are usually held in the software, app or on a cryptocurrency exchange.
For people who are not tech savvy this might be the right option as the software provider will hold the private keys and keep them safe.(Unless they are hacked themselves). These software companies mostly have security measures both front end and back end to protect your funds. So make sure you use one that has many security measures in place and a good reputation.
WEB WALLET
Web wallets are hosted by third parties. They are plugins on your browser where you can interact with cryptocurrency sites, send, receive crypto and store NFTs. There are also apps on mobile for convenience.
Some web wallets can be used in conjunction with hardware wallets in order to secure your private keys and protect your funds.
Software wallets are also referred to as burner wallets, as you should not hold large amounts of crypto assets on them as they are not very secure and can be compromised by simply interacting with the wrong link or website.
