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Software Wallet

Software wallets are electronic wallets, typically with an internet connection, that can generate and store private keys and the cryptoassets the wallet supports.

Software wallets are typically regarded as 'hot' wallets in that there is no physical segregation of private keys from an online connection. Although software wallets may provide a simpler UX than hardware wallets, they are typically considered less secure than hardware alternatives since hackers can, in theory, gain remote online access to the private keys. However, doing so in practice may be improbable if robust cybersecurity practices are employed, such as strong encryption protocols.