Quote from: AGogi2003 on Today at 02:29:03 PM

I was able to go through few books about bitcoin, articles and links sent here as guide in the forum. One of the best, I have come across is learnmeabitcoin.com. I don’t know if there is any easier one to learn from and understand than this. After all this, I am still yet to understand the concept of open/closed wallet, software/hardware wallet, online/offline wallet. I keep getting them mixed up whenever I try to have a grasp of them.

Open Wallet:
The wallet that is open source means the code of the wallet is open to the public. This wallet is known as an open source wallet. Any developer or person could observe the code and analyse it for any backdoors or observations. Open wallets are the most preferred wallets to use, such as the Electrum wallet.
Close Wallet:
The fact that the wallet is not open to observe and analyze the code means we do not have any access to the underlying code of the wallet, so we do not know if they are keeping track of our assets, keys, data, etc. These wallets are not preferred, as they could have accessed our wallet without our knowledge. An example is Trust Wallet.

Software and hardware wallets:
Software are the ones like Trust Wallet and Electrum Wallet, which act as software and could be used as programmes on your mobile or PC. Hardware wallets are most preferred for holding purposes or if the amount is huge.

Online and offline wallets (cold or hot wallets):
These terms are almost the same and could be used interchangeably. Let's say you are using a software wallet; thus, that wallet is also known as an online wallet and a hot wallet too. But if you are using a wallet like a hardware wallet, then you could call that wallet a cold wallet or offline wallet because it will not be running all the time, whereas Trust wallet will run as long as your phone or any other device is online. I hope you understand the meaning of all of them.