What Are Crypto Wallets?
In simple terms, a crypto wallet is a digital vault for storing any of the hundreds of popular cryptocurrencies available on the market. Technically, however, its first function isn’t to store cryptocurrencies; rather, it holds the private keys that give access to the cryptocurrencies.
Usually, wallets contain two types of keys: the private keys and the public key (also called the wallet address). The private keys allow the user to access and control their crypto assets.
Losing one’s private keys means losing one’s wallet and the assets therein. The public key, on the other hand, is a string of alphanumeric characters used to send or receive funds into the wallet.
Wallets can be classified in two ways: either based on where the private keys are stored or whether they are connected to the internet.
In simple terms, a crypto wallet is a digital vault for storing any of the hundreds of popular cryptocurrencies available on the market. Technically, however, its first function isn’t to store cryptocurrencies; rather, it holds the private keys that give access to the cryptocurrencies.
Usually, wallets contain two types of keys: the private keys and the public key (also called the wallet address). The private keys allow the user to access and control their crypto assets.
Losing one’s private keys means losing one’s wallet and the assets therein. The public key, on the other hand, is a string of alphanumeric characters used to send or receive funds into the wallet.
Wallets can be classified in two ways: either based on where the private keys are stored or whether they are connected to the internet.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.