What is Cryptocurrency Wallet

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crypto-wallet
Photo by David Shares on Unsplash

Cryptocurrency Wallet is a piece of software or hardware that you can use to store and manage your cryptocurrencies.

Most people have misunderstandings about crypto wallets. They think your cryptocurrencies are sorted in your crypto wallet, but as I mentioned, you can use crypto wallets to store and manage your crypto currency. But It doesn’t mean that you store your cryptocurrencies in your wallet. Got confused? Let me make it clear.

Your crypto currency has no physical form, it's just a unique record which is stored on a blockchain database, and blockchain database is stored on decentralized and distributed networks of computers. So When it is stored on thousands of computers across the world, then how is it possible for you to store your cryptos in your wallet?

In reality you only store public and private keys in your wallet. Those keys make you the owner of all the cryptocurrencies which are associated with it. you can use those keys to access your crypto on the blockchain and manage it as you want.

Read What is cryptocurrency wallet on CryptoCoinist

Comments

  1. Vancouver BitcoinFebruary 12, 2021 at 1:24 AM

    An instructive post shared by you here about cryptocurrency wallet. It is a beneficial and significant article for us to enhance our knowledge. Thanks for share it. How to buy cryptocurrency in Canada

    ReplyDelete

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