If you’re new to the world of cryptocurrency, it may seem strange that you need to have a wallet to hold digital assets. Like so many things in the cryptocurrency and blockchain space, it’s easy to be intimidated by a new term at first, but it’s not as strange as it seems.
This article will walk you through what a cryptocurrency wallet is, the different kinds of cryptocurrency wallets out there, and which one is right for you if you need one at all.
What Is a Cryptocurrency Wallet?
Without getting too much into how cryptocurrencies actually work, you need to understand the concept of “keys” to understand the importance of cryptocurrency wallets and the different kinds that are out there.
To send and receive cryptocurrency, you need two things: a public address and a private key. These are not (usually) physical items but rather digital identifiers, usually alphanumeric sequences or QR codes.