A cryptocurrency wallet is a place where crypto coins are kept safe for transactions or storage. Just like you keep different currencies/denominations in your leather wallet.
Like a bank account, on a crypto wallet, you can check your balances, send and receive crypto and view transactions etc.
Every crypto wallet has an address, also called a public key. This address is your account number, unique to you. It is through it you receive deposits into the wallet.
Broadly, there are 2 types of cryptocurrency wallets which are:
- Software (digital) wallet or Hot storage.
- Hardware wallet or Cold storage.
Every crypto broker or exchange platform you open will give you a digital wallet. That is where you can view your crypto and trade with it.
So by opening accounts on these crypto platforms Binance, Bybit, Coninbase, Paxful, Bundle Africa, Yellow Card
On the other hand, a crypto hardware wallet is a portable device where you can store your crypto coins. If you are worried about hacking, get a crypto hardware wallet such as Trezor or Ledger.
