A tool to access and control cryptocurrencies.
A wallet is a digital application or device that securely stores private keys used to access and manage cryptocurrencies. It allows users to send, receive, and store their digital assets while maintaining control over their funds. Wallets can be software-based, such as mobile or desktop applications, or hardware-based, like physical devices. They provide a user-friendly interface to interact with blockchain networks, view balances, initiate transactions, and monitor transaction history. Wallets employ encryption techniques to safeguard private keys and offer backup and recovery options to prevent loss of access. By utilizing wallets, individuals can securely manage their cryptocurrency holdings and participate in the decentralized economy. Self-custodied wallets are ones where you manage your own keys, while custodial wallets operate more like banks – where another entity controls the funds, but grants you access to them.