What’s a Crypto Wallet? Why Do I Need to Have One to Pursue My Crypto Goals?

A crypto or cryptocurrency wallet is a digital wallet that stores your public and private keys while interacting with many blockchains. It allows users to transfer and receive cryptocurrency and check their balance. If you want to invest in bitcoin or any other digital currency, you will need to have one for your crypto undertakings.

What’s a Crypto Wallet? Why Do I Need to Have One to Pursue My Crypto Goals?

How does it work?

Millions of people use digital currency wallets, however, only few know about how exactly they work. Unlike typical pocket wallets, digital wallets do not keep or store currency. They just have the address or information that provides you with an access to your online funds.

Types of Crypto Wallets

There’re different types of crypto wallets available in the market, with the most common being hardware wallets, paper wallets, desktop wallets, mobile wallets, and web wallets. One can choose any of them that best suit their requirements.

  • Hardware wallets are USB-like devices that are designed especially to store and handle public addresses and private keys.
  • A Paper wallet, as it name suggests, is a simple paper containing public addresses and private keys. Paper wallets aren’t for everyone, as they are a little bit technical and require the highest level of caution from the users.
  • Mobile wallets are one of the most used types. This is because they are easy to use and hassle-free.

It’s highly advised by the crypto experts that users should have more than type of wallets to keep their digital assets safe and secure.  This is useful when you need to deal with different types of cryptocurrencies with different value and features.