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What is a Cryptocurrency Wallet?

Posted on 02 May 2022 12:04 pm

The "Cryptocurrency Wallet" is where you store your crypto coins or blockchain assets. Each crypto coin has its own wallet application, supplemented with many multi coin wallet applications where you can store different coins like Bitcoin, Ethereum, BNB, and more within one simple application.

Wallet ID comprises a unique set of alphanumeric characters and here is where the coins are store. To transfer or access coins in a wallet, you need to have its private key. A private key is a unique set alphanumeric characters unidentical to your wallet ID or a set of multiple random words. Private key is very important and not to be shared, since anyone who knows your wallet ID and private key gains access to all the funds you have stored.

The private key is not recoverable, once lost you lose access to your wallet and all the funds in it. We highly recommended that you write your private key in a paper and keep it in some place safe, just like how you would care for the cash in hand.