Glossary > Wallet

Wallet

What is a cryptocurrency wallet?

A cryptocurrency wallet is a digital wallet that stores and manages cryptocurrencies. Each wallet has a public key (a long string of characters used to identify the wallet) and a private key. To make transactions with other wallets, users need their private keys.

There are several types of wallets:

  • hot wallets are hosted online but can be easily hacked;
  • cold wallets or hardware wallets hold cryptocurrencies on a device and can’t access the internet making it more secured;
  • desktop wallets are software directly installed on a computer or laptop;
  • paper wallets are printed pieces of paper that hold the wallets’ public and private keys.