Crypto Wallet Overview
At its core, a crypto wallet consists of a public key (which acts as your address and is shared publicly) and a private key (which you keep secret and use like a password to authorize transactions).
Types of crypto wallets
There are two main types of crypto wallets:
Software wallets are programs you download and run to store your private keys. They can range from basic options like MetaMask to more complex options like Exodus or Atomic Wallet. Software wallets are sometimes called "hot wallets" since they're connected to the internet.
Hardware wallets are physical devices that store your private keys offline. They're considered the most secure option because the private keys never touch an internet-connected device. Examples include Ledger and Trezor wallets. Hardware wallets are often called "cold wallets".
Both wallet types allow you to:
- Generate a unique public address to receive crypto funds
- Securely store your private keys
- Manage your cryptocurrency balance
- Send and receive crypto to other wallets
- Interact with decentralized applications (dApps)
Ultimately, a crypto wallet gives you full control of your cryptocurrencies and NFTs. For more secure long-term storage, a hardware wallet is recommended.
To learn more about how to acquire a Crypto Wallet, check out this article