Unlike a physical wallet that holds paper currency, a cryptocurrency wallet stores public and private keys. These keys are required for cryptocurrency transactions to take place.

In a simple “crypto wallet”, keys are used to spend, receive, and track the ownership of cryptocurrencies. A?private key?grants the user ownership over funds and is used to approve outgoing transactions. A?public key?allows anybody other than the owner to make payments to the wallet.

Wallets come in a range of types, and each type provides a different level of security. More complex wallets, for example, offer features like multi-key verification. There are also hardware, software, and in-browser options, which can be offline (cold storage) or online (hot storage). What’s more, users can opt for either custodial and non-custodial wallets, which offer third-party key control and individual key control respectively.

Q: What is a Cryptocurrency Wallet?

A: is a software program or physical device that allows you to store your crypto and allow for the sending and receiving of crypto transactions.

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Original link:https://businessinsider.mx/crypto-wallet/?r=US&IR=T


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