What is a crypto wallet?

Simply put, a cryptocurrency is a digital wallet where use store your cryptocurrencies.

To expand on this: a cryptocurrency is a type of bank account where you can store your digital currency. You can store and use to buy goods and services. You can use a regular cash to get bitcoins or other coins in the account. This is usually an online service that allows you to retrieve your bitcoins from a secure location.

Once your are in the wallet, you can conduct financial transactions with them. Online wallets are convenient because you don’t have to worry about losing your wallet, because they keep secure offline, and you don’t need to worry about storing and securing your keys.

In Bitcoin, all transactions are stored on the blockchain. This means that every time you send some to someone, a transaction has to be sent to the blockchain. This is the digital ledger that keeps track of the transactions in Bitcoin.

There are a lot of cryptocurrencies and many types of wallets.

There are several types of wallets. Among them are:

  • Browser based wallets. This is operated on your desktop or laptop. With a browser based wallet, you log in using your username and password. You use the wallet on your desktop or laptop.
  • Desktop wallets – This is mainly focused on desktop. You need to download the wallet app and you can access the wallets through the desktop.
  • Mobile wallets – This is mainly focused on mobile. Most of the people think of their smartphone and when it comes to crypto. With the of smartphones and other devices, this is changing fast.

To make a decision on which to choose, you should consider the following questions:

  • What type of currency do you want to in?
  • Do you prefer to store your coins on your phone or tablet?
  • Do you trust your with a company, such as Coinbase, Bitstamp or Kraken?
  • Do you want to have a “ wallet”?

All of the questions above (among others) are questions that you need to answer before choosing your wallet.

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Nothing on Cryptinus constitutes professional and/or financial advice. Always think for yourself and make sound decisions when investing. Never money that you can’t afford to lose.