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Cryptocurrency wallet addresses exist in the digital realm and are accessed through cryptocurrency wallet software or hardware.Ĭryptocurrency wallets hosted by exchanges are functionally similar to a bank account. Your crypto wallet can be considered your “address” on the blockchain network that a cryptocurrency operates on. When you send or receive any cryptocurrency, you’ll do so from a wallet. If you’re not sure where to start with crypto wallets, read on - this article will explain everything you need to know about crypto wallets in 2020. A crypto exchange wallet, however, is very different from a separate, dedicated cryptocurrency wallet software. If you trade cryptocurrency on a crypto exchange, you’ll have a wallet directly on the exchange for the cryptocurrency you use to trade.
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Wallets typically come in three different flavors: online or “hot” wallets (software wallets), and hardware wallets (dedicated thumb drive-like devices that offer the highest level of security). In the cryptocurrency ecosystem, the term “wallet” refers to software, online or offline, that allows a cryptocurrency owner to access their cryptocurrency holdings.
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However, it shares a highly important feature with traditional fiat currency - like cash, it’s necessary to store your cryptocurrency in a wallet.
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Cryptocurrency is an entirely digital means of value storage and transfer.
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