What is a cryptocurrency wallet?
Every novice user of cryptocurrencies must have faced the questions "Where to store coins? Which wallet is better?". The concept of "best" in this situation is very relative, because it all depends on your goals and objectives that you set for your wallet.
Each wallet has two unique identifiers: an address and a private key.
The address is public and is used to receive coins. You can share the address with those who want to send you cryptocurrency. Technically, the wallet does not store coins on the device, all funds are on the blockchain.
The private key allows you to access and manage the coins, so it is very important to keep the private key in a safe place and under no circumstances give it to strangers. You can read more about this in our article How to avoid scams and theft of your crypto?
Currently, there are a huge number of wallets that can be classified according to various features. In this article, we will look at the types of wallets according to their ways of storing cryptocurrencies and private keys, as well as the advantages and disadvantages of the main varieties of cryptocurrency wallets.