CRYPTOCURRENCY WALLET
A cryptocurrency wallet, in essence, is a device that you can use to communicate with a blockchain network. There are different kinds of cryptocurrency wallets, and they may be categorized into three categories: software, hardware, and paper wallets. They may also be known as hot or cold wallets, depending on how they function.
Most software-based crypto wallet providers are more user-friendly to use than hardware wallets because of this. Hardware wallets, however, are typically the most secure option. Paper wallets, on the other hand, are simply a printed-out "wallet" on a sheet of paper, however their use is currently seen as antiquated and unreliable.
Cryptocurrency wallets don't actually store digital assets, unlike what many people think. Instead, they offer the means necessary to communicate with a blockchain. To put it another way, these wallets are capable of producing the data required to send and receive cryptocurrency through blockchain transactions. One or more sets of public and private key pairs are among the components of such information.
Aside from the public and private keys, the wallet also contains an address, an alphanumeric identification that is produced. In essence, such an address is a particular "location" on the blockchain where bitcoin can be transmitted. This implies that while you can give out your address to others in order to accept payments, you should never give out your private key.
Whatever wallet you use, the private key provides access to your cryptocurrency. As long as you have the appropriate private key (or seed phrase), you can still access your cash on another device even if your computer or smartphone is compromised. Keep in mind that when coins are transferred from one address to another, they never actually leave the blockchain.