Cryptocurrency wallets: FAQs

A cryptocurrency wallet is a software program that allows you to send and receive cryptocurrency.

A wallet can be used to store several types of tokens and coins at the same time, but most of them support a limited number of options.

Wallets are used to store secret keys – these are long hexadecimal codes known only to you and your wallet. The secret key should fit the public key to access the funds.

There are various types of wallets. It can be a device that is connected to the Internet only from time to time, to carry out transactions (it can be stored even in a bank safe at the rest of the time), or it can be just a sheet of paper with a key printed
on it – this is an option of the “cold storage”.

However online wallet services are much like usual banking applications. Access to the account can be obtained from different devices, and if you lose your phone or forget the password, you will have the opportunity to access your account.

How to open a cryptocurrency…