A crypto wallet is a digital tool that allows users to store, send, and receive cryptocurrencies like Bitcoin and Ethereum. Unlike traditional wallets, a crypto wallet doesn’t hold physical money; instead, it stores private keys—secure digital codes known only to the wallet owner. These keys are crucial as they prove ownership of the cryptocurrency and allow transactions on the blockchain, a decentralized and public ledger where all crypto transactions are recorded.

Crypto wallets come in two main types: hot wallets and cold wallets. Hot wallets are connected to the internet and include mobile apps, desktop software, or web-based services, offering convenience for frequent transactions. However, they are more vulnerable to hacks. Cold wallets, such as hardware wallets or paper wallets, store private keys offline, providing enhanced security, ideal for long-term storage.

To use a crypto wallet, you first need to set one up and create a private key. When sending crypto, the wallet uses this key to sign the transaction, verifying your ownership. This transaction is then broadcast to the blockchain network, where it is confirmed and recorded.

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