WHAT IS A CRYPTO WALLET?
Crypto wallets store your private keys and public keys, keeping your crypto safe and accessible. They also allow you to send, receive and spend cryptocurrencies like Bitcoin, Ethereum, Tron e.t.c.
They also support cryptocurrency transfers through the blockchain. Wallets allow users to perform certain actions with their crypto assets, such as buying and selling or interacting with decentralized applications(dapps).
A crypto wallet has two keys: (i) Public keys and (ii) Private keys
(i) Private keys: These keys are your password to access your wallet. This key is like a bank account password or PIN and this key is essential that you keep it safe and secretly. Examples are the 12 phrase words you receive from trust wallet, the email and password you use to sign in on exchanges like #binance , Mexc and many other CEX exchanges.
(ii) Public keys: These keys are what you send to your friends whenever you want to receive coins from them. This key is like a bank account number and can be shared widely. Examples are address, email e.t.c.
WHY CRYPTO WALLETS ARE IMPORTANT IN THIS INDUSTRY?
Unlike a normal wallets, which can hold actual cash, crypto wallets technically don't store your crypto. Your holdings live on blockchain, but can only be accessed using a private key. Your keys prove your ownership of your digital money and allow you to make transactions. If you lose your private keys, you lose access to your money. That's why its important to keep your wallet private keys safe.
In addition, we have different types of wallet but in my next post, I will share with you the types of wallets that we have. #BTC #XAI #tia #etf