What is a cryptocurrency wallet?
A cryptocurrency wallet is an app that allows crypto currency users to store and retrieve their digital asset. As with conventional currency, you don’t need a wallet to spend your cash, but it certainly helps to keep it all in one place. When a user acquires cryptocurrency, such as bitcoin, she can store it in a cryptocurrency wallet and from there use it to make transactions.
When you want to acquire cryptocurrency, whether by purchasing it in a currency exchange or receiving it as a gift or as revenue, you direct the sender to a unique cryptographic address issued by the wallet. You might picture your cryptocurrency stored on the wallet the same way files are stored on a USB drive, but, in fact, the information stored on the wallet only points to your cash’s location on the blockchain, the public ledger that records and authenticates all transactions for a cryptocurrency. Spending with the wallet is as simple as scanning a retailer’s QR code or directing a specific amount of cryptocoins to the retailer’s public address.
