In a cryptocurrency world, you cannot do much without having a crypto wallet. In this guide, we will understand what is a crypto wallet and how you can create one?
Crypto wallet is basically a virtual address for your crypto coins. Its a combination of a private key and public key of yours which will help you to trade and swap your currencies.
Cryptocurrency wallets work like the safety deposit boxes we use to store our most treasured possessions be they bond certificates, jewelry or a will. None of us can afford to lose the keys to the safety box because we could lose ownership of our valuables if they wind up in the wrong hands. Cryptocurrency wallets work pretty much the same way only instead of physical keys we carefully guard our digital keys. Commonly known as private keys or master keys, digital keys take form of hexadecimal codes, something like this:
At first glance, it comes across as daunting until you find out it is flexible enough to be written down, printed on paper, typed on a document, converted to image form or even memorized.
Therefore, when you are holding digital assets such as ICO tokens and cryptocurrencies in a wallet, there is no excuse for not taking appropriate steps to secure your private key backups. You will need your private key to access your assets and authorize transfers from your wallet. So never lose them, share them with anyone and always keep them somewhere safe where you can retrieve when necessary.
Let me save you the trouble of having to look around.
You can find cryptocurrency wallets via web browsers, downloadable on smartphone app stores or for purchase in the form of hardware devices from online stores.