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Just like you use a debit card to access your paper money at an ATM, you use your crypto wallet to access your crypto on the public ledger. The crypto wallet does not actually hold physical tokens, instead, it holds unique digital passwords or “private keys” which allow you to transact on the blockchain.
The wallet also includes an address, which is an alphanumeric identifier that is generated based on the public and private keys. Such an address is, in essence, a specific “location” on the blockchain to which coins can be sent to. This means you can share your address with others to receive funds, but you should never disclose your private key to anyone.
Your journey into cryptocurrency starts with downloading a wallet.
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The easiest way to understand blockchain is to think of it as a fully transparent and continuously updated record of the exchange of information through a system which nobody fully owns.
This makes it decentralized and extremely difficult for anyone to single-handedly hack or corrupt the system, pretty much guaranteeing full validity and trust in each exchange of information.
What is a Crypto Wallet?
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.
Cryptocurrencies, are the tokens used within blockchains to send value and pay for transactions. Additionally, you can think of them as tools on the blockchain, in some cases serving as a resource or utility function. Other times, they are used to digitize the value of an asset.
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