So if you've read my first blog and studied the tutorial "Cryptocurrency for Dummies" you should the basics of cryptocurrency and blockchain technology.
If so, one of the first things that you should become familiar with is the role of a cryptocurrency wallet.
Before I go any further, I want you to think about how you store your real-world cash. You don’t walk about holding it in your hands, do you? Instead you most probably store it a leather wallet or purse, or maybe even a piggy bank!
Either way, it is wise to store your money where it is safe. A cryptocurrency wallet follows the same core principles.
How Does a Cryptocurrency Wallet Works?
Things are slightly different in the digital world of cryptocurrencies and blockchain technology.
Coins are not actually stored in a physical wallet, as cryptocurrencies do not exist in a physical form. Instead, the blockchain consists of transaction records that details which private and public key has control over the funds.
To make sure you have a full understanding, I will quickly explain the role of a wallet address, as well as a private and public key, as they are all related.
A wallet address is like a bank account number:
There is no harm in giving somebody else your bank account number, as people will need it if they are to transfer you funds. This could be so your employer can pay you your salary, so a customer can pay your invoice or so that your friends and family can send you some birthday money!
In the world of cryptocurrency, if somebody wants to transfer you coins, you simply give them your wallet address which is a very long series of letters and numbers.
Just like in the real-world, no two wallet addresses are ever the same, which means that there is no chance that somebody else would get your funds. Also, there is no limit to the amount of wallet addresses you can create.
If you check my post A Crypto Wallet for Everyone I will tell explain everything you need to know about cryptocurrency wallets, how they work and I give you an overview of all the types wallets available and my recommendations.
I did all the research for you, so if you check it out, you will learn everything you need to know about wallets and then you will be ready for the next step:
Start trading with your cryptocurrency and Bitcoin!
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