Wallet

A crypto wallet is a type of digital vault where people store public and private keys needed to perform transactions of cryptocurrencies. These wallets are safe, easy to use, and have multi-platform support. Unlike the common notion that a wallet refers to a device that stores currency, a crypto wallet stores keys to the coins that the user holds. If the user wants to perform a transaction, they need to verify their wallet address using a private key.

Crypto wallets have unique crypto addresses, which the traders use to receive cryptocurrencies. Users transform these addresses into QR codes and display them to the people making the payments. These wallets have a string of alphabets and numerals combined to form a unique wallet address. Every cryptocurrency network has a specific wallet format and length, which makes it easy for the payer to send money to the correct wallet address and to mitigate any loss of funds.