A Quick Guide to Cryptocurrency Wallets

The concept of a wallet is more than just “a flat pocket-sized case to hold paper currency” in today’s world. Taking into account the aspects of safety and progression in payment technology, wallets have evolved into a platform that have different services integrated within. With that being said, you will still need a wallet to hold your cryptocurrencies.

Cryptocurrency itself does not actually “exist” in a wallet. There is no physical form of storing or exchanging these currencies. To be able to send or receive your digital currency, a private key stored in your wallet must be compatible with the public key to prove your ownership.

If the public and private keys match, your wallet will act as a personal ledger of transactions stored on the blockchain. The analogy is to think of the private key as being similar to a password that is confidential for your own use, and the public key as an email address which can be known by or shared with anyone.

Read the full guide here: https://media.everus.org/2018/11/09/a-quick-guide-to-cryptocurrency-wallets/

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