A cryptocurrency wallet is basically a software that enables you to track, send and receive coins through the blockchain like a bank account. It stores pairs of public keys and private keys.
Your public key identifies your account on the network. It can be searched in the ledger. They work in a similar way to your email address. When someone wants to send you cryptocurrency, they will send it to your public key.
Your private key is a string of 64 characters which can be generated from a 12 word seed phrase. It is only used to sign transactions and prove you own the related public key. It’s like the password to your email account.
What are the types of cryptocurrency wallets?
At a Glance – Cryptocurrency Wallets Compared
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- Read TABUL8TOR’s beginner’s guide to blockchain, cryptocurrencies, cryptoccurrency exchanges, cryptocurrency wallets.
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- Read TABUL8TOR’s review of cryptocurrency cards and cryptoback apps.
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***Disclaimer: This post is for informational purposes only and does not constitute a recommendation to buy cryptocurrencies. Please do your own due diligence before taking any action.
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