WHAT IS A CRYPTOCURRENCY WALLET?
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.A cryptocurrency wallet is a secure digital platform to store and access your digital assets, such as Bitcoin, Ethereum or EVR. It is a software-based program that helps you store your public and private keys, monitor your balance, and send and receive digital currency by connecting with other blockchain protocols.
HOW DOES IT WORK?
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 article: https://media.everus.org/2018/11/09/a-quick-guide-to-cryptocurrency-wallets/
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