What Is A Bitcoin Wallet?

Similar to a traditional wallet you may carry in your pocket, a bitcoin wallet is used to store and manage money. The difference is that instead of storing a collection of bills and cards, a Bitcoin wallet stores a collection of Bitcoin private keys. A private key is used to “unlock” bitcoin at a particular address and authorize its transfer to a new address.

A Bitcoin or crypto wallet is a free, digital app you install on your smartphone / PC or a hardware device built for this purpose. While the Bitcoin network is distributed and verified by computers around the world, a Bitcoin wallet is controlled only by its owner. It’s important to keep your Bitcoin private keys safe by using a recommended wallet app and setting a strong, unique password or PIN. 

Always make a backup of your username/password OR your recovery phrase in case you lose or damage your wallet!

What’s a Wallet and which one should I use?

The only way to send and receive Bitcoin is through a Bitcoin wallet. A Bitcoin wallet is a digital storage space that allows you to store or send your Bitcoin. Every wallet has a unique wallet address that is specific to your wallet. 

No matter which wallet provider you go with, make sure that you write down your username, password, and private key, and store that information in a safe place. Never share that information with anyone.