A cryptocurrency wallet is a digital storage program that houses keys for completing cryptocurrency transactions.
Cryptocurrency is a growing digital currency verified by a decentralized system that enables people to pay for goods or transfer money to peers quickly and relatively inexpensively.
A cryptocurrency wallet is a digital place where crypto users can store the keys that enable them to access their crypto coins. In this way, a cryptocurrency wallet functions similarly to a regular wallet.
Different types of cryptocurrency wallets, however, have different capabilities. Hot wallets allow users to access their cryptocurrency online and complete transactions directly within the wallet.
Cold wallets, however, aren’t connected to the internet, but store crypto keys and provide access to coins. Many users also store their currency in a hardware wallet, which is a separate storage system from their phone or laptop.
To meet the growing demand for cryptocurrency, many businesses are establishing payment systems that allow people to use a cryptocurrency wallet to purchase products.