What is a Bitcoin wallet?

What is a wallet for cryptocurrencies
A crypto wallet is a means for storing private and public keys, with the help of which access to assets and management of funds are carried out. Since Bitcoin and any other cryptocurrency are exclusively virtual assets that represent program code, it cannot be said that a cryptocurrency wallet stores coins. It stores keys and transaction information, based on which the balance of a particular account is determined.

How a Bitcoin wallet Works
The principle of operation of a cryptocurrency wallet is based on three terms - a private key, a public key and an address.

The wallet address is an alphanumeric code that is needed to transfer bitcoins or other cryptocurrencies to a specific user's wallet. Similar to the wallet or account number in fiat systems.
A public key is a code based on which an address is generated by cryptographic methods. An infinite number of addresses can be generated based on the public key (provided that a wallet with hierarchical determination is used), and each of them remains tied forever and can be used to receive cryptocurrency.
The private key is, in turn, the code on the basis of which the public key is generated. Unlike the first two concepts, a private key is confidential information, since it can be used to access funds.
The private key is needed not only to generate the public key, but also to sign each transaction being sent. In this way, the network understands that the funds being sent really belong to you. The transaction is made in encrypted form, and in order to decrypt it, the recipient needs a public key related to the address of the cryptocurrency wallet to which the coins are transferred.

So, a cryptocurrency wallet is software that generates public and private keys. Without a wallet, no one can interact with the blockchain network. All other wallet functions are auxiliary.

When a person believes he is ready to generate money with cryptocurrencies, he must select a platform on which to operate. When I had such a query, I spent a long time looking for knowledge on the subject. I stumbled into an intriguing article by chance. I discovered a lot of information and distinctions between Kraken and Coinbase Pro on this website. I recommend that everyone read it.

If for the first time you have a question about how to open a bitcoin wallet, then I can help you with this. Read a useful blog about bitcoin-wallet and you will be able to successfully make a wallet for disposing of your cryptocurrency. It is very convenient to make secure transactions on the Internet and even trade your cryptocurrency.