What is a crypto wallet

A cryptocurrency wallet can be defined as a software or hardware device that securely stores the user's digital asserts, such as Bitcoin or other cryptocurrencies. These wallets provide users with a means to access and manage their funds, as well as facilitate transactions within the blockchain network.
Wallet Address Generation: When a user sets up a cryptocurrency wallet, the first step is the generation of a unique wallet address. This address serves as a destination where users can receive funds from others. It is a long string of alphanumeric characters specific to each wallet and is derived from the wallet's public key.
Public and Private Keys: Cryptocurrency wallets employ a cryptographic mechanism consisting of a pair of keys - the public key and the private key. The public key is the wallet address mentioned earlier, while the private key is a secret code that allows users to access and control their funds.
Wallet Security: Cryptocurrency wallets prioritize security as their primary concern. Software wallets usually employ encryption techniques to protect the private keys stored on users' devices. Keep in mind that it is so important to store your secret phrase in a safe place, because this is the only way (besides private key importing) to recover your funds after losing access to your wallet through damaging your laptop, phone, computer or other device on which your wallet is saved.
Transaction Signing: When initiating a transaction, the user's wallet signs the transaction using the private key. This cryptographic process ensures that the transaction is authentic and cannot be tampered with. The signed transaction is then broadcasted to the network for verification and inclusion in the blockchain. That is why it is so important to keep your wallet’s private key safe and avoid sharing it with anyone else.
Blockchain Synchronization: Cryptocurrency wallets synchronize with the blockchain network to keep track of the user's account balance and transaction history. This synchronization process allows users to view their funds and transaction details within the wallet interface.
Examples of software wallets:

Metamask, Trust Wallet, Atomic Wallet, Edge Wallet, Exodus Wallet

Examples of hardware wallets:

Ledger, Trezor, SafePal, KeepKey
Naszą wizją jest stworzenie cyfrowego ekosystemu synergii.
Our vision is to create a digital ecosystem of synergies.
Zetly Group Sp. z o.o.
Jesionowa 22, 40-158 Katowice, Poland
KRS 0000983944
Chcesz być na bieżąco? Dołącz do Newslettera!
Copyright © 2021, Zetly OU - All trademarks and copyrights belong to their respective owners.
Copyright © 2021, Zetly OU - Wszystkie znaki towarowe i prawa autorskie należą do ich odpowiednich właścicieli.