About wallets, keys and addresses
What is a wallet?
A wallet is equivalent to an online bank account where you can store, send and receive tokens and cryptocurrencies. A single wallet can hold multiple accounts. Each account can hold multiple assets and currencies.
What is a wallet address?
A wallet address, often known as an address, is the public key to your wallet. It is a unique string of numbers and letters where your cryptocurrencies are stored. You will share your wallet address with anyone who wants to send you some cryptocurrency or tokens.
What is a private key?
A private key is like a password that gives you access your wallet. It is used for verifying transactions and removing currency from your account. You will never share this with anyone. It is very important to keep it safe, and to keep copies in several places in case you lose one.
What kind of wallets are there?
There are three main types of wallet:
- Custodial (or hosted) wallet: where your crypto and private keys are held by a third party. In this case, you can recover your password if you lose it. Example: Coinbase
- Hot wallet: an online wallet used for frequent transactions.
Examples: Metamask, Trust Wallet
- Cold wallet: a hardware wallet used for secure and long-term storage. Examples: Ledger Nano, Trezor
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