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11.- CRYPTO WALLETS

Wallets are the tool with which users store and manage their cryptocurrencies. Therefore, cryptocurrencies are one thing and wallets are another. It's like in real money, the currency is what you pay with and the wallet is where you keep the coins.
Wallets also store the public and private keys or addresses of each user. These keys are a fundamental part of the cryptocurrency exchange. To begin with, we have the public key, which is what makes it possible for other users to send cryptocurrencies to your wallet.
This key is encrypted so you don't know who's behind it, but it works similarly to personal addresses in PayPal and other tools. You give your public key, and the rest send the cryptocurrencies to that address so that they reach you directly.
  • The public key is similar to a bank account number. We can give it to anyone to send us money, without the risk that you can withdraw our funds. Through the public key, addresses are generated to receive, consult and view the status of our funds.
  • The private key works as a kind of key, a PIN or password that we should not reveal to anyone, since it gives us the right to spend the cryptocurrencies contained in an address. Thus, the owner of the private key will be the owner of the funds and will have full control over them.

The different types of wallets that we can find are divided into two large blocks:
  • Hot wallet: 100% online. These wallets can be applications or installed as browser extensions.
  • Cold wallet: physical (hardware). They work without an internet connection, making them the safest option.

It is a very common type of wallet, widely used for the storage and management of cryptocurrencies. Its main utility is that it offers quick and convenient access to funds due to its constant internet connection.
We recommend Metamask or Coinbase Wallet.
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What is a Wallet?
Wallet Types