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Daily Crypto Wikipedia ⛓️💥
Cryptocurrency Wallet 💰
A cryptocurrency wallet is a device, physical medium, program, or online service which stores the public and/or private keys for cryptocurrency transactions. In addition to storing keys, a crypto wallet often offers the functionality of encrypting and/or signing information.
Contrary to popular belief, crypto wallets do not store the actual cryptocurrency (which resides on the blockchain); instead, they store the keys that prove ownership and allow the user to control the funds.
1. How it Works
A wallet contains pairs of cryptographic keys:
Public Key: Derived from the private key, this is used to generate the wallet address (similar to a bank account number). It can be shared publicly to receive funds.
Private Key: A secret code (similar to a password or PIN) known only to the owner. It is used to sign transactions digitally, proving ownership and allowing the transfer of funds.
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