beginnersecurity

Wallet

Definition

A Bitcoin wallet does not actually store coins — it stores the private keys needed to spend them. Wallets come in many forms, from phone apps and desktop programs to dedicated hardware devices, and they let you check your balance, receive payments, and send bitcoin to others.

Example

You can install a mobile wallet app on your phone to send and receive Bitcoin.

Related Terms

Private key

A secret number that proves ownership of Bitcoin and authorizes transactions. Whoever holds the private key controls the funds.

Public key

A cryptographic key derived from your private key, used to generate Bitcoin addresses where others can send you funds.

Seed phrase

A set of 12 or 24 words that serves as a master backup for all private keys in a Bitcoin wallet.

Bitcoin

A decentralized digital currency that operates without a central bank or single administrator.

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