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What Is a “Wallet” in Cryptocurrency and What Does It Actually Store?

A wallet stores the private keys that prove ownership of cryptocurrency and authorize transactions, not the coins themselves.
Greeks.Live02.11.25

What Is a “Wallet” in Cryptocurrency and What Does It Actually Store?

A cryptocurrency wallet is a software application or physical device that allows users to interact with a blockchain. Contrary to popular belief, a wallet does not store cryptocurrency coins; it stores the user's private keys.

The private key is a secret number that proves ownership of the funds and is necessary to authorize transactions. The wallet uses the private key to generate a public key and a corresponding public address, which is where the funds are recorded on the blockchain.

What Is the Role of a Private Key in Cryptocurrency?
What Is a Cryptocurrency Wallet and How Does It Secure Digital Assets?
How Do Decentralized Finance (DeFi) Derivatives Use Private Keys in Their Smart Contracts?
How Do Private Keys and Public Keys Interact with Smart Contracts?

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