A Bitcoin wallet is a digital wallet that can hold Bitcoin as well as other cryptocurrencies, like Ethereum or XRP.
“A Bitcoin wallet (and any crypto wallet, for that matter) is a digital wallet storing the encryption material giving access to a Bitcoin public address and enabling transactions,” says Alexandre Kech, CEO of Onchain Custodian, a custody service for digital assets. Bitcoin wallets not only hold your digital coins, but they also secure them with a unique private key that ensures that only you, and anyone you give the code to, can open your Bitcoin wallet. Think of it as a password on an online bank account.
With a crypto wallet, you can store, send and receive different coins and tokens. Some just support basic transactions while others include additional features, like built-in access to blockchain-based decentralized applications commonly known as dapps. Among other things, these may allow you to loan out your cryptocurrency to earn interest on your holdings.
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