A cryptocurrency wallet or crypto-wallet is a tool that allows you to store cryptocurrencies. Wallets can be software (apps on your computer or mobile) or hardware (Trezor or Ledger). There’s usually a wallet app for each digital currency, but there are some that aggregate multiple cryptocurrencies in one app. We write more about which wallet to choose here.

The basic functions of a cryptocurrency wallet is to generate a seed a backup of the crypto-wallet. Those are the 12-24 words that are stored in the cryptocurrency wallet. Whoever has the seed to a given wallet can send the cryptocurrencies stored on it. Therefore, it is very important to transcribe these words carefully on paper and store them securely ideally in multiple geographical locations.