More Examples
“There are many different kinds of bitcoin wallets.”
“I lost my bitcoin wallet but luckily I still had my 24-word private key.”
“A hardware bitcoin wallet is more secure than a paper bitcoin wallet.”
Definition(s) from the Web
- A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin network. The wallet actually contains your private key(s) which allow you to spend the bitcoins allocated to it in the block chain. Each Bitcoin wallet can show you the total balance of all bitcoins it controls and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant. Source
- A Bitcoin wallet is a collection of private keys but may also refer to client software used to manage those keys and to make transactions on the Bitcoin network. Source
- Bitcoin wallet is the equivalent of a physical wallet for transactions with Bitcoin. There are different wallets for different platforms. To start working with bitcoins (Bitcoin), first of all you will need a bitcoin wallet. It allows you to make transactions, that is, buy and sell cryptocurrency. The main task of bitcoin wallet is to store the secret key that is needed to access the bitcoin address and, accordingly, your funds. From a technical point of view, bitcoins themselves are not stored anywhere, only secret digital keys are stored, which give access to public bitcoin addresses and the ability to “sign” transactions. It is for this information and need a bitcoin wallet. Wallets are different, depending on the device for which they are intended — you can even do not use the computer and write the keys on paper. And, of course, it is very important that the wallet has a backup copy and was protected from unauthorized access. Cryptocurrency wallets are digital and physical, offline and online methods that rely on public key cryptography to allow users to send and receive bitcoins securely across the network. Source
- A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification or legally signing a ‘document’. Source
