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A Beginner’s Guide to Crypto Wallets: Choosing the Best Wallet for assets

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A crypto wallet is a type of software that enables individuals to securely store, manage, and transfer digital currencies. It operates similarly to a conventional wallet, except it does not store physical cash or cards. Instead, it “stores” digital currencies like Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies.

Users are provided with a distinct address by crypto wallets, which they can utilize to send and receive cryptocurrencies.

Crypto wallets are used to store the private keys needed to access and manage digital assets. These wallets can be categorized as either custodial or non-custodial, depending on how they handle the storage and management of a user’s private keys. A custodial wallet involves a third party, usually an exchange, holding the user’s cryptocurrency on the “owner’s” behalf. — warning; the third party actually owns the crypto, not you.