OM DENNE EPISODE
Today, we will look at some more concepts and explain how they work in simple terms. Let’s start with what a crypto wallet is. In order to explain what a crypto wallet is, we will first talk about how a regular wallet works.
In a regular wallet, you store your debit cards, credit cards, cash, and business cards. In a crypto wallet, you can store your cryptocurrencies, NFT's and smart contract transactions. The difference between your regular wallet and a crypto wallet is that with a crypto wallet you do not have anything tangible, everything is on the blockchain, even your crypto.
Now, let’s take it a step further, a crypto wallet is composed of a private key and a public key. The private key looks like a string of random numbers or, depending on your wallet, a set of 12 or 24 words that you will be given upon the creation of your crypto wallet.
You use this set of letters to restore your wallet in case you lose access to it. While you have to keep your private key secret because otherwise, someone can steal your funds, your public key is what you would share with anyone sending crypto to your wallet.
To learn more about crypto wallets listen to the podcast episode entirely!
