What is a Cryptocurrency Wallet?

What is a Cryptocurrency Wallet?

Like their physical counterparts, cryptocurrency wallets are used to store digital money. Unlike physical wallets, a cryptocurrency wallet cannot be dropped or even stolen.

A cryptocurrency wallet exists on the block chain, and keeps a permanent record of your balance, and is constantly being validated by massive networks of computing devices. Each wallet has it's own public address and can be used to send or receive cryptocurrency.

In order to own cryptocurrency, you will need a wallet. You can learn more about creating your own cryptocurrency wallet.

In addition to the public address, each wallet comes with a series of lengthy private keys which are meant to be used as passwords for accessing the cryptocurrency wallet and it's balance. These private keys need to be kept secure in order to prevent unauthorized access to your wallet.

Some wallets will over a mnemonic which is a series of phrases and terms used in a specific order to unlock your wallet. These can provide access to your wallet and are easier to remember than the private wallet keys.

When you have created a wallet, you can use software to send cryptocurrency from your wallet to another wallet by using the public address of the receiving wallet.

How to Create a Cryptocurrency Wallet

To create your own cryptocurrency wallet, you will need to visit a trusted application to do so.  In most cases they operate similarly by offering you the public wallet address, and the secure keys. Remember that the public address can be shared, but the other information should be kept private.

For simplicity of getting started with our online cryptocurrency miner, we have setup a simple interface for generating your own secure wallet address. The wallet that you generate on our platform can also be used with any other wallet application.  For the moment, we allow the creation of Monero wallets only, used by our online mining tool. 

You can visit our cryptocurrency wallet creator and follow the simple steps to create a new wallet.

What is a Cryptocurrency Wallet?
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