What's a Crypto Wallet? Crypto Wallets for Beginners 2022

Crypto Wallets for Beginners 2022: What is a crypto wallet? What is the safest way to store your crypto? What is the difference between a hot wallet and a hardware wallet? What are the top crypto wallets?Show more

All of these questions and more, will be answered on today’s episode of CoinMarketCap’s Tuesday Tutorial, where we make it easy for you to get the most out of all the crypto tools out there.

Why do we use a crypto wallet?
When you keep it on an exchange, you give up your private keys, and as the saying goes "not your keys, not your crypto.”

In such a case, you put all your trust in that exchange’s team and security level, and as technology is advancing rapidly, so are hackers’ capabilities. No matter what security verification process and policies that exchange implements, there is always a risk of it getting hacked. You may end up losing all your coins or tokens.

Enter the alternative: A cryptocurrency wallet is essentially a software application that allows the user to store, track, send, and receive coins on the blockchain, just like a bank account.
Along with the pros of having a crypto wallet, there are some cons too, make sure to watch out for those in the video.