What are cryptocurrency wallets, and why are they important?

A cryptocurrency wallet stores the private keys that allow you access to your cryptocurrencies in a secure and accessible place. This permits owners to send and receive their crypto. A crypto wallet can be a physical item like a USB lookalike or a mobile app.

These wallets aren't storing your crypto but rather your keys. Crypto holdings exist on the blockchain and are only accessible via a private key proving your ownership of the currency. If the private key has vanished, the money has too. That's why a reliable cryptocurrency wallet is so crucial.