What is a Wallet in Blockchain?
1 min readJun 20, 2019
- A Wallet has cryptographic pair keys: your private key and your public key (address).
- Use these Keys to interact directly with the blockchain.
- Using public key (address) anyone can send you Bitcoin or tokens.
- 3rd party can use Public key, to send Tokens to your Account.
- Keep your Private key safe and secure.
- Using your Private key, anyone can withdraw Tokens from your Wallet.
- Private key is called your mnemonic phrase, keystore file, UTC file, JSON file, wallet file.
- If you lose your private key or password, no one can recover it.
- If you enter your private key on a phishing website, you will have all your funds taken.
- You can also use Hardware Wallet, to store your Private keys.
