Our Cryptocurrency wallet is a software functionality allowing users to earn, monitor and transfer virtual currencies. Unlike existing banks or pocket wallets that store physical currencies, cryptocurrencies can only be recorded as transactions on the blockchain technology. If a cryptocurrency is transferred to the wallet it means that the ownership of the currency is signed off to a dedicated wallet’s address.
A cryptocurrency wallet stores the public and private keys which can be used to receive or spend the cryptocurrency. A wallet can contain multiple public and private key pairs. As of January 2018, there are over thirteen hundred cryptocurrencies; the first and best known is bitcoin. The cryptocurrency itself is not in the wallet. In case of bitcoin and cryptocurrencies derived from it, the cryptocurrency is decentrally stored and maintained in a publicly available ledger. Every piece of cryptocurrency has a private key. With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency.