You have the private key and can do whatever you want with it. This key has to remain private, so you shouldn’t share it with anyone.Ī private crypto wallet (one in which you own the software) gives you complete control. Private keys protect your account so that only you can use it. That number connects to the blockchain of a specific coin and allows you to move, spend, and receive that coin. In essence, crypto wallet hardware protects your coins by storing them on a ‘public address’ similar to a bank account number. What is a Crypto Wallet and How Does it Work?Ī crypto wallet is a place where you store your coins. Let’s look at the best crypto wallet hardware and how they keep your coins safe. The only real question is which wallet you should use. If you want to keep your coins safe and have ownership of them, you need a wallet to store them in.

If your coins aren’t in your own secure wallet, you may have paid for them, but you don’t own them. Even if I paid for it, if I can’t use it on my terms, it’s hard to say that I’m in control of it. Ownership implies that I can use my car whenever I want to. I technically own the car, right? Now let’s say that they won’t give me the keys to that car on certain days, and they can determine when I can and can’t use it. I go to the dealership, put the cash down on the table, sign the paperwork, and they hand me the keys.

What is ownership? Furthermore, what does the idea of ownership have to do with determining which crypto wallet is right for you?

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