Wallets
Wallets are like your crypto bank accounts, and different wallets store different tokens.
To trade any crypto currency, you first need a wallet for to store them, ie: Bitcoin needs to be kept in a Bitcoin wallet. Wallets are exactly like they sound, they’re like a crypto bank account.
How to get a wallet
The easiest way is to sign up to an exchange that allows you to buy, trade, or sell cryptocurrencies, they allow you to generate a wallet for every token that they trade, even if you don’t own any. Coinbase for example, gives you a wallet for Bitcoin, Litecoin, and Bitcoin Cash.
How Cryptocurrency Wallets Work?
Cryptocurrency wallets work like the safety deposit boxes we use to store our most treasured possessions be they bond certificates, jewelry or a will. None of us can afford to lose the keys to the safety box because we could lose ownership of our valuables if they wind up in the wrong hands.Cryptocurrency wallets work pretty much the same way only instead of physical keys we carefully guard our digital keys.