What is a cryptocurrency blockchain wallet?

Cryptocurrency and Blockchain Explained: Blockchain Wallets

This is a short explanation in words and pictures of what a cryptocurrency blockchain wallet is, accompnanied by a short video giving the explanation. I like to explain it in terms of place and control. I hope you find easy to understand and remember.

A Place

I like to explain a cryptocurrency wallet as a place, not a thing or object.
When we hear the word wallet, we think of an object we keep our money in, but we need to change our thinking for cryptocurrency and the blockchain. Because cryptocurrency isn't a physicial object like money. So a cryptocurrency wallet isn't a physical thing either. I suggest you think of a cryptocurrency wallet as a place on the blockchain, and you can think of it as the place where your cryptocurrency is located.

A Public Key is an address.

If you think of a cryptocurrency wallet as a place, then it is natural for it to have an address. And the address is called a Public Key. So your public key is the location or address of your cryptocurrency wallet.

A Private Key provides you control.

If you think of your wallet as a place, like a house or building, which has an address called your public key. Then it is logical to think about the fact that like any house or building it has a key. And the key to a house or building controls access to the house or building. So you cannot go inside the house and take things out without the key. The key controls removals or withdrawals from the house or building. In cryptocurrency the key to the house is called the Private Key. The cryptocurrency Private Key controls access to the cryptocurrency wallet. You cannot remove cryptocurrency from the wallet without having the Private Key.

The video is a detailed verbal explanations of about 6 minutes.

The End

Questions? Leave them in the comments below.

About @shortsegments.

Shortsegments is a content creator creator on Inleo.io, who focused on cryptocurrency, the blockchain, non-fungible digital tokens (NFTs), and decentralized finance for over six years.
InLeo, a 4 year old social media application community on the Hive Blockchain, where you can write long articles called POSTS or short comments called THREADS about any topic.

What is Hive? Hive is a blockchain based social media platform and Hive is a blockchain, which supports multiple social media platforms and pay for earn games and exercise to earn games.
What quick facts should you know about Hive blockchain has zero transaction fees, 3 second transaction time, proof of stake consensus and a Community DAO with a 25 million dollar DAO treasury paying developers and builders to build applications for the community. Maybe your project should be here.