Cryptocurrency, just like fiat currency can be spent, traded and stored. This article will give a comprehensive review of how Bitcoins, the preeminent cryptocurrency can be stored, the available storage systems and the advantages and disadvantages of each system.
Bitcoins are stored in a wallet. Traditionally, a ‘wallet’ refers to a physical holder for physical money – in this context, fiat currency. However, one major characteristic of cryptocurrency is the fact that it is virtual, in other words, it has no physical form and outside the digital ecosystem, it has no real value. So if cryptocurrency has no physical form and a wallet can only hold physical cash, what is a Bitcoin wallet? A Bitcoin wallet in the simplest terms is a storage for bitcoins.
A cryptocurrency wallet is less like a regular wallet and more like a bank account, it is a digital storage created specifically for holding cryptocurrency with all the necessary tools that allow for all transactions (sending, receiving and storing) involving the coins. Think of it this way, a wallet is to cryptocurrency what a bank account is to fiat currency.
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