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What are Cryptocurrency Wallets?

7/12/2017

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What are Cryptocurrency Wallets?

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Reading through Wikipedia regarding Coinbase seems it is called a Cryptocurrency Wallet.

According to my Internet search: (I liked Crypto Currency Facts)

"What is a Cryptocurrency Wallet"? Sit back and let's go through this slowly.
  • It should be a secured location also known as a wallet
  • Cryptocurrency is NOT stored in the wallet
  • A wallet like Coinbase I signed up with also known as a cryptocurrency wallet is where a private key is stored.  (Its suppose to be a secure digital code known only to the wallet's creator.  Share this code with NO ONE!)
  • This private key will show ownership to a digital code connected to a denomination of virtual money also known as digital money also known as cryptocurrency.
  • These wallets (cryptocurrency wallets) like Coinbase can store private and PUBLIC keys!
  • The purpose of these wallets are so ones can store, send, and receive digital/virtual/cryptocurrency monies through "Using" the Internet.  
  • A wallet is ones ones personal ledger of transactions showing/tracking ones transactions only in virtual space on the Internet using a servicing company like Coinbase.

Thinking this through its learning new words from the hands on world I use now.
  • Instead of going to my bank I will have a virtual bank through the Internet, "Online".
  • Instead of a bank account and routing numbers I will have keys and a digital code.  
  • The digital code is where I will find my money.
  • To get to my money I will need to have a key to prove I own that digital code.
Someone help me out here to verify I'm on track.
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  • aCryptoCurrency
    • . >
      • . >
        • . >
          • Cryptocurrency
          • Cyrptocurrency Domain Names
          • Cryptography
          • CryptoCurrency
          • aCryptoCurrency Blog
          • aCryptoCurrency Discussions
          • aCryptoCurrency Library
          • aCryptoCurrency Resources
          • aCryptoCurrency World >
            • Getting Started
            • CryptoCurrency Wallet
            • CryptoCurrency Hashtags
            • CryptoCurrency Terminology
            • CryptoCurrency Information
            • Cryptocurrency Discussion
            • Cryptocurrency News
            • DISCLAIMER
          • About me