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Wallet

What does Wallet mean in crypto terms?

In the context of cryptocurrency, a wallet is a digital tool that allows users to store, receive, and send cryptocurrencies. Wallets can be hardware-based or software-based, and they secure the user’s private keys, which are essential for accessing the cryptocurrencies associated with the corresponding public addresses. Wallets communicate with blockchains to enable users to check their balance, send and receive digital currencies, and conduct other operations. Some wallets support multiple cryptocurrencies, while others are developed for specific coins. It is crucial to maintain the security of a wallet, as loss of access or compromise can lead to a loss of funds.

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