There are many types of wallets: desktop, mobile, paper, web, and hardware. This is the reason for which all reputable cryptocurrency exchanges put the emphasis on advanced privacy when it comes to storing your digital assets. As such, it is quintessential that you keep it secure. Put simply, this is your “ticket” which will allow you to spend your bitcoins. The keys are saved within the wallet file and are mathematically related to all of the bitcoin addresses which are generated for the wallet. Each bitcoin wallet contains at least one, or sometimes more, private key. In the context of bitcoin, a private key represents a secret sequence of numbers and letters which allow bitcoins to be spent.
While there are certain solutions which would only allow you to hold one type of digital currencies, the wide majority of Bitcoin wallets, many harnessing the open-source programming of Bitcoin Core, also allow the user to hold multiple cryptocurrencies at the same time, including Ether (ETH), Bitcoin Cash (BCH), Monero (XMR), Ripple (XRP), Stellar (XLM), and others. Obtaining a blockchain wallet is necessary in order to hold any type of crypto assets or digital currency.
