For the transaction of cryptocurrencies, you need a Crypto wallet. It is essential for buying, selling, and trading crypto coins. It consists of software programs that store your public and private keys and can be connected with various blockchains so that you can receive and send money. To spend crypto-coins in your wallet and unlock the funds, the private key stored in your wallet must match the public key. If the public and private keys match, the balance in your digital wallet will be debited or credited, and the sender’s wallet will increase or decrease respectively. There is no actual exchange of real coins.
Several types of wallets provide different ways to store and access your digital currency. Wallets are of three categories – software, hardware, and paper. Software wallets can be desktop, mobile, or online.
Desktop: wallets are installed on a PC or laptop. They work only on a single computer in which they are downloaded. Desktop wallets are much more secure than other wallets. But you should be vigilant from computer viruses and hackers.