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CryptoW

Wallet

A software application or hardware device that stores the private and public keys required to send, receive, and manage cryptocurrency on a blockchain network. Wallets do not actually store the coins themselves but rather the cryptographic keys that prove ownership of assets recorded on the distributed ledger. Types include hot wallets (connected to the internet for convenience), cold wallets (offline for security), hardware wallets, paper wallets, and multi-signature wallets.

Example

The investor transferred their Bitcoin holdings from the exchange to a hardware wallet for long-term cold storage, reducing the risk of a centralised exchange hack.