Cryptocurrency wallet is a digital address in the network used to store, send, or receive transactions on the chain. An Address is usually a string of alphanumeric characters. The wallet is typically some type software/app that syncs data with the blockchain network.
Every wallet is locked by the private key (string of alphanumeric characters). By private key, you can unlock your wallet and interact with your wallet. Your private key is everything. First of all, you have to stay aware all time, because there is a big risk, that someone can steal your private key.
There are thousands of cases every day, that someone has stolen the private key to the cryptocurrency wallet. Hackers are very forward in this because they use high-end malware, spyware to search private key on your computer. Keep safe your private key! Probably the best option is non-computer version – just rewrite it on paper.
Most of all cases happened because people did not keep their private keys safe. It is only up to you, to keep private key safe from hackers. However, for all these possible risks, there is a solution in the form of hardware wallet. Hardware wallet opposite to online wallet will protect you from all possible frauds and attacks on your private key. If you want to know more, how hardware wallets works see our next article about cryptocurrency hardware wallets.
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