The main purpose of the creation of Bitcoin as a decentralized currency was to give the masses the power to control and manage their own money. You might ask “Well, do I not have full control of my money?”. Since the money you deposit in the bank is usually used to lend it out to others, you technically do not have full control over it. What you own is simply an IOU, or a promise by the bank to pay you. Bitcoin offers you the power to have absolute and total control over your money. And given the fact that Bitcoin and other cryptocurrencies have been increasing in value, it is vital to have your own crypto wallet to store and manage your coins.
What is a Crypto Wallet? It’s a software program that stores your coins / It’s a software program that stores your private and public keys (they come in pairs), enabling you to send and receive coins through the blockchain, as well as monitoring your balance.
How does it work??? First off, digital wallets are quite different as compared to your physical wallet. Instead of storing money, digital wallets store private and public keys. Private keys are like your PIN number to access your bank account, while public keys are similar to your bank account number. When you send Bitcoin, you’re sending VALUE in the form of a transaction, transferring the ownership of your coin to the recipient. In order for the recipient to spend the newly-transferred Bitcoin, his private keys must match the public address that you sent the Bitcoins to.