Much like a traditional wallet, a cryptocurrency wallet is used to store, send, and receive cryptocurrencies:
- Each cryptocurrency has its own designated wallets.
- There are a number of different types of wallets – the LBX wallet is both an online and mobile wallet. It is accessible via username and password, rather than via a private key.
- There are also ‘paper’ and ‘brain’ wallets – whose private keys are stored offline.
- Hardware wallets are a relatively new addition that provides an additional layer of security by allowing you to hold cryptocurrency on a unique device resembling a USB stick, that can then be stored in a safe location.