What is a wallet?

Quickbit

A cryptocurrency wallet is a software that enables you to send and receive cryptocurrencies, such as Bitcoin. Some of them allow you to hold several different coins at once, while others support only a limited amount.

Depending on your preferences, different forms of wallets may be of use. Some are stored offline in separate hardware, used to occasionally connect to the web to perform transactions (known as a hardware wallet). Some even write the keys down on a piece of paper, which is one method of “cold storage.”. This is one of the most secure ways to store your coins, but also requires more work to use.

Hosted wallets are similar to a traditional bank account. Usually, you can access your balance on multiple devices, and in case you lose your phone, computer, or simply forget your password, your funds aren’t lost forever. The QuickBit App is a hosted wallet service.

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