Wallet
A wallet is a tool used to store cryptocurrencies, either digitally (hot wallet) or offline (cold wallet).
Quick Reference:
Stores Private Keys. Online or Offline.
Expanded Explanation:
Wallets don’t actually store your coins, but rather the private keys that give you access to them. A hot wallet is connected to the internet, making it far easier to use but more vulnerable to hacks. A cold wallet is kept offline, like a usb device, making it safer but less convenient for frequent movement. Generally speaking a hot wallet is find for small amounts or experimentation, while serious investors often keep most of their holdings in cold storage for safety.