What is a Crypto Wallet?
A crypto wallet is where you keep your cryptocurrency safe. Unlike a normal wallet that holds cash, a crypto wallet stores the keys that let you access your digital money. These keys are special codes that prove the coins belong to you and let you send or receive them.
There are two main types of wallets. A hot wallet is connected to the internet and usually comes as an app on your phone or computer. It is easy to use but more at risk of being hacked. A cold wallet is offline, often a small device that plugs into your computer, and it is considered much safer because it is not connected to the internet 24/7.
The keys to a cold wallet cannot be restored so when they are lost, they are gone forever. The funds will be unretreivable.