The Bitcoin wallet is one kind of device that houses Bitcoin user’s private and public keys that are used for accessing the cryptocurrencies. Bitcoin wallet may not be a best term since no real cryptocurrency tokens will be stored within this wallet. Suppose wallet safely stores public and private keys of the user, there’s not any method of other user to access these tokens without their consent. Just imagine: Your physical wallet is used for storing the bank card. Without the bank card’s pin, somebody else can’t access your funds.
The bitcoin wallets generally come in various forms, with the particular formats providing different features that are quite appealing to some whereas others offer various features.
What’s the private key & how does this work?
The private key is sophisticated piece of the cryptographic code that allows the cryptocurrency user to have an access to the digital funds. Private Key can be paired with the public address. Anybody with the cryptocurrency will send funds to other user’s address. Private Key is used for accessing these funds. It’s just impossible to get access in the wallet without private key that means it is of huge importance to keep private key safe as well as not share this. Private Key is generally made from 51 alphanumeric characters. The sequence makes it tough for the hacker to attack.
Moreover, due to high security in cryptography, if user loses the private key then funds will get lost too, thus it is important to keep this key in the safe location where you can only have an access.