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UNIAn app or device that holds the keys to your crypto, letting you send, receive and use coins on a blockchain.
Crypto Reviewed by Keshav Aggarwal · Updated
In simple words
Your coins do not sit inside the wallet like notes in a purse. They live on the blockchain. The wallet holds the key to your locker.
Whoever has the key can open the locker. That is why the key matters most.
The technical side
A wallet stores private keys and signs transactions with them. Custodial wallets, such as an exchange account, hold the keys for you; non-custodial wallets (MetaMask, Phantom, hardware devices like Ledger) leave them with you. Hot wallets are online and convenient; cold wallets stay offline and are safer for large amounts.
If an exchange fails or freezes withdrawals, custodial users can lose access, as FTX customers did in 2022. With a non-custodial wallet, losing your seed phrase means losing the coins.
Crypto Wallet kya hai?
Crypto wallet tumhare coins ki chaabi rakhta hai, coins khud blockchain pe hote hain. Chaabi kho gayi ya kisi ko mil gayi, toh coins gaye.
Not investment advice. Crypto tokens can lose all their value. Read the risk disclaimer.
Related terms
- Seed PhraseCryptoA list of 12 or 24 words that can rebuild a crypto wallet and every key in it. Anyone who has it controls the coins.
- DeFi (Decentralised Finance)CryptoFinancial services such as lending, borrowing and trading that run on blockchain smart contracts instead of through a bank or broker.