"Most Crypto wallets allow users to send, receive, and store crypto. If you send Bitcoin (BTC) to a Bitcoin Cash (BCH) address, for example, those funds will be lost forever. Quick tip: When sending a crypto transaction, always make sure you're sending to an address for a wallet of the same type of cryptocurrency. The wallet itself stores addresses and allows their owners to move coins elsewhere while also letting others see the balance held at any given address.
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The coins exist on a blockchain and the wallet software allows you to interact with the balances held on that blockchain. Crypto isn't stored "in" a wallet, per se.
Understanding how crypto wallets workīlockchain is a public ledger that stores data in what's known as "blocks." These are records of all transactions, the balances held at any given address, and who holds the key to those balances. Web wallets like MetaMask and desktop wallets like Electrum come with a graphical user interface (GUI) that is made to be as simple as possible. While the idea of crypto itself is still new to many people, crypto wallets themselves are designed to be user-friendly. You use this key to initiate transactions, which is called 'signing,'" says Joel Dietz, founder of Art Wallet and contributing developer to MetaMask. "It is similar to a bank account but the main difference is it is controlled by a key that only you control.
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