However, now that there are a million coins, it’s a tad hard to keep track of all of them! Can we have one location where we can store our coins and keep track of them? Yes! That’s called your crypto wallet.
Similar to a physical wallet where you carry your ID, cash, credit cards and reward cards, your crypto wallet is similar but online and can store crypto coins.
Your crypto wallet acts like your online ID; instead of having a different username and password for every website, you can have one wallet and it can be used to log into many different kinds of websites.
The crypto wallet acts like a bank account where you can keep your dollars (or any currency) safe, and also earn a much higher annual interest (APY) than any bank will give you.
Your crypto wallet also acts like your credit card, allowing you to send any currency to anyone in the world with another crypto wallet instantly. It can also be used as a brokerage account, allowing you to trade between crypto coins, currencies, and stocks.
The utilities to a wallet are endless and will be discussed more in later modules!