Crypto Glossary
Wallet
An app or device that holds the keys you need to spend and receive crypto.
Definition
A crypto wallet is software (or sometimes a small physical device) that stores your private keys. Those keys are what prove you own a given amount of crypto.
If you lose access to your wallet and have no backup, you lose access to the funds, because no central company can reset it for you. That is why backing up your seed phrase matters.
Related terms
- Private KeyA secret string of characters that proves you own a crypto address. Anyone who sees it can spend your funds.
- Seed PhraseA list of 12 or 24 ordinary words that backs up an entire wallet.
- Hot WalletA wallet connected to the internet, like a phone app. Convenient for everyday use, less safe for big balances.
- Cold StorageKeeping crypto on a device that is not connected to the internet. Safer for long-term holding.
Source: What The Block! Dictionary v1.0 (last updated 2026-04-25).