Wallet

A wallet is a medium where private keys are stored and allow the owner to send and receive cryptocurrency. A wallet can either be a physical device, program or a service. In addition to storing public and/or private keys, a crypto wallet can also be used for encrypting and/or signing information. Signing can be an execution of a smart contract, a cryptocurrency transaction, identification or legally signing a 'document'. There are different types of wallets.

Type of wallets

Software Wallets:

Desktop Wallets: Installed on a computer or laptop.
Mobile Wallets: Designed for smartphones and tablets.
Web Wallets: Accessed through a web browser.

Hardware Wallets: Physical devices that securely store private keys offline.
Paper Wallets: Physical documents containing a user's public and private keys.
Metal Wallets: Similar to paper wallets, but the keys are engraved or etched on a metal surface for durability.
Brain Wallets: Wallets generated and stored solely in the user's mind, typically using a passphrase.

Cold wallet

A "cold" wallet is not connected to the internet. Writing down or printing the private keys on a piece of paper is a form of a "cold wallet". Storing the private keys on paper and not connecting them to the internet makes them secure, but also susceptible to damage, loss and theft. Paper wallets are secure, portable, but difficult to use.