Many people believe that cryptocurrency wallets store cryptocurrency, however, this is not the case. Cryptocurrencies are kept on the blockchain, which is a decentralized global database. Like the GPS coordinates of a mailbox, every cryptocurrency wallet has a unique address on the blockchain where it can be found. Similar to the key that opens the bottom of the mailbox, crypto wallets hold the private key required to unlock this blockchain address.
Cryptocurrency wallets come in a variety of forms, including web, mobile, desktop, paper, and hardware. Whatever type of wallet you choose, will serve the same purpose. Some wallets, however, may function better than others depending on how you want to use your cryptocurrency.