A cryptocurrency wallet is a software program that stores your private and public keys and interacts with various blockchain networks (depending on the cryptocurrency that is stored in the wallet). It enables users to send and receive digital currencies and monitor their balance. If you want to use or trade Bitcoin or any other cryptocurrency, you will need to have a digital wallet.
An individual may have his own cryptocurrency wallet to store his digital assets, while a centralized cryptocurrency also uses cryptocurrency wallets (that are often held in cold storage, hot storage, or in multisig wallets).
There are many types of cryptocurrency wallets, such as: