Since QT, developers have launched many different types of wallets, open-source, close-source, multisig (multisignature wallets), etc, and a whole market was born for crypto storage devices. Although the wallet still exists, it’s rendered somewhat obsolete because of its tech limitations such as asking users to download the entire blockchain history to sync it with their wallet. The first wallet created for Bitcoin was the QT wallet, created by none other than Bitcoin’s creator himself – Satoshi Nakamoto. Cryptocurrency wallets act as access points for users to store, send, or make purchases with their crypto. The private keys prove the user’s ownership over the said assets and are used to digitally sign transactions sent from the wallet.
Cryptocurrencies themselves aren’t really stored physically in these wallets, as they only exist as a piece of code stored on the blockchain. Cryptocurrency wallets are used to store users’ private keys.
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