# Wallet

> An app or device that holds the keys you need to spend and receive crypto.

Canonical URL: https://fudfomo.co/glossary/wallet
Source: What The Block! Dictionary v1.0 (last updated 2026-04-25), browsable at https://wtb.fudfomo.co.

## 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 Key](https://fudfomo.co/glossary/private-key): A secret string of characters that proves you own a crypto address. Anyone who sees it can spend your funds.
- [Seed Phrase](https://fudfomo.co/glossary/seed-phrase): A list of 12 or 24 ordinary words that backs up an entire wallet.
- [Hot Wallet](https://fudfomo.co/glossary/hot-wallet): A wallet connected to the internet, like a phone app. Convenient for everyday use, less safe for big balances.
- [Cold Storage](https://fudfomo.co/glossary/cold-storage): Keeping crypto on a device that is not connected to the internet. Safer for long-term holding.

## See the full catalogue

What The Block! covers more than 2,000 plain-English crypto terms, delivered as embeddable hover-state tooltips for crypto exchanges. https://wtb.fudfomo.co