Glossary
Wallet
Software or a device that holds keys and talks to a ledger. The coins are not inside the app.
People talk about putting bitcoin in a wallet as if it were cash in a purse. On a public blockchain the coins are entries on a shared ledger. What you hold is the ability to create a valid instruction to move them.
The app watches the network and adds up coins your keys control. Two wallets with the same phrase should eventually show the same funds, because they are looking at the same public record.
See also
- AddressA public identifier that can receive coins on a specific network.
- Cold walletKeys kept offline, usually on a device that only signs when you look at it.
- Hot walletKeys on a phone, laptop, or browser that is connected to the internet.
- Seed phraseA list of words that can recreate the private keys. Anyone with the list can empty the wallet.
