Blockchain Wallet

Conducting transactions in the world of blockchain usually includes the use of a blockchain wallet, also called a cryptocurrency wallet.

A blockchain wallet is a service that allows you to access a blockchain address and transact digital assets to and from it through a blockchain network. A wallet can hold multiple addresses, with each address representing a single 'digital deposit box' on that blockchain network.

There are any number of wallet options out there that provide a wide range of services on the blockchain networks they operate on. They come in the form of web extensions, in smart phone apps, in dedicated hardware packages, and more. It's impossible to name them all.

Blockchain wallets share a few key features, though.

• Holds at least one blockchain address

• Can send transactions to other addresses

• Can receive transactions from other addresses

• Can generate addresses

• Can recover addresses

Wallet Address

The term 'Wallet address' is often used interchangeably with 'blockchain address' when referring to an address associated with a wallet.

Addresses are generated through the use of something called a 'seed phrase,' which is used to secure the address. If you lose access to your blockchain wallet due to forgotten password or hardware loss, the seed phrase can be used to recover the wallet - either using the same service or through a new one.

One way to think of the seed phrase is as the master key to the digital deposit box - anyone who has it has full control. All blockchain transactions are irreversible, so assets lost to scams or computer hacks usually can't be reclaimed. Your seed phrase should be kept offline, written down in a secure location.

The term 'seed phrase' is often used interchangeably with 'secret recovery phrase'