A crypto wallet is usually software or hardware that helps you manage cryptographic keys. It does not hold coins in the same way that a physical wallet holds cash. The blockchain records transactions and balances; the wallet helps you use the keys that control an address.
Public address
A public address is a destination that can usually be shared when receiving an asset. It is not the same as a person’s name, and it may reveal transaction history on a public blockchain. Check the network and address carefully before sending anything.
Private key
A private key is secret information used to authorise certain transactions. Anyone who obtains it may be able to move the assets controlled by that key. It should not be posted, emailed, copied into a website or requested by a support account.
Seed or recovery phrase
Some wallets use a recovery phrase to recreate a set of keys. The phrase is a backup secret, not a username or password. Anyone with the phrase may be able to restore the wallet, so store it offline according to the wallet’s documented guidance and never share it with another person.
Custody is the important distinction
With self-custody, the user controls the private keys. With a hosted service, another organisation may control the keys and provide access through an account. The practical risks, recovery process and legal position differ, so read the provider’s current terms rather than assuming that every wallet works the same way.
What a wallet cannot prove
A wallet address does not prove that a person, company or investment opportunity is genuine. A transaction confirmation does not reverse a mistaken payment. Treat unexpected requests for a seed phrase or private key as a serious warning sign.
See the existing blockchain guide and FCA crypto basics. This is general education, not a recommendation to use a particular wallet or service.