What is a Bitcoin wallet?

A Bitcoin wallet is a digital wallet used to store, send, and receive Bitcoin. It works similarly to a traditional wallet, but instead of holding physical currency it holds digital tokens called Bitcoin. Bitcoin wallets are secured with two-factor authentication and are password-protected. They can also be backed up and encrypted to ensure the safety of a user’s funds. The wallet contains a public and private key, which are used to send and receive Bitcoin. The public key is used to receive Bitcoin while the private key is used to send Bitcoin.