What is a cryptocurrency wallet?

In order to receive and send, first you need a cryptocurrency wallet. A cryptocurrency wallet is a software application which allows you to store, transfer and check the balance of your crypto funds. A wallet consists of a public address and a private key. The main function of a wallet is to store your private key. 

There are two main types of wallets, hot wallets and cold wallets. The definition of digital wallets depends on where the wallet stores its private key.