Definitions and Key Concepts

Definitions

• Public key = public address used for sending/receiving crypto to/from a wallet
• Private key = password used for sending crypto from a wallet

Key Concepts

• A digital fiat money wallet is a piece of software created by a bank to stores a user’s fiat money information. Types of fiat money are the US Dollar, Japanese Yen, Chinese Yuan, Vietnam Dong, etc. These are issued by banks and regulated by governments.
• A digital cryptocurrency wallet is a software application designed to interface with certain blockchains. It securely stores the public and private keys for crypto transactions, and tracks the user’s crypto balance. They come in many shapes and sizes. Some are more secure than others.