private or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-key/">public keys</strong></a> for cryptocurrency transactions. Though a lot of people don&rsquo;t fully understand what is the purpose of private keys. To put it simply, they are like a PIN you would use to access your credit card because the data they keep is only used to allow users to access their assets on the blockchain.</p>\n<p>There are various types and sizes of wallets for cryptocurrencies. Note that some wallets store various assets, while others focus on one (e.g. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin). Also, there are two main types of crypto wallets &ndash; <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hot-wallet/">hot wallets</strong></a> (connected to the internet) and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cold-wallet/">cold wallets</strong></strong></a> (not connected to the internet) that are further subdivided into smaller types.</p>\n<p><strong>Hot wallets include:</strong></p>\n<ul>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-desktop-wallet/">Desktop wallets</strong></a> &ndash; installed on computers.</li>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-software-wallet/">Software wallets</strong></a> &ndash; based on the web, can be accessed from anywhere.</li>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mobile-wallet/">Mobile wallets</strong></a> &ndash; installed on phones.</li>\n</ul>\n<p><strong>Cold wallets include:</strong></p>\n<ul>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hardware-wallet/">Hardware wallets</strong></a> &ndash; physical devices that hold the private keys of cryptocurrencies.</li>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-paper-wallet/">Paper wallets</strong></a> &ndash; a printed piece of paper that contains private keys.</li>\n</ul>\n<p>Keep in mind that while hot wallets might be a little more convenient because they can be accessed from anywhere, cold wallets are more secure because they're not vulnerable to malicious attacks.</p>","level":"easy","meta_title":"What is Wallet? 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In other words, a watchlist is <strong>a collection of pages that a user has chosen to keep an eye on for changes</strong>. Tracking cryptocurrencies is essential to <strong>determine how big a certain digital asset is </strong>which helps to <strong>make smarter investment decisions</strong>. Therefore, it&rsquo;s really <strong>convenient</strong> to use watchlists to have <strong>information about all cryptocurrencies</strong> that interest you in <strong>one place</strong>.</p>","level":"easy","meta_title":"What is Watchlist? 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Bitcoin's <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-max-supply/">maximum supply</strong></a> is 21,000,000 coins. This means that anyone, who has more than 2,100 BTC, is perceived as a member of the Vladimir Club.</p>\n<p>It was far less expensive to join the club back then than it is now. In 2012, one Bitcoin was worth around $11. This means that to join the Vladimir Club you would need to make a $23,100 investment. However, in 2022, one would need to invest roughly $60,900,00 to be deemed a member of the Vladimir Club. This is the case because the price of a Bitcoin was around $29,000.&nbsp;</p>\n<p>The maximum number of club members was originally anticipated to be 10,000. This was estimated with the condition that all members have to mint and divide the coins equally. However, the maximum number of members is much lower. This is the case because some Bitcoin holders have far bigger holdings than 2,100 BTC.</p>\n<p>Besides, <strong>a huge amount of coins is unreachable.</strong> There are two reasons for that:</p>\n<ul>\n<li>The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></a> have been permanently lost</li>\n<li>The private keys were transmitted to invalid addresses and cannot be recovered</li>\n</ul>\n<p>In addition, <strong>estimating the number of members in the Vladimir Club is quite challenging. </strong>This is the case because many Bitcoin holders split their wealth into numerous addresses. Besides, some of the richest addresses might be owned by the same person. Despite this, it is projected that the Vladimir Club should have between 500 and 600 members.</p>\n<p>The concept of the Vladimir Club is now commonly used to refer to <strong>cryptocurrencies other than Bitcoin.</strong> For example, if you own more than 0,01% of the BNB's maximum supply, you will be deemed as a member of the BNB Vladimir Club.</p>\n<p>The maximum supply of BNB is 200,000,000 coins. This implies that being a member of the club would require roughly 20,000 BNB. The maximum number of BNB Vladimir Club members would be 10,000. However, only if all BNB coins were distributed evenly.</p>\n<p>Unfortunately, the overall quantity of BNB is gradually diminishing. This is happening due to many <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">coin burn</strong></a> occurrences. Thus, BNB's total supply will eventually be decreased to 100,000,000 coins. This means that the maximum number of members of the BNB Vladimir Club will be drastically reduced as well.</p>","level":"medium","meta_title":"What is Vladimir Club? Definition & Meaning | Crypto Wiki","meta_description":"Vladimir Club meaning: Vladimir Club - a person who has acquired 0.01% of the maximum supply of a cryptocurrency is referred to as a member of this club.","meta_keywords":null,"language":"en","created_at":"2022-05-24T14:24:16.000000Z","updated_at":"2022-06-07T11:49:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-vladimir-club"},"currentChapter":"W","currentSection":"what-is-wallet","chapterTitle":"W","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-wallet","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter W

What is Wallet?

Wallet MEANING:
Wallet - a device, physical entity, program, or service on which private or public keys are stored.
Easy
1 minute

Let's find out Wallet meaning, definition in crypto, what is Wallet, and all other detailed facts.

A crypto wallet is a device, physical entity, software program, or service that allows users to store, transmit, and receive digital assets. To put it another way, wallets store private or public keys for cryptocurrency transactions. Though a lot of people don’t fully understand what is the purpose of private keys. To put it simply, they are like a PIN you would use to access your credit card because the data they keep is only used to allow users to access their assets on the blockchain.

There are various types and sizes of wallets for cryptocurrencies. Note that some wallets store various assets, while others focus on one (e.g. Bitcoin). Also, there are two main types of crypto wallets – hot wallets (connected to the internet) and cold wallets (not connected to the internet) that are further subdivided into smaller types.

Hot wallets include:

Cold wallets include:

  • Hardware wallets – physical devices that hold the private keys of cryptocurrencies.
  • Paper wallets – a printed piece of paper that contains private keys.

Keep in mind that while hot wallets might be a little more convenient because they can be accessed from anywhere, cold wallets are more secure because they're not vulnerable to malicious attacks.
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