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Commissions do not affect our editors' opinions or evaluations. Crypto wallets provide a safe place to store cryptocurrency, although they work a little differently than tucking cash into a billfold.

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See how we rate investing products to write unbiased product reviews. Bitcoin wallets, also called crypto wallets, were created to protect investors' private keys from security breaches and fraud.

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Cold wallets are the safest way to store cryptocurrencies, with private keys encrypted onto a physical device. Cold wallets are never connected to the internet, meaning online hacks can be avoided.