A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets. A hot wallet is one that you install on your own computer or mobile device. You are in complete control over the security of your coins, but since they are on a device that is connected to the internet they are less secure. The second type of wallet is a hardware wallet. They maintain high levels of security to protect your coins by storing your coins offline. Offline storage keeps your coins and ata out of reach from hackers.