Its pretty obvious, since its a compressed key, It starts with either L or K and there is no L in the key. That leads me saying ( "first" thing you need is a wallet )
That's actually the most confusing part. For anyone familiar with public/private key generation it's obvious that a compressed key has to start with K/L.
However, it has literally nothing to do with "That leads me saying ( "first" thing you need is a wallet )". I mean there is no connection whatsoever. Even connecting it to the 2nd statement(about private key know-how) would make more sense.
One of the hardest parts of making a puzzle is to ensure that each clue doesn't have an infinite number of potential meanings.
If you read the other clues I given it not as hard as you are making it on yourself. NOT all the characters are scrambled. Key starts with K/L the 1st thing ... Theres the connection. Now your statement about the 2nd should appear a little brighter to you.
Im not sure what you mean by not having infinite number of meanings? If every clue was in your face obvious, the puzzle would be boring. AND for what?