I think that the word wallet is a bad choice? My reasons are:

• Your bit coins are not stored in your wallet.
• A copy of your wallet is the same as the original

A much better name is bitcoin-keyring, you have a bitcoin-address and a corresponding bitcoin-key stored in your keyring.
It's easy to understand that if you lose your key you can't access your bitcoins. If somebody get a copy of your key, they can take your coins.