RE: Crypto Noobs #22 - What is a Cryptocurrency Wallet?

This may seem like common sense for those that have been using crypto for a while, to a person that's new, it is not.

Of course, this is true. And you already know that I found out about this last night in the course of our discussion. 😔

Depending on what wallet application you're using, wallets can be added with the private key or the secret recovery phrase.

What you are saying in essence is that metamask, Trust wallet, safepal, etc. Are basically just wallet applications. And that we do not entirely own a wallet yet until we create one inside the app and receive all the necessary keys and phrases?

Regardless of the way I access the wallet, the same tokens are going to be in the wallet. If I have 420 POLYCUB in my wallet, it exists on the blockchain. Therefore no matter which interface I used to access that wallet, the assets are there.

I had always thought that if I created a new wallet, I'll get new phrases and accessing my crypto will require that I move it from one wallet to another... Gosh, I had been so ignorant. 🤦

I had no idea the reason I had the secret phrase was so I can access the content of my wallet from any wallet applications.

Which means, blockchain works differently from our brick and mortar banks because I know I can't access any funds of mine in a different bank if I have no account with them. Or I transfer from one to another.

Thanks alot for taking the time to explain this.