To understand what cryptocurrency storage really means, let’s look at what you are used to and draw some useful comparisons:
Digital banking
Access Tools
Your banking App/online account are tools to access your money. They don’t actually store any money, but are a representation of the amount of money your bank holds on your behalf.
Access Credentials
You prove ownership of the funds held by your bank with credentials (such as personal details, biometrics, identity documentation, passwords, pins etc). This allows you to move or spend the money.
Account Details
Your bank balance is tied to an account with unique criteria – sort code, account, IBAN – that enable you to spend and receive funds.
Cryptocurrency operates in a similar way, except there is no bank.
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