Cryptocurrency is a broad term for digital assets that use a blockchain or similar distributed ledger. The technology can record transfers, but it does not make every asset alike, guarantee its value, or remove the risks of managing access. Understanding the network, the keys that authorize transactions, and the way an asset is held is essential before using one.
What is cryptocurrency?
Cryptocurrency is a kind of crypto asset: an asset generated, issued, or transferred using a blockchain or similar distributed-ledger network. A blockchain is a shared digital record maintained across a network of computers. Depending on the asset and its design, the record may track transfers, ownership, or other kinds of activity.
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“Cryptocurrency” does not describe one uniform product. Assets can differ in how they are created, what purposes they serve, how their networks operate, and what rights—if any—they represent. Their legal treatment and risks can differ too. A digital asset is not automatically government-issued money, a claim on a company, or a stable store of value.
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How does cryptocurrency work?
In a typical blockchain transaction, a user authorizes a transfer using a private key. The network checks and records the transaction according to that network’s rules, and its ledger is updated. The details vary between networks; not every crypto asset works in exactly the same way.
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- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
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A public key can be used to create an address that others use to send assets. The private key is the secret credential that allows its holder to authorize transactions. A transfer recorded on a blockchain may be difficult or impossible to reverse, so sending to the wrong address or losing access credentials can have serious consequences.
What is a crypto wallet?
A crypto wallet manages the private keys or passcodes used to access and authorize transactions. It generally does not store the crypto assets themselves: the assets are recorded on the relevant network, while the wallet helps control access to them. The SEC explains the private key as similar to a password and the public key as similar to an address others can use to send assets. SEC investor bulletin on crypto asset custody
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With self-custody, you control the keys directly and are responsible for keeping them safe. With a third-party custodian, such as a platform that holds assets for customers, the provider controls or manages the keys. The convenience of a custodian comes with dependence on that provider; research how it protects assets, handles access, and responds to problems. Neither arrangement eliminates risk.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →- Never share a private key or seed phrase. Someone who obtains it may be able to take control of the associated assets.
- Store recovery information securely and consider what would happen if you lost access to the device or account.
- For online accounts, use a strong, unique password and multifactor authentication where available.
- Watch for phishing messages and websites that impersonate wallet providers or trading platforms.
What is the difference between a hot and cold wallet?
Hot and cold describe how a wallet is connected, not whether it is inherently safe. A hot wallet is connected to the internet; a cold wallet is typically a physical device kept offline. Each option has trade-offs.
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- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
| Consideration | Hot wallet | Cold wallet |
|---|---|---|
| Internet connection and cyber exposure | Connected to the internet, so more exposed to online threats. | Typically kept offline, which can reduce online exposure; it does not remove every security risk. |
| Transaction convenience | Generally convenient for frequent access and transactions. | Can be less convenient because the offline device must be accessed to authorize transactions. |
| Control of private keys | May be self-custodied or managed by a third-party provider; the wallet type alone does not determine who controls the keys. | May be self-custodied or paired with a service; a physical device alone does not establish who ultimately controls the keys. |
| Dependence on a custodian | Depends on whether a third party manages the keys, not simply on internet connectivity. | Depends on the custody arrangement, not simply on the device being offline. |
| Loss, damage, theft, or account compromise | Online accounts or devices can be compromised; lost credentials can also prevent access. | The device can be lost, damaged, or stolen; recovery still depends on protecting the necessary credentials. |
An offline device can reduce exposure to online attacks, but it does not protect against a drop in an asset’s price, mistakes during a transfer, lost recovery information, or every form of theft. A hardware wallet is one possible self-custody tool, not a requirement for learning about or using cryptocurrency.
Is cryptocurrency risky?
Yes. Risk varies by asset, network, platform, and custody method. Crypto asset values can be volatile, and you may lose some or all of the money committed. A wallet’s security does not stabilize an asset’s price, and a platform holding crypto is not necessarily protected like a bank account.
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Fraud and operational failures are additional concerns. Scammers may impersonate legitimate services, solicit recovery phrases, or promise results that are not guaranteed. A lost private key may mean permanent loss of access. Third-party custodians introduce dependence on the provider. The CFTC advises consumers to research platforms and wallets; it also warns that derivatives can amplify losses. CFTC customer advisory on virtual currency
- Be skeptical of guaranteed-return claims, pressure to act quickly, and unsolicited requests for keys or recovery phrases.
- Research a platform or custodian before sending funds, including how it safeguards access and what recourse customers may have.
- Understand how a transaction works and verify the recipient address before authorizing it.
- Do not use borrowed money or complex derivatives without understanding that losses may be magnified.
How does US regulation treat crypto assets?
As of March 17, 2026, the SEC had issued an interpretation addressing how federal securities laws apply to certain crypto assets and transactions, with CFTC participation. It does not support a blanket claim that every crypto asset is—or is not—a security; treatment depends on the facts and circumstances. The SEC’s investor bulletin is staff guidance, not a rule or regulation, and says it does not itself alter the law. This is a US regulatory summary, not legal or tax advice and not a guide to rules in other countries. SEC materials on the March 17, 2026 interpretation
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