If you are planning to hold the bitcoin then you will need someplace where you can store it. Similar to the physical world you would be able to store the bitcoin in the wallet.

Similar to the account number which you get from your bank you will get the wallet address from your wallet. This wallet address will be shown up in the ledger search and is shared with others for making the transactions. This address is very short, more usable with the public key, and consists of 26 to 25 alphanumeric random characters. Every number and letter of your wallet address is important. Before you send any bitcoin to the wallet double check on the entire address.

Private and Public keys

There are one or more private keys which are been tied to the wallet as per the bitcoin price chart. As the name suggests this cannot be shared with anyone else. Keys are used for verifying the public key and for signing off the transactions. Some wallets have been created in a secure seed phrase. There are a set of words that will allow you to unlock the wallet when you will lose the keys. You can print this phrase and keep it in a safe place.

Your wallet will generate the master file in which the private and public keys are stored. This file can be backed up in case when the original file has been damaged or lost.

You can store the private keys on a mobile device, computer, or on any physical gadget for storage. You can also write on a piece of paper and save it somewhere. It is very important to take the backup of your private keys both offline and online. By the way, the wallet is relatively safe and secure.