There tends to be a common misconception that a crypto wallet is where coins are held; the truth is that this is a massive oversimplification. All coins are found on the blockchain, while a wallet holds a set of public and private keys which provides the authorization to complete crypto transactions.
Each crypto wallet address comes with a unique phrase, made up of a random assortment of numbers and letters that come in different lengths, which help to identify a specific wallet, much like the numbers used to identify a bank account.
Some Friendly Reminders:
Just to let you know, Ramp doesn't provide wallet addresses, so it's essential to set your address up beforehand.
Also, please keep in mind that you should always double-check that your wallet address is correct, as blockchain transactions are final once the coins are transferred.
Remember that your private key/seed phrase and wallet address aren't the same things; while it's fine to post your address publicly, your private key can give someone else unauthorized access to your wallet.
Wallet Types:
When storing these keys, there are two options for users to decide between using a software (hot) wallet or a hardware (cold) wallet.
The benefit of using a software wallet is that they tend to have a more intuitive design and are user-friendly.
By comparison, hardware wallets tend to be way more secure because they can be unplugged when not being used, but on the downside, users must purchase them upfront, and they can be easily lost.