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One of the best ways to understand crypto is to try it out. The first steps, like buying and holding some Bitcoin or ETH via an exchange like Coinbase, are simple. But if you want to go beyond the basics — and begin exploring technologies like NFTs and decentralized finance — you’re going to need to learn about some core crypto concepts.

In this tutorial we’re going to explore the basics around one very central core concept: the crypto wallet. It can be a slightly confusing topic because the word “wallet” has a bunch of different connotations in crypto depending on what you’re trying to do.

You might hear about, for instance, custodial wallets (like the wallet that comes with any Coinbase account) or self-custody wallets (like Coinbase Wallet). There are hardware wallets (like Ledger), wallets that work with specific blockchains (like Phantom, which is a Solana wallet), and more.

In this guide we’re going to focus mostly on self-custody wallets. Self-custody wallets give you maximum control over your crypto, allow you to keep many crypto holdings and NFTs in one place, and are the gateway to the growing universe of crypto apps.