What is a Bitcoin wallet and how do they work?

A Bitcoin wallet is a digital wallet used to store, send and receive Bitcoin. Bitcoin wallets come in different forms, including software, hardware, paper, online and mobile. Most wallets generate private and public keys that are used to receive or spend bitcoins. The private key is used to authorize transactions and access the funds stored in the wallet, while the public key is the address used to receive payments. Transactions on the Bitcoin network are secured using cryptography, meaning that only the owner of the wallet has access to their funds.