In order to receive cryptocurrency payments, you need to have a cryptocurrency wallet.
“A cryptocurrency wallet, comparable to a bank account, contains a pair of public and private cryptographic keys. A public key allows for other wallets to make payments to the wallet’s address, whereas a private key enables the spending of cryptocurrency from that address.” (Source: wikipedia.org)
In other words, a cryptocurrency wallet contains a public key (which is the crypto address that crypto funds can be sent to), and a private key (which is your password to access and transfer the crypto funds in your wallet).
Each crypto asset in your wallet has its own public key and private key, so be careful not to send a crypto payment to an invalid or wrong address because it might very well get lost.
Types of cryptocurrency wallets.
There are basically 5 types of cryptocurrency wallets.
1. Desktop Wallets
2. Online Wallets
3. Mobile Wallets
4. Hardware Wallets
5. Paper Wallets