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Bitcoin is a digital currency that is stored in an electronic wallet, which can be accessed by using your private key. However, you don’t have to do this directly. A wallet app automatically uses a private key to sign the outgoing transactions for you and also generates wallet addresses for you using that key.
The device on which your Bitcoin wallet is stores the private key, not the coins themselves. Your coins are stored on the Bitcoin blockchain, and your private key is required to authorize transfers of those coins to another person’s wallet.
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