Crypto wallets are devices that allow you to store keys to transactions that are on a Blockchain and that you, as a user made.
They use Private keys and Public keys that are the core of allowing you to receive crypto and make transfers.
Difference between crypto wallets and normal bank
The difference between crypto wallets and normal banking accounts is that the bank has an I Owe You Contract with you and when you use crypto wallet, you own crypto. If the bank goes bust, you won’t get all the money, but only what is guaranteed by some protection scheme
Types of wallets
There are different types of wallets that can be used to store cryptocurrencies. All of them have some pros and cons so it is up to the user which one they are going to be comfortable with. Some of them are Hot wallets and some other ones are Cold wallets