Just like you store physical money in physical wallets, cryptocurrencies are kept in crypto wallets. A crypto wallet is very similar to an electronic bank account. Cryptocurrency is locked in there and can only be accessed with the right password (key). After opening your wallet, you can send the funds from it to other wallets, e.g. to a friend or use them as payment. A crypto wallet can also receive transfers; you just need to give the sender its “number” (address).