Understanding Bitcoin wallets

Understanding Bitcoin wallets

I want to make sure I'm understanding a few basic concepts clearly:

  • A Bitcoin wallet itself is nothing more than a "record" that is stored on the Bitcoin blockchain. It's an identifier that will be used in a person's Bitcoin transactions.
  • A Bitcoin wallet app is simply a software tool to create transactions that are written on the Bitcoin blockchain
  • I think some Bitcoin wallet providers -- not sure if "provider" is the right term -- may keep some information about the user's wallet/transaction information on their own system.
  • The value added by those who provide Bitcoin services are simply providing user-friendly tools to read/write information from the Bitcoin blockchain. They may also be providing a method of converting real currency into cryptocurrency and vice versa (e.g., trading or purchasing of Bitcoin)

Am I getting this right so far?

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