A blockchain wallet is a digital wallet that allows you to send, receive and manage their cryptocurrencies such as Bitcoin and Ether.
How does it work?
When you create a blockchain wallet, provided with a unique public address to receive funds, and a private key used to send funds. Some wallets use a mnemonic phrase to generate the your private keys, and you may recover their wallets through their mnemonic phrases.
When transferring funds to another user, the sender is required to know the recipient's public address, and would sign the transaction by using his private key.
After a transfer, users can find out the status of their transfer by looking up their transaction on blockchain explorers using their transaction ID. Some examples of blockchain explorers are: