Why so much hubbub about wallets?

I think I am missing something.

Isn’t “my crypto” simply a matter of keeping my seed phrase safe? Or alternatively, the actual private key “string”, to use a programming term?

For purposes of transacting, I get that I’d need a decent way to interact with exchanges. But for “storage”?

What am I misunderstanding here? In my mind we don’t physically store actual “coin data”, we only store our private key in order to transact on an exchange.

Right?

If anything, it should be called a keychain because it stores keys. It shouldn’t be called a wallet because it doesn’t actually store coins.

Right? Or wrong?

submitted by /u/Timstertimster
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source https://www.reddit.com/r/btc/comments/qo6x3g/why_so_much_hubbub_about_wallets/