Wallets provide ways to centralize your crypto currencies. There are many options available, and in many instances, you will use many wallets to store various types of crypto currencies, as well as to enable access to multiple faucets or other means of accumulating Bitcoins and other Altcoins.
Some wallets also provide different benefits, such as accruing interest while maintaining a specific balance threshold.
What does a wallet look like?
Your login to your wallet account will give you insight to your balances and transfers, much like you would expect in any online banking experience. However, transactions are handled a bit differently.
These transactions are values you can send from a wallet to a verified wallet address.
You can provide your address to others so they can deposit coin into your account.
For instance, if you would like to make a Bitcoin donation to me, you may do so at the following address: 1FE7JjLZdPo8kQG1FP7Cmgd4G1e5oZ1o6Y
FYI, I'm not doing this strictly for donations... I am doing it because I believe in freedom of information and want to bring you, the reader, on this journey for knowledge with me.
Wallets are typically free. Again, they are there for you to store your crypto currencies. There are charges for transactions (withdrawing or sending crypto), but these fees are fairly standard and are based on various market conditions.