To use the bitcoin for sending and receiving funds you’ll need a wallet. The wallet is similar concept to a bank account which you use for money transactions. There are different types of wallets, like online wallet, hardware wallet, paper and software wallet.
Online wallet is online service which gives you unique wallet address which can be used for bitcoin transactions. It keeps your bitcoin balance, allows you to buy/sell, send/receive bitcoins, similar to a bank account online.
Very similar to the online wallet, software wallet is an application which can be installed to your PC or mobile device which uses the same concept. Most famous web wallets are: BitGo, BTC.com, Coin.Space, Green
Address, Xapo, Coinbase. Mobile wallets: ArcBit, Copay, Bitcoin
If you need more secure transactions then you need to use hardware wallet. It is a small usb device or smart card which generates bitcoin private key offline, and prevents “man in the middle” attack on your transactions. Most famous hardware wallets ares: KeepKey, Ledger
Nano, Trezor, Digital
With paper wallet you print the bitcoin private keys on paper from offline computer in the form of QR code which you can use to make transactions.