Crypto Wallet Explained [The best places to store your bitcoin] - Transcripts

March 31, 2020

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Could you imagine having hundreds of thousands of dollars in Bitcoin stolen from you, because you didn't keep it secure?
We're going to get into cryptocurrency wallets. 

So if you're curious about where and how you can store your Bitcoins digitally this is going to be your number one resource.   

Why do you even need a Bitcoin wallet?

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Transcript

could you imagine having hundreds of thousands of dollars in Bitcoins stolen from you because you didn't keep it secure. Welcome back to the channel everybody. My name is Artie and in this video we're going to get into Cryptocurrency wallets. So if you're curious on where and how you can store your Bitcoins digitally, this is going to be your number one resource. Why do you even need a Bitcoin wallet? Bitcoin is a digital currency and as Bitcoins don't actually exist in physical shape or form. They can't be technically stored anywhere. What they do use instead is actually having a device that stores your public and private key which are used to publicly access your Bitcoin address as well as your private key using it as a transaction signature. The combination of somebody's public key and private key together is what makes a Bitcoin transaction possible. Now there are several different types of Bitcoin wallets so let's get into every single one of them In this video. The first one I want to get into is a paper wallet essentially it's a piece of paper with your public address and your private address on it. Now they're not just written out full on addresses.

They're actually usually printed out in Q. R. Codes that you can quickly scan and people can get your address, you can use services like Bit address and Bitcoin paper wallet. The main advantage is that the keys are actually stored offline, which makes them immune to hackers. The main disadvantage however is that it can be stolen because it's a physical piece of paper, let's get into the next type of wallet, which is your mobile wallet. The main advantage of having a mobile wallet is that your phone is always with you and if you need to buy or sell on your mobile device or use it as a mobile payment, this is all possible because your phone is always with you. The main disadvantage of it being on your phone is that phones get stolen and accounts get compromised because it uses a to form verification that gets sent through text and the person that stole your phone has access to your texts. And the last disadvantage is that it takes up a lot of storage space on your phone because you actually need to hold a condensed copy of the Blockchain ledger. Some options here are the coin caso mobile wallet as well as free wallet, edge Lumi wallet and Blockchain wallet. The next and most common type of wallet is actually a desktop wallet. Now these wallets are actually downloaded and stored on your computer's hard drive so you can even access them without being connected to the internet. They are more secure than online wallets because they don't rely on third party data.

Some of the most common desktop wallets are actually electra. Um exodus and Bitcoin core. It's just a simple program that you download and install on your computer in future videos will go over the actual step by step process in installing and using one of these desktop applications And the last wallet on our list is actually hardware wallets. These devices store your public and private key on an actual physical device not connected to the internet. Think USB flash drive but much more sophisticated. The top three hardware wallets are actually ledger nano s which is at €58 treasure which is at €99 and keep key which is also at €99. And those are the basic wallets, there are pros and cons to each one. A lot of people have been different platforms that they keep their Bitcoins and different cryptocurrencies on commonly what most people do is actually use their trading platform like coin caso do their transaction, make sure that that transaction gets processed and they are in possession of their Bitcoin or other Cryptocurrency and then transfer that amount to their desktop wallet. That seems to be the most common and most secure way to do it. You can also move it to any of these other wallets like the hardware wallet that's a USB drive. But again the chances of that being stolen are a little bit higher. So what most people do is actually transfer that amount onto that hardware wallet and keep that hardware wallet inside of a bank in a safety deposit box.

Now for the average person, this isn't a huge concern because most people don't have very many Bitcoins but if your Bitcoin wallet is in the hundreds of thousands you definitely want to keep it in a safe and secure place. I hope you guys enjoyed this video. I hope you got some value out of it. I hope you know now how Bitcoin wallets work and don't forget to subscribe to the Youtube channel to get more videos like this, to stay educated and up to date on everything. Cryptocurrency.

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