Crypto Wallets Explained! (Beginners' Guide!) 📲 🔑 (2023 Edition!) ⭐⭐⭐⭐⭐ Full Step-by-Step! 😎

What are cryptocurrency wallets? ⚡ ...and how do  they work? 🤔 As we always discuss together on the   channel, it is extremely important to protect  our digital asset investments 🔐 by completely   owning and controlling them 🔗 using our own  cold storage hardware wallets!! 📲 🔑 However,   besides finally deciding to take the plunge...  opening up an account with a crypto exchange 🏦 and   buying our first cryptocurrency 🚀 many people find  the idea of setting up their own cryptocurrency   wallets 📲 🔑 and transferring their crypto to it  incredibly daunting!! 😱 Public keys ❌ private   keys ❌ wallet addresses ❌ seed phrases ❌ secret  phrases ❌ blockchain ❌ on chain ❌ off chain ❌ gas   fees ❌ transaction fees ❌ ...different  networks like Bitcoin ₿ versus Ethereum   versus Solana... 😕 This new speculative  tech is riddled with confusing jargon for   newcomers!! 😮 And although it's a great sign that  we are extremely early adopters of revolutionary   tech with likely insane upside potential 🤑 ...it  does take a fairly large investment of time and   energy to wrap our heads around how it works!! 💫  And lucky for us ☘️ ...by the end of this video,   and for some maybe after watching it a few times  over ⏮️ ...we will experience that "Eureka!"   moment ‼️ ...where we finally understand how  crypto wallets work!! 🤗 We're going to break down   some important information about cryptocurrency  wallet into simple and easy to understand concepts   together 😎 Our goal by the end of this video,  is that we feel more comfortable transferring   our cryptocurrency off of exchanges into our own  cryptocurrency wallets for safe keeping 🔗 ...and   also explore different ways we can put our  new knowledge into practice by doing small   transactions between exchanges 🏦 ➜ 📲 and wallets,  transferring crypto between different wallets   we own 📱 ➜ 📲 ...also we are more confident and  prepared for likely the last once in a lifetime   opportunity to invest as an early adopter in  cryptocurrency and blockchain technology 🤓 ...to   achieve generational wealth 💥💰 Because big  traditional financial players 🏦 are getting in,   under-the-radar 📡 The mainstream media has been  misinforming the public about crypto since its   inception 🤞 So when the tides inevitably turn  and tons of money starts flooding into this new,   small asset class 💰🤑 ...we need to make sure we  are in a position to reap the rewards of taking   the time to watch videos like this ⌚ learning  new complex things 🧩 practicing using new complex   tech, so in the end we will have truly earned the  potential life-changing gains over the next 18 to   24 months 💥 By putting in the time, being brave  and taking on risk 💪 and being part of something   bigger than us... something that will help  us build a better future together 🌴 Amazing,   so what is a cryptocurrency wallet? 🔒 When we  hear the word wallet, we immediately think of   the pocket or purse accessories that hold our  cash 💵, IDs, credit, and debit cards 💳 However,   unlike cash, digital currencies are not stored  in a specific location and do not exist in   physical form. Instead, cryptocurrencies, account  balances, and transactions exist on computers...   a network of computers 🖧 using a blockchain  or similar technological foundation. So what   is blockchain? ⛓️ Blockchain is just a fancy term  that describes a running ledger of transactions.   Without losing sight of this video, if you would  like to learn more about blockchain and why it was   developed, you can check out my video guide for  beginners by clicking on the link above 🖲️ ⬆ Nice,   back to wallets a cryptocurrency wallet has  software that creates and stores your private   and public Keys interacts with the blockchain  monitors your cryptocurrency balances and allows   you to send and receive digital assets so to send  receive store and monitor your cryptocurrency   balances and other digital assets like nfts you  need to use a cryptocurrency wallet and what's   funny is we shouldn't really use the word wallet  when talking about crypto because a wallet in   the traditional sense makes us think of our cash  actually physically inside of our wallet or our   credit cards actually inside of our wallet while  a cryptocurrency wallet is more accurately a key   to access our phones because our cryptocurrencies  and digital assets are not actually inside of our   wallets they are on the blockchain which is a  running Ledger of transactions distributed all   around the world so in reality our crypto is  basically assigned to our wallet's private key   and our wallet gives us access to the crypto and  the ability to view our balances send and receive   crypto stake it interact with smart contracts Etc  awesome hello I'm cryptocasian in this video we   are going to explore how cryptocurrency wallets  work the different types of cryptocurrency wallets   available on the market and why it's important to  use multiple cryptocurrency wallets to diversify   the risks associated with investing in new  speculative technology let's hit it [Music]   please be sure to check out our sponsors I  trust Capital Malwarebytes and tangent wallet   trade cryptocurrencies tax-free within your own  individual retirement account or IRA with I trust   Capital if you do not use any form of malware  protection on your computer or devices you are   literally insane so get a free malware scan today  with Malwarebytes who is also offering us a nice   discount for the protection products and services  it invests in your very own Cold Storage Hardware   wallet like tangent wallet it's the size of  a credit card multi-currency multi-chain and   it's by far the easiest Hardware wallet to set  up and use on the market right now while also   being the most cost effective like starting at  around forty four dollars using the link below   with a special discount for us note that since the  Ledger Fiasco tantrum has been swamped so orders   have been backed up for a few weeks so pre-order  one to get your spa in line for the next batch of   wallets scroll down and use links below to access  the correct and official sites as well as redeem   any special offers they have for us so how do  cryptocurrency wallets work we are going to go   through a very simplified analogy to help us wrap  our heads around around how cryptocurrency wallets   work together please note this is not exactly how  the technology works it's just an analogy so a   simplified way to understand how cryptocurrency  wallets work is to consider how your traditional   online banking applications work imagine your  bank is the blockchain your bank account number   is the public key your crypto wallet is your  online banking app and your online banking app   login credentials are your private key so your  bank records and tracks all the transactions   going to and from your bank account just like the  blockchain records and tracks all the transactions   going to and from your public key using your  online banking app you are able to check the   balance of your bank account and send or receive  transactions just like a cryptocurrency wallet   allows you to check your balances and send or  receive crypto however in order to log in to your   online banking app you need to first type in your  username and password which is like using your   private key to access your cryptocurrency wallet a  public key is similar to your bank account number   in that if you provide anyone with your bank  account number they can send you funds keep in   mind that public keys are also commonly known as  wallet addresses however having your bank account   number alone would not allow someone to take funds  from your account this is also how a public key   works people can send cryptocurrency to you using  your public key or public wallet address but they   cannot take funds from you using your public key  on the flip side giving your online banking app   login credentials to someone would allow them to  send funds from your bank account to somewhere   else this is similar to a private key if you give  someone your private key they can access your   cryptocurrency and send it somewhere else unlike  traditional banking if you give away your private   key and your funds go missing you will likely  not be able to recover them this is why it's   so important to keep your private key private and  before sending and receiving cryptocurr currency   you must first make sure you are sending the same  type of currency to a wallet address or public   key that supports that particular cryptocurrency  for example you can only send Bitcoin to bitcoin   addresses and you can only receive ether  from either addresses and the simplest way   to understand why Bitcoin addresses only work with  Bitcoin ether only works on ethereum Solana only   works on Solana Etc is to think of them like  software applications on Mac versus PC versus   Linux or like Apple versus Android so they are  just different Tech foundations using different   code which is why Apple apps can't be installed on  Android devices there has to be an Android version   of the app to be supported on Android cool so if  you have another person's public key or address   you can easily send them some corresponding  cryptocurrency and vice versa and when   cryptocurrencies are sent or received no actual  physical or digital exchange occurs between the   wallets remember cryptocurrency wallets interact  with the blockchain and the blockchain is where   all cryptocurrency transactions are logged and  it's also where balances are tracked so just to   recap a cryptocurrency wallet has software that  interacts with the blockchain stores your public   and private Keys monitors your cryptocurrency  balances and allows you to send and receive   cryptocurrency nice what are the different types  of cryptocurrency wallets there are many different   types of cryptocurrency wallets to choose from and  each of them have their own pros and cons let's   break down crypto wallets into two categories  hot and cold a hot wallet creates and stores   your private Keys online while cold wallets create  and store your private Keys offline so examples of   hot law include desktop or mobile app software  these wallets operate on your computers and cell   phones which are connected to the internet so  when you set up these wallets your private key is   generated on a hot device which just means it's  connected to the internet which could be more   vulnerable to being compromised especially with  AI scamming tactics becoming more sophisticated   Etc however by far the least secure way to store  large investments in cryptocurrency for the long   term is on an exchange why well first of all it's  online therefore hot therefore more vulnerable to   hacks and on top of it cryptocurrency exchanges  are huge targets for hackers since obviously   there's a ton of potential crypto that can be  stolen with any wallet we manage on our own   a hacker has no idea how much potential funds  there are to steal while crypto exchanges are   a guaranteed Gold Mine of swords and second of  all due to lack of transparency and regulation   there is an artificial supply of crypto meeting  real demand because exchanges lend out crypto   you stake infinitely between other people and  exchanges which basically means that one ether   you are looking at on your account could also be  the same either five other people on The Exchange   are looking at meaning cryptocurrency exchanges  don't actually have all the crypto backed one to   one for all of their customers so if there was a  massive run on exchanges where everyone wanted to   move their Bitcoin and ether to their own wallet  there would not be enough to go around like we saw   with FTX there are also some bad players out there  gambling with our funds we leave on the exchange   and can go bust and third of all as we see with  coinbase regulatory bodies like the SEC can go   after them sue them demonetize them by forcing  them to de-list a significant amount of crypto   which would destroy their profits which puts  them at risk of going under as we've discussed   at length on the channel exchanges need to be used  as a tool to exchange Fiat for crypto crypto for   crypto and crypto to Fiat not for storing crypto  Investments we need to be transferring any crypto   we want to exchange to them and when we are done  transferring our crypto back to our own wallets   sweet now let's learn about the safest most ideal  way to store significant amounts of cryptocurrency   for the long term cold wallets cold wallets are  also known as Hardware wallets Hardware wallets   are designed to safely create and store your  private key offline and when sending receiving or   managing funds you will need to use the hardware  wallet device and go through more security steps   in general which makes your funds less vulnerable  to theft by creating and storing private keys   with Hardware wallets your funds are safer from  hackers and other potential security issues that   hot software wallets are more likely to experience  so store your cryptocurrency on a hardware wallet   is the safest most secure way to manage your  funds so if you scroll down to the description   area below you can access the correct and official  site of my recommended Hardware wallets note there   are two important things you need to know about  buying a hardware wallet first only buy Hardware   wallets from the real manufacturer do not buy used  Hardware wallets and do not buy them from other   other companies or individuals this is because  hackers may buy a hardware wallet tamper with   the software and resell the Hacked device to steal  your phone and second as with all crypto related   activities make sure you double and triple  check the URL you are accessing to buy the   hardware wallet make sure the address is correct  and that it has an SSL or secure sockets layer   which uses the https protocol instead of HTTP  there are a ton of phishing scams online that   will pretend to be the real website you intend  to access and if you access a fake website you   may lose your funds or receive a hacked wallet so  again if you're interested in my recommendations   using the links below get you where you want to  go safely all while supporting the channel since   Ledger's announcement of their recover Services  software update to their devices tangent wallet   an alternative that never reveals our private key  or seed to anyone has been blowing up like I said   there is a wait for the next batch of wallets so  make sure to get your spa online earlier rather   than later it looks like a credit card uses  the highest standard of security among crypto   wallets known as eal 6 Plus which is a level  of protection used by NASA and in passports the   source code for tangem's mobile app is all open  and available for review on their GitHub which is   important for full transparency to ensure there  are no backdoors built in and that funds can be   accessed if the company shut down for any reason  instead of a seed phrase as the only way to back   up our crypto wallets backup copies of the wallet  are created and used on other tantrum cards that   we encrypt with our own unique access code we  create breach card also note the pricing for this   cryptocurrency Hardware device is much cheaper and  affordable than other ones starting at just over   forty dollars with free shipping using our promo  code this is a plus for any beginners just getting   started or anyone who is looking to onboard  friends and family into crypto with a simple   easy to use secure self-custody wallet so scroll  down and use link below to access tangents correct   and official site as well as redeem any special  offers they have for us cool and we can check out   the step-by-step Tanger wallet setup guide to get  a better idea about how tangent wallet creates and   protects our private Keys differently than Ledger  trezor and other wallets that use seed phrases by   clicking on the link above since the vast majority  of cryptocurrency wallets use seed phrases to back   up our wallets and access our phones at large  while we wait for the next batch of tangent   wallets or wait for whatever Hardware wallet  we've chosen to go with like Ledger treasure   BC Vault to arrive let's create our own hot wallet  together using a mobile app called trust wallet it   transfers some crypto to it get ready we are about  to have the Eureka moment we've all been waiting   for about what happens if your phone dies or if  your Hardware wallet breaks or if it's stolen   Etc when it uses a seed phrase as backups let's  in it how to set up your own crypto wallet in   this video we are going to set up the trust wallet  together on our mobile device step by step open   the app store on your phone and type in trust  wallet and click download and install it then   open the app tap on create new wallet tap to check  the box agreeing to the terms of service next we   are going to create a passcode to add an extra  layer of security when using the app then confirm   the passcode by entering it again and now we are  going to back up our secret phrase which is the   master key to your wallet and anyone that has it  can access your crypto so never share it which is   why I recommend backing it up manually versus to  your iCloud as it could pose more vulnerabilities   if your iCloud is compromised so we are going to  tap backup manually on the next screen the app   gives us more information stating this secret  phrase is the master key to your wallet tap on   all check boxes to confirm that you understand the  importance of your seed phrase tap the first box   that read if I lose my secret phrase my funds will  be lost forever tap the second box that reads if   I expose or share my secret phrase to anyone my  funds can get stolen and tap the third box that   reads trust wallet support will never reach out to  ask for it then tap continue and here are the 12   words you need to write down in order and secure  to protect any crypto use into it after these next   few steps it will become clear how our crypto is  on the blockchain and how private keys or recovery   phrases are merely keys to access our funds that  are on the blockchain and how anyone with these   words can steal all of your funds if you do not  properly secure these words these 12 words are   the keys to your wallet literally by memorizing  these 12 words you can carry access to hundreds   and thousands millions and billions of dollars  worth of crypto right here in your brain stay   tuned for the end of this video when I show you  how I can gain access to your funds using these   12 words anytime and anywhere but regardless of  whether you lose this particular phone or not it's   for this reason I do not recommend backing this  phrase up to iCloud which is something that could   also be hacked I don't recommend ever storing your  wallet private key on any device connected to the   internet password manager or similar so don't  take a screenshot of it or picture the best way   is using good old-fashioned pen and paper for now  securing it in multiple geographical locations in   case of a fire flood or similar in this video  we are just doing a simple short-term solution   for storing our own crypto together to get it off  of exchanges until we can get a hardware wallet   so for now like I said I recommend writing  your secret phrase down on paper and storing   it somewhere extremely secure like a safe or  inconspicuous like into your house in a book   on a shelf or similar cool next we need to verify  the secret phrase by tapping the words to put them   next to each other in the correct order and we  are done we have officially created our very own   self-custody crypto wallet where we can completely  own and control our digital assets using the trust   wallet we can buy crypto deposit and store nfts  and deposit crypto tap deposit now let's say   we have some ether we can send to our new trust  Wallet tap ethereum and from here we can scan the   QR code or copy the address for our first example  to show you how easy it is to use tangent wallet   we are going to send some ether from tangent  wallet to trustwallet so I'm going to tap the   copy button to copy our trust ether address then  I'm going to open tangem's mobile app and tap scan   card then using my physical tangent Hardware  Wallet card I'm going to tap it to my phone   then enter my access code then tap the card again  and here we are at our tangent wallet dashboard   I'm going to tap ethereum TAPS in paste The Ether  trust wallet address into the address field enter   100 worth of ether looks like the network fee to  process the transaction is about two dollars make   sure everything looks good and tap send to verify  the transaction I'm going to enter my access code   again tap my tantrum card to my phone and success  the transaction has been signed and sent to the   blockchain so now if we open our trust Wallet  app enter our passcode hear almost instantly on   the trust wallet dashboard we see the hundred  dollars worth of ether has a wrap amazing next   here comes the part that will probably be a  lot easier than you think transferring your   crypto from The Exchange to your new self-custody  mobile wallet for Simplicity I'm going to assume   your crypto is on coinbase in this guide however  no matter which exchange you use you should be   able to log in choose a send function and follow  similar steps to move your crypto on your computer   or phone log into your Exchange in this guide  I'm accessing The coinbase Exchange app on a   mobile device on the coinbase mobile app dashboard  TAPS in let's say we want to send Bitcoin from The   Exchange to our trust wallet so tap Bitcoin and  on the Trust app tap Bitcoin to see the QR code or   or copy the address in this video we are scanning  the QR code like so then tap continue enter the   email of Bitcoin to send I always recommend that  beginners and seasoned crypto investors alike   send a small amount to a new wallet first to make  sure everything goes smoothly before sending large   amounts in this video we are going to send 100  worth tax preview make sure everything looks good   the fee will be about 73 cents it'll take about 30  minutes to complete the transfer tap send now if   you have 2fa setup enter the six digit code from  your authenticator app and it's been successfully   sent tap done and we can see after a few minutes  the Bitcoin has arrived to our trust wallet   brilliant here we are we now are in complete  control of our Bitcoin and ether where it's   stored on the blockchain and we are the only ones  with keys to access it rather than it merely being   an amorphous pool of Bitcoin controlled by the  exchange so secure your secret phrase and repeat   these steps to transfer all of your cryptocurrency  currency on exchanges you're looking to hold for   the long term to your new mobile wallet that  is until your Hardware wallet arrives now for   the Eureka oh my God I finally get it moment as it  relates to secret phrases and access to our crypto   let's just say I come across your 12 words and  just your 12 words not your phone not your address   or passwords or anything that has any connection  with you to it at all if I found a piece of paper   in the middle of the street with these 12 words  and I wanted to take your crypto this is how it   can be done you can pretty much use almost any  other mobile crypto Wallet app to do this quickly   in this example I'm going to download another  crypto mobile app called Exodus next I'm going   to open the app but instead of choosing to create  a wallet I'm going to select I have a wallet and   on the restore wallet screen I'm going to select  secret phrase and start typing in the 12 words on   this paper I randomly found on the street note  that while it's like Ledger and trezor create   24 words and you can do the same exact thing if I  found your 24 word Ledger private key I can do the   same exact thing and take all of your funds cool  okay so all 12 words are entered and now I'm going   to tap continue and restart to restore this wallet  after a minute or so we've been notified that   the restore was successful in voila here is the  hundred dollars of Bitcoin and hundred dollars of   ether we sent to our new trust wallet but since we  didn't secure our 12 words I was able to download   another crypto Wallet app and restore access  to it using just the 12 words from here I can   easily send the funds elsewhere to another wallet  I control and you do not effectively stealing all   of your crypto and digital assets that fast and  that simple check it out here's the Bitcoin and   it's gone and here's the ether and it's also gone  the next time we open our trust wallet we set up   but did not secure properly we can see our balance  is zero that's why it's so important to guard your   private key recovery phrase 12 or 24 words  whatever you've got and to consider getting a   horror wallet that generates a private key offline  and stores it offline for maximum security or we   can also consider different wallets that do not  use seed phrases that can easily be stolen or   in some cases we can be socially engineered or  tricked by scammers that pretend to be Ledger   or similar and try to have us type in our seed  phrases into a big website or by having us text   them or email them our seed phrase then by similar  steps we just went through using the words to   drain your wallet wallets that use alternative  ways to secure crypto wallet private keys are   BC Vault and tangent wallet for example with the  tangip wallet the private keys are actually never   exposed to anyone ever so if I found your tandem  wallet randomly on the street and downloaded the   tangent Wallet app and scan the card the the  requirement of an access code prevents me from   accessing your crypto and sending it elsewhere  to steal it at the end of the day with this new   speculative technology it's important to  diversify where we store our crypto long   term by using several different types of wallets  so we don't experience a total loss if something   happened to Ledger vs trust wallet versus BC Vault  or tangent so be sure to scroll down and use the   links below to access the corrected official  sites for any wallet you're interested in using   to secure your crypto Investments awesome if  you would like to watch a step-by-step video   guide all about tangent wallet check out this  video if you would like to learn about more   tools like tangent wallet we can add to our defy  toolkit before Wall Street and the government   tries to restrict our access to crypto check out  this video and to get your spot in line for a   tangent wallet click on the link on the screen  like And subscribe for more be safe out there

Channel: Crypto Casey

Views: 37,422

Keywords: crypto, bitcoin, ethereum, crypto wallet, hardware wallet, cold storage, cold crypto wallet, explained, crypto wallets, how to register, where buy crypto, storage crypto, hot crypto wallet, crypto casey, ethereum wallet, bitcoin wallet, download bitcoin wallet, cryptocurrency wallet, crypto wallets for beginners, cryptocurrency wallets for beginners, tangem wallet, ledger wallet, trust wallet, cypherock wallet, bc vault wallet, trezor wallet, exodus wallet, seedless wallet

Id: w-HDzwS52J0

Length: 24min 42sec (1482 seconds)

Published: Sun Jul 16 2023