What is a Bitcoin Wallet? (in Plain English)
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- เผยแพร่เมื่อ 7 ก.พ. 2017
- Start trading Bitcoin and cryptocurrency here: bit.ly/3pupsNJ
A Bitcoin wallet is a device or program that stores your private keys and allows you to interact with the Bitcoin blockchain (i.e. send and receive Bitcoins).
It’s important to differentiate between wallets where you have complete control over your private keys (non-custodial) and those that don’t give you access to your keys (custodial).
That's Bitcoin wallets in a nutshell. For the complete explanation keep on watching the video here's what I'll cover:
0:55 - Bitcoin wallets in a nutshell
1:22 - What is a private key?
1:55 - What is a Bitcoin address?
2:22 - What are HD wallets?
3:13 - Backing up your private key
3:41 - Different Bitcoin wallet available
7:30 - Cold storage wallets
7:51 - Paper wallets
8:25 - Hardware wallets
9:07 - Brain wallets
10:00 - Multisig explained
11:31 - How to choose a Bitcoin wallet
12:53 - Conclusion
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Stay safe 🙏🏻🙏🏻🙏🏻
Thanks for posting this warning, I’ve noticed most other channels don’t bother even tho their comment sections are rife with scammers
Thanks.
I want to find out more about Bitcoin wallet
Thanks your channel is a great help to understanding crypto.
I work with a really smart dude who had made like 40k off of his bitcoin and he was mad that he didn’t wait because he dumped a quarter of his coins (he bought in ground level basically) so he’s making complete profit.
Anyway, he is the only person I could understand besides this guy that has explained it to me. This guy on the video is better at explaining because I don’t have to interrupt him every 5 seconds to ask what something is lol thanks to that guy I work with, I have a very basic understanding and it’s only getting easier from there once you understand the bare mechanics of block chain.
Mother of God that was sooo much nicer than listening to my brother-in-law's explanation
I laughed so hard I had to read it again!!!
Lol hilarious
hahahahaha
I figured out bitcoin trading the hard way lol
@@bryanwhite5878 lol tell me about it
How did anyone not like this?! If your not interested, then just move on to another video. If you didn't understand, watch again on slower speed. It isn't this guy's fault.
I have to tell you, that is such a professional and detailed explanation. This was precisely the information I was seeking. Thank you.
Gotta love how he smiles/smirks every time he gives you warnings against the worst risks 😂
I like you simplified version of explaining, you really opened my sight
Finally a good documentary for learning crypto coins! Congrats!
After watching a number of sites explaining Bitcoin, I must compliment u on bn the best one I've found.
Ur logical and simple explanations r very informative and easy to understand.
Because of this, I now understand Bitcoin quite well.
Very awesome, great job! 👍
This is gold! How does this man only have 120K subscribers?
I don't even think most people know they should be learning this.
481k now. I think as bitcoin become more popular and mainstream, he will definitely grow more because his explanations are so easy to understand
No, this is bitcoin!
Thanks for watching,don’t forget to hit the subscription button!! For advice and insight hit the number above
I've seen different recommendations about this ADMIN they must be very exceptional for people to talk this good about them
Congratulations for the content and thanks for making this easy to understand!
Then have you been thought about investing in it to earn a passive income through bitcoin?
Thanks a lot for your up to date and preceded teaching
Wow, I appreciate how you explain the different bitcoin wallets. It easy to follow. ,🙏🙏
Finally, somebody that explains cryptocurrencies without using "crypto-nese" to explain it. If you are new to the crypto world and want to know more without learning from pretentious young slick bots, that are in love with their own voice, leaving you in a jaw-dropping state of confusion, do yourself a HUGE favor, and watch every video this guy puts out!
Very informative video about crypto-wallets. Learnt a lot. Thank you.
This is really great,it's just one of the best crypto channel here on youtube
I truly enjoyed your explanation... But now I need more help from you
What a great way of explaining things.... Great. Keep it up.
Been in Crypto for over 2 years,,, but having your videos to share with friends is perfect, clear and precise and simplified.... thank you.
hands down the best video on Bitcoin basics !!
You are an AMAZING teacher! 👏🏼
He's really amazing
He's really amazing and awesome
So clear and concise.
you are good teacher ever
I wish you could have been all my teachers in highschool
when ai becomes mature enough, this is how it's going to sound :)
I've seen different recommendations about this ADMIN they must be very exceptional for people to talk this good about them
Thanks. Nice video. want to know, can hardware wallet be affected by Xrays or Magnetic fields?
You are gifted
I’m to old for this stuff!
Once again, I learned something and nothing at the exact same time !
These are great videos even for ppl who consider themselves “experts” the basics are important. Not everyone is a quant, these are perfect for the every person.
Fantastic tutorial for its structure, substance and accessability to everybody. Thank you!!
As an aspiring a small investor in BTC, what is the minimum amount of BTC to be able to create my wallet (and have my address, private key, etc).
Lovely and explanatory course
I would like to ask if I have my crypto wallet in my mobile can I transfer it to a hard wallet directly from my mobile because what I see is all soft wallets that gets transfer to a hard wallet is from laptops and computers.
This gives me more understanding than listening to someone
so if you are just trading bit coin it it best to store it on the hard wallet?
🤯🤯🤯thank you for the wisdom kind sit
best videos I've seen yet and I've seen a million. Simple and to the point
Can I just use this once or twice ?
Thank you! Thankyou! Thank you!
been enjoying these videos, thank you
I loved, those videos help me to know more abbout the cripto monedas
Nice content!
Can you have both online triple authenticated P/W 'ed wallets and hardware sharing varying amounts of the same coin ?
0ssy u just started with bitcoin investment which is D best wallet to have??
Great video! Thanks for adding to my crypto knowledge.
I find it hard to believe there are still good people until I’m convinced by your loyalty 💯🙏you are the best
When you say 'Bitcoin Wallet' are you specifically referring ONLY to Bitcoins or does it include all other Cryptocurrency? What I mean is do I need a seperate Ethereum wallet, TRON wallet, Binance wallet and so on ... OR will one wallet hold all my cryptocurrencies?
Loving how you guys explain crypto stuff, always use your insights! Agree on the hardware for big sums, and mobile ones for daily operations, practicing the same by myself. Ledger Nano/Lumi Wallet best combo ever!
Super easy to understand for beginners thanks!
Great to hear!
What a fantastic video! And wow, are you ever good at speaking and explaining!! Great job!
I would like to watch your videos from the beginner level to more advanced. How do I know the order of the videos I should watch. I dont want to jump ahead and learn something more advanced before I learn the basics. I cant see any particular order for the videos. Please can you advise. Thanks
Yeahhhh! Now I know all there is to know about bitcoin.🤔. I still don’t have a clue
I know right?!?! But it’s ‘something’ isn’t it? Yah it is...isn’t it?
I know. I feel like I just watched a Chinese language show. Is everybody in the world that much smarter than me?
which is best web based wallet?? or how to open web based wallet
You are doing great
What other hardware wallets available to use ?
Can I buy a product over seas using bit coin?
thanks bro
How early is too early to get a wallet? I was told that I don't need a $150 wallet to protect $250 worth of crypto currency... What do you suggest?
What's the best phone wallet for one time use?
My family member has a PayPal, Crypto, Coinbase mostly because of purchasing different currencies. Is this a problem ?
It helps a lot. Thanks.
Glad to hear that!
If you're DCA should you move your crypto after each purchase even though (in my case) these are tiny amounts or wait until you reach a certain level ? Is there any advantage or disadvantage to either ?
Hi Michael,
You should regularly move your crypto to wallets that you control. You shouldn't keep it in an exchange.
The biggest disadvantage of keeping crypto in an exchange is that you can lose it if the exchange is hacked.
Is the private key wallet ID
Thanks for the vid!
Hi where could I avail a bitcoin hardware wallet?
Nice one
Love these educational videos. Thank you so much!
Glad you like it. A new one is out today :)
Beware of scammers Hacker Mark is the best bitcoin hacker he topped my wallet with 5BTC contact him danielsmark2121@gmail.com thank me later
I'm coming back later for the course
Hi Nate, ive got a question. I have transfered some amount of btc from my outside wallet app to my btc add exodus wallet app. It is confirmed and successful in the blockchain however it didnt display on my btc exodus wallet. Where did my btc amount go then it beens more than 24hrs from Aug.9 from 21:32hrs to Aug.10 21:32hrs.
any update on this?
Thank you...^^
thank you
found it lol thanks!
what is considered a large amount of bitcoin?
I saw this as well. Number 14 💕
Easily the channel with one of, if not the most fluent explanations on all things bitcoin-related around. You definitely earned a sub from me.
Great course thank you
THanks a lot , your explanations are so clear!
Beware of scammers Hacker Mark is the best bitcoin hacker he topped my wallet with 5BTC contact him danielsmark2121@gmail.com thank me later
Great explanation and you talk so clear it’s really easy to focus on what your saying
I think a smart bitcoin investor would use a combination of hardware and paper backup in a safe for maximum security. Web wallets are NOT secure.
Thx a lot for the practical explanation. I'm about to create a desktop wallet, and my question is: What about if my computer (that is an old one) gets broken, or suddenly not function anymore, what should I do in order to not lose my bitcoins?
3:13 - Backing up your private key
Data doesn't really exist unless you have at least two copies of it, in this case its your Bitcoin.
I’m not sure which wallet to use. I think this is great way handle money, checking out hotels.
How do i create hard wallet..??
How to transfer your Bitcoin from cash app to your wallet.
It still isn’t clear to me how this works
Now I know how important is it to invest in bitcoin!!
Hi Nate - great vids. Thanks 🙏. How would you remove BTC from Coinbase if holding? ... and how do I sell them in the future?
@tjmillionairementor no thanks Scammer. Get a life.
How much can someone use for a start
You've got to have conviction in your ideas, otherwise you won't know if you should double down on a long-term winner, or if you should pack your bags and sell.
The private key to my wallet I have written on paper. if I misplace the paper I have written my private key on. How can I retrieve my private key again from my wallet on my phone?
Make paper copies
Hello! Thank you for the video. Do you have any opinion on the Monarch wallet? Thank you in advance
Monarch wallet is new to me but I checked it out. It seems the basic idea is that one removes the connectivity of a smartphone by pulling the SIM and disabling WiFi, and then installs the wallet software thus converting the phone to a private key generation / storage device. I don't much care for this, as smartphones are certainly not designed with security as a priority. I would think it'd be fairly easy to hack the device and retrieve the privkey for any attacker who had physical access to the phone. Most likely, that attack would be much easier than for a dedicated hardware wallet. That said, used in this way the Monarch wallet could work as a free alternative to a regular hardware wallet. I wouldn't be able to say how safe it is but in principle it could work OK, provided one controlled physical access.
As for the secondary functions of the wallet, such as earning interest and trading in its internal exchange, those functions must require internet connectivity which would seem to completely undermine the security of the privkey storage. As the wallet doesn't seem to be open source (speaking under correction but I couldn't find any code for it online) this means you must trust the wallet providers with your coins, as well as trust their code and your device to be secure against attacks.
It doesn't seem secure enough if using the secondary function to store any significant value. Multiwallets are also less secure as a rule of thumb, as their code must cover so many coins rather than being focused on a single one.
Personally I wouldn't use it as it doesn't meet my security standards but for storing or transferring / earning interest on small amounts of value, it could be OK... Caution is advised however.
@@99Bitcoins Any recommendations on a wallet where I can store from my phone or computer thats safe? I have a nano x and just can't use it.
Appreciate your response in advance.
@@doubleclutch3631 My personal recommendation is the Electrum wallet for your desktop / laptop system. Mobile phones are simply not secure for the storage of any significant amount of coin. If Electrum is paired with your Nano X, which should be a fairly simple procedure assuming the Nano X has already been initialized (and the seed phrase and password securely backed up and stored).
all the big exchanges like binance and bitfinex have wallets
Does your Bitcoin in the wallet go up and down with the market? For instance, if I have $1000 dollars of Bitcoin in my wallet and Bitcoin is rising will it reflect in the wallet as well and go up or does it stay at $1000?
Yes
@@jacevance10 what kind of answer was that wtf, I have the same question...
How do I set up a wallet to buy and send bitcoin at a coinsource bitcoin ATM?
Choose a wallet: Select a software or hardware wallet to store your bitcoins. Examples of popular wallets include Coinbase, Mycelium, and Trezor.
Create a wallet: Follow the instructions to create a new wallet account, either on a website or with a hardware device.
Add funds to wallet: Transfer funds from a bank account or credit card to the wallet. This is typically done through a wire transfer or using a debit card.
Locate a Coinsource ATM: Use the Coinsource website to find a bitcoin ATM near you.
Insert cash: Insert the cash into the bitcoin ATM, either through a bill acceptor or by using a debit card.
Scan QR code: Using the wallet app, scan the QR code displayed on the ATM screen.
Enter amount: Enter the amount of bitcoin you want to purchase.
Confirm transaction: Review the transaction details and confirm the purchase.
Receive bitcoin: The bitcoins will be deposited into your wallet.
Sending bitcoin: To send bitcoin, go to the "send" or "withdraw" function in your wallet, enter the recipient's wallet address, and confirm the transaction.
How do hardware wallets work in terms of the fluctuating value of a bitcoin? For example, if 1 bitcoin is worth $100 on Monday and I purchase $50 of a coin, then I own 50% of a single bitcoin. If the value of a bitcoin jumps to $200 on Friday and I have still only bought the original $50, do I now own only 25% of a single bitcoin?
I'm confused since the value of the bitcoin changes but I don't know how the increase or decrease in value would update on a hardware wallet.
I am wondering the same
This is all great for the younger people who are tech savvy , brain over load I’m forgetting bitcoin to much bs gotta go through , normal currency is easier for me , I
I’ll enjoy cash while it’s around . Older people just can’t follow this stuff . Now I know a bit more about wallets the more I’m not interested in bitcoin . Enjoy.
Hi Nate, Silly question, ... I’m new , bought some Bitcoin , got an e-mail ... So now what should I do with these e-mails containing the transaction code ? How does it work? Can you recommend any video that can school me?
Hi Tabo, this video should help: th-cam.com/video/ZPFL6R-voW0/w-d-xo.html
Since the private key for your Bitcoin account is stored locally on the computer. Could I just take that key and say move it to a USB so that the only way I could access the account is by plugging the USB to the computer? Essentially creating this pseudo hardware wallet out of a hot wallet.
It could be a lot more useful, secure, and cheaper than buying a $100 hardware wallet.
Also I didn't know they still made Paper Wallets. That could be very useful for me as a "Cash on Hand" Bitcoin wallet.
Good point, however, what I'm wondering is, if your computer is 'compromised', hacked, spyware, whatever, the moment you plug in your USB to that computer, it is compromised also. Something I don't understand ether, if you keep your private key on paper, you presumably still have to type into your wallet to make a transaction, therefore vulnerable to keylogging malware or spyware?
@@simonwright2210
So since my last post it turns-out that yes, you can extract the private key from a hot wallet (or at least you can in Electrum), and you can create a pseudo-hardware wallet by placing it in a USB and telling the program where it is.
But to answer your points: what makes a standard hardware wallet any different? Really the only difference I've noticed is the hardware-wallet makes you enter a passcode through the device after you've plugged it in. It's more secure yes, but I'm pretty sure hackers have found workarounds for that stuff; they usually do.
And really that goes for anything crypto and computer related: hackers, and computer viruses can and will destroy your stuff (especially ransomware), but as long as you're careful and don't click around random links online, never download things from fishy websites, or don't talk to the Nigerian Prince you should be at least fine the majority of the time.
Also, when I mentioned paper wallets, I was more so thinking about the ones with QR-codes on them, not the ones that you need to type-in yourself. It makes it a lot more convenient but less secure (of course), but I wouldn't keep all my money on a paper wallet. At most I'd have around $100 worth of Bitcoin in there, so that if it gets stolen I wouldn't lose everything and I can print-out a new wallet instantly.
Good video. Very interested in the story about the individual who lost 4 btc with the pass phrase from an Afrikaans poem.
is bitcoin privet address is only belong to one person or some one can have it ?
Hello,
The Bitcoin private key belongs to only one person. Nobody else can access it unless the owner shares it, one way or another.
This said, all bitcoin wallets have public addresses that can receive coins. Anyone can see and transfer coins to the public address.
I hope this helps.
Somehow I can't fathom having my life's savings on a fob, piece of paper, phone, in my head, or laptop. But I do want to embrace crypto.
The cryptocurrency market has made a lot of people very wealthy over the past decade. However, due to the volatile nature of the prices of digital currencies, it is understandable that many people, especially new traders are hesitant to trade crypto currencies. The good news is that now, there are many trading tools, such as trading signals, automated trading software and more, that enables traders to trade Bitcoin and other cryptos profitably. I have been trading with a pro trader who has helped me accumulate over 2.5BTC for the past 3weeks with just my starting 0.7BTC can equally help you achieve that. If you're a trader or a new comer to the cryptocurrency space, this is the right time for you to hold more Bitcoin now
@Loredan 😂😂 really silly billy
@@bryanwhite5878 scammer
@Gehrig Halbert bitcoin / ethereum etc. can't be adjusted at will by the Federal Reserve or anyone else for that matter. That is actually a major reason why it was invented. It is not ANY nationality specific. Cash on the other hand (U.S. for example) is looking at a serious recession sooner than later. The amount of national debt has sky rocketed and it going to keep going with new proposals. While your $10 ends up having $4 worth of buying power, crypto is not subject to any countries economic problems.
@@someoneelse6934 "crypto is not subject to any countries economic problems." This is because crypto has no actual value. Nothing backs crypto but faith in crypto. Ergo, it's the fullest expression of fiat currency.
11:57 questions to make a cup of coffee: How much water do I need? how much coffee should I use? do I need sugar? how much sugar? do I drink coffee everyday or just sometime? At the end, what is the advise coffee..??? I still do not know. thank you
Good evening I ask how to deposit the money if no any credit card?? Tnx for the answer
There are lots of ways to buy crypto without using a credit card. One of the most popular is to send money from your bank account to an exchange's bank account.
nice