Today we're gonna be talking about #cryptocurrency wallets so this is gonna be a viewer requested video somebody asked me to talk about cryptocurrency wallets and me take viewer requests very seriously so here I am making a video about cryptocurrency wallets.
- 1 What are a Cryptocurrency Wallets
- 2 Types of Cryptocurrency Wallets
- 3 6 Awesome Cryptocurrency Wallets
What are a Cryptocurrency Wallets
A cryptocurrency wallet is a software The program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance you're not really storing bitcoins storing. A theory in a wallet's more than you're storing the keys to your wallet if you get what I means this isn't really a very accurate picture but it looks cool because it's not recommended to keep your Bitcoin and your out coins on exchanges of course I mean if you plan to get in and out of trades quickly if you're doing day trading or even swing trading you might keep a few on the exchange you don't have full control over your currency on your coins when you keep it on an exchange it's just not recommended but For optimal security and privacy you want to get yourself a cryptocurrency wallets so there are lots of different types of cryptocurrency wallets we have:
Types of Cryptocurrency Wallets
So these are wallets that are downloaded and installed on your PC or your MacBook they're only accessible on the computer that you downloaded it so you know if you download it on your MacBook you can't access it on your boyfriend or girlfriend's PC you can't access it on your phone or anything it's just on your desktop on the computer that you have that you downloaded onto desktop while it offers one of the highest levels of security however if your computer is hacked or it gets a virus there's a possibility that you may lose all your funds and also if you don't have your wallet backed up and if something happens to your computer let's say you spill tea all over I'm gonna say whiskey I don't know why if you spill tea all over your computeror your laptop and or if it just breaks one-day and
irreparable then you know that's not great obviously.
in other words, an online cryptocurrency wallets while it's run on the cloud and are accessible from any computing device in any location, so it doesn't matter what computer or what tablet or phone you use they're definitely more convenient to access but online wallets store your private keys online that are controlled by a third party which makes them more vulnerable to hacking attacks and to theft, so I mean this pro and cons to all of these it's just about what you prefer and what risks you're willing to take.
So mobile wallets run on an app on your phone and are useful because they can be used anywhere including retail stores you know it's just like having a wallet in your pocket your phone is your wallet so it's super convenient so they're smaller obviously depending how small your phone is so then we have Hardware wallets.
this are differ from software wallets in the face store a user's private keys on a hardware device like a USB so even though they make transactions online they are stored offline which also lead Olivie security hardware wallets can be compatible with several web interfaces and can support different currencies depending on which one you use so yeah making a transaction is easy you just simply plug in your device to any internet-enabled computer or device enter a pin send currency and confirm Hardware well let's make it possible to easily transact while also keeping your money offline and away from danger you know so there is that real sense of safety unless I mean I guess someone could rob you know they might be really stupid not know what it doesn't think it's a USB and just like throw it away regardless you've lost your money.
The most the creative obscure way of keeping your cryptocurrency they are easy to use and they do provide a high level of security so the term paper while it can it can refer to a physical copy or print out of your public or private keys but it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed so using a paper wallet is relatively straightforward so there's a process called sweeping and that is if you want to withdraw or spend currency all you need to do is transfer funds from your paper wallet to your software wallet and that's called sweeping and it can either be done manually by entering your private keys or by scanning the QR code on the paper wallet paper wallet I don't know I feel like I would spill tea on it or my dog would eat it or something there are lots of tutorials on YouTube on how to make a paper wallet.
6 Awesome Cryptocurrency Wallets
Today we discuss 6 awesome Cryptocurrency wallets to help you decide which cryptocurrency wallet is best for you!
So let's get into the nitty-gritty of it and let's talk about The different the actual cryptocurrency wallets, okay so we have:
Which is a mobile wallet it's perfect for beginners because it's just it's so user-friendly it's available in 19 languages you know so I only speak two languages English and Irish it's open source free software it has a simple and streamlined interface it's only for Bitcoin and it has no web or desktop interface I'll link to everything in the description so it's safer than a bank vault and easier than sending an email no personal information required just download the app so it's super simple it's perfect for people that aren't big techie heads or anything and it's available on iOS and on Android so bread wallet check it out it's a great for beginners.
Next, we have:
Jaxx, is a multi-coin, multi-platform wallet it's also embedded with shape-shift which is pretty awesome shape-shift is an exchange apparently this according to them the safest fastest asset exchange on earth so that's cool it has a one single 12 word backup phrase that secures all your Jax assets and has a modern attractive design so it's very aesthetically pleasing it has great user support but it is slow to use and there are several lingering bugs this is the website see you can have it on your tablet phone your computer.
Exodus is cool because you can easily calculate and organize your savings with their pie chart portfolio I love a good pie chart it's a multi cryptocurrency wallet it has a built-in exchange that allows you to instantly trick the supported coin between themselves and it has a beautiful and intuitive design so I look at some of the screenshots so yeah you got your portfolio there's an exchange and then you have your multi-asset wallet it has cool personalized themes it's crafted with love that's really cool.
Mycelium Bitcoin Wallet
Mycelium Bitcoin Wallet, one of my favorite open source basic wallets to get you started. Please remember to Backup, Set a PIN code and click on 'Require PIN when you open the App'. Also, note that the application might give you a new address from time to time which is for security purposes. If by any chance someone sends you Bitcoin to a previous address that's no problem as ALL your old addresses are still valid.
This is more suited to advanced Bitcoin users it has enterprise-level security it even offers support for connecting through tor if you want that extra privacy, yeah and that's a lot of things in one it's a trading platform a fault a wire transfer it's free open-source software but again there's no web or desktop interface so they've got some new tools coming soon looks like they're gonna have assets creation coming soon no alternative has more stars on Google Play.
Hardware cryptocurrency wallets Trezor is ideal for storing large amounts of Bitcoin so if you're a whale I am NOT a while I'm like the smallest fish smallest fish in the world, okay yeah I'm a pad the project for genetic ax that's what I am that is a writ that's a very small fish yeah but anyway you might be a whale and but obviously you can store any amount of Bitcoin you want on Trezor it has good security and privacy it's cold storage it has this cool has its cool inbuilt screen it has an easy-to-use web interface open source software its beginner friendly but it does cost $99 well 89 Europe it has two-factor authentication a password manager so it's basically a private bank in your hands.
The Ledger Nano
there's the ledger nano s and they're coming out with the ledger blue which looks really cool so yeah there's the ledger blue which has the screen large touchscreen and it's Bluetooth and it's yeah it's available for pre-order if you want to fork out two hundred and seventy-four euro and 80
cent but the one I'm talking about is the ledger nano s which is 69 euros I don't know what that is in dollars it's compact and durable it has a LED screen and buttons it's multi-currency and it is extensible with other apps yeah it has third-party apps it's premium security it's easy to use I think it looks really
good but there's no password manager and there's no ability to create hidden accounts but it's got this cool flipper thing I think it looks really nice I'm planning to purchase one really soon that's an overview of some of the most popular wallets I know there are loads and loads more just another added thing to
say if you're using a wallet make sure all your software is up-to-date you know on your computer on