What is a Bitcoin Wallet? (in Plain English)
Вставка
- Опубліковано 30 вер 2024
- 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
For the complete text guide visit:
bit.ly/2zYDVeo
Join our 7-day Bitcoin crash course absolutely free:
bit.ly/2pB4X5B
Learn ANYTHING about Bitcoin and cryptocurrencies on our UA-cam channel:
bit.ly/2BVbxeF
See anything we haven't covered? Leave us a comment in the comment section below
CAUTION!! Many scammers are using the comment section to promote their scams and sometimes even use the name “99Bitcoins” in their profile. Never send money to someone you don’t know and don’t accept offers to trade or exchange cryptocurrency from strangers.
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.
How will u know its safe with this person please help me out Bro
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
Successful people don't become that way overnight. What most people see at a glance wealth, a great career purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life
But I don't know why people remain poor due to ignorance
It's not ignorance but unprofessional broker in the market
Investing in crypto currency now is the best thing to do especially with the current rise in the market
people are really making a lot of money from it
I totally agree with you, the crypto currency market is the most profitable venture I ever invested in, i reached my goal of $500k yearly trade earnings. Setting realistic goals is an essential part of trading
Successful people don't become that way overnight. What most people see at a glance wealth, a great career purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life
Assets that can make one successful in life
1. Crypto 2. Stocks 3. Shores
I have to tell you, that is such a professional and detailed explanation. This was precisely the information I was seeking. Thank you.
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
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?
The secret of your future is hidden in your daily routine. successful people do daily what the unsuccessful only do occasionally
successful people don't become that way overnight. what most people see at a glance-wealth, a great career purpose is the result of hard work and hustle over time
The amount of time you spend believing we can't is more than enough time to learn how you can
@@roddenvirginia2374 yeah! I agree with you
people come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge frist and I promise! the money we follow you just like it's following some of us now
people wants to do what the 99% but wants to get results that fit for the 1% but it doesn't work that way
Hello, I'm new to forex trade and I have been making huge losses but I recently see a lot of people earning from it. Can someone please tell me what i'm doing wrong
For real it's very profitable
I really feel left aside hearing and seeing several testimonies from people on profits they make from Bitcoin/Forex Investment. Can someone recommend a good expert that trade on my behalf and generate profit for me.
It still isn’t clear to me how this works
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 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
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.
what is the best way to make money from investing
*I don't trade, I invest with a professional assigned by a crypto company that trades for me and returns profits on weekly basis for me and you can invest your capital and get weekly Returns of investment (ROI) without any extra fees attached
*yeah that's right I think the best way is to invest with a professional, at least it saves the trauma of too much losses
You've just made my day guys, I've lost so much trying to invest on my own
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?
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?
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.
investing in crypto now is really cool especially with the current rise in the market for now
You're right
Imagine having a 24 word password for a $20 bill
It seems like the Crypto industry could make things much easier for investors when it comes to buying, owning and storing your shit. 🙄
Lol how?
all the big exchanges like binance and bitfinex have wallets
Is the private key wallet ID
well now im scared to use my desktop wallet will i be fine?
Hi Mr. Wallace,
for your desktop wallet, you only need to the password and the recovery phrase safe. You also need to take steps that will safeguard you from inadvertently disclosing the recovery phrase. If the desktop can access the internet, keep an updated antivirus on, to prevent malware that targets wallets from attacking it.
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.
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
Gotta love how he smiles/smirks every time he gives you warnings against the worst risks 😂
Ermmmmmmm
Can i pay things online with bitcoin?
So did Alice and Charlie kill Bob?
LMAO😂😂😂
too much at once .... in a matter of minutes..blah blah blah
You buy a stock from a company because the company works its ass out to create a PRODUCTS. The same thing as dollar or gold, you exchange your sweat for these because the USA warrants dollars, and gold always have value regardless. Why the fuck do you buy Bitcoin? Yeah, it does go up SOMETIMES because luring buyers keep pouring money in and raising your existing Bitcoins' value, but where is their PRODUCT to support that. What you own is a picture on your computer screen that has no actual value. They kept and spent your cash. Bitcoin doesn't have any PRODUCTS, what is so hard to understand. What do they do to grow their products, NOTHING? So how does it help to benefits buyers in the long run as a company, duh?
But a little off topic, how can you withdraw USDT from an OKX wallet to a card if there are only these words: head isolate sound end kit industry choice festival limit stable dolphin derive. There is nothing else.
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.
what is considered a large amount of bitcoin?
NICE VIDEO..... I HAVE BEEN TRADING FOR MONTHS NOW. I KEEP M1AKING MORE LOSS TRADE WRONG COINS PLEASE I NEED SOME KIND OF ASSIST OR ADVICE ON WHAT TO DO
I’m not sure which wallet to use. I think this is great way handle money, checking out hotels.
I’m to old for this stuff!
look at his hands symbol the all seeing EYE!!
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.
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...
I’m so confused 😵💫😵😑
Am I the only one who can’t understand this stuff no matter how many ways this guy tries to explain it?
Hello, I know someone who can help you
Bitcoin investment is very profitable
Can I just use this once or twice ?
Thanks. Nice video. want to know, can hardware wallet be affected by Xrays or Magnetic fields?
Now I know how important is it to invest in bitcoin!!
What's the best phone wallet for one time use?
"Most of the bitcoin wallets are listed on this page...", he said. But there are none listed on this page. If I click on the highlighted site, I am not taken to a listing of the wallets, but rather to a signup page requiring me to become a "member". I consider this misleading, and I do not trust people who mislead me at the outset.
@@Nostrildomus - Where does it say " Show More"..?
so if you are just trading bit coin it it best to store it on the hard wallet?
Finally a good documentary for learning crypto coins! Congrats!
Kaun kaun yaha private key churane aaya hai?
thanks bro
Wow, so an untested Bitcoin is ripe for ripoff?
You are an AMAZING teacher! 👏🏼
He's really amazing
He's really amazing and awesome
This is really great,it's just one of the best crypto channel here on youtube
My family member has a PayPal, Crypto, Coinbase mostly because of purchasing different currencies. Is this a problem ?
I truly enjoyed your explanation... But now I need more help from you
Wow, I appreciate how you explain the different bitcoin wallets. It easy to follow. ,🙏🙏
I saw this as well. Number 14 💕
Good video. Very interested in the story about the individual who lost 4 btc with the pass phrase from an Afrikaans poem.
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
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!
BTC for $75K by end of this year& Control
of The Currency is already Decentralised And now the China disruption would simply
Decentralise the Mining setup for the better
How can one locate lost Bitcoins Wallet?
Hello Mr. Wanjigi,
Thank you for writing in. Do you mean how to recover a lost Bitcoin wallet? And what kind of a wallet is it? If you have the seed phrase, you can create a brand new wallet.
Or do you wish to reconstruct a wallet from various files? Sometimes, lost wallets can be reconstructed using data forensics techniques.
I hope this helps.
For small amounts of money it would be fun to exchange bitcoin but for any large amounts I would probably rely on reputable broker like Gemini.
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?
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.
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! 👍
Very informative video about crypto-wallets. Learnt a lot. Thank you.
BTC for $75K by end of this year& Control
of The Currency is already Decentralised And now the China disruption would simply
Decentralise the Mining for the better
I will need to grab a pen and paper, write some of this down and look into it further, the more research one does on any given subject the better off he or she will be, running with this information alone could see your coins vanish. Had a few try to hack my laptop, both attempts failed, so won't be using the desktop wallet.
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.
This gives me more understanding than listening to someone
I loved, those videos help me to know more abbout the cripto monedas
👍
How to transfer your Bitcoin from cash app to your wallet.
Thanks for the analysis! I need some advice: I'm using a SafePal wallet with USDT and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How should I go about transferring them to Binance?
Thanks for the info. A bit off topic: how can I transfer money (USDT) to a card if I only have the phrase: scrub know faith win siren become slot notice chuckle shift few extra
Thanks for the info. A bit off topic: how can I transfer money (USDT) to a card if I only have the phrase: scrub know faith win siren become slot notice chuckle shift few extra
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.
Can I buy a product over seas using bit coin?
Some points are not clear, but interesting) And the question is, there is USDT on the OKX wallet, how can I transfer them correctly to Binance, only the seed phrase is: head isolate sound end kit industry choice festival limit stable dolphin derive. I don't know anything else.
How can I obtain my Bitcoin Mining wallet address and my account Number. How do I get help on this issue? Thank you, Raymond Guy
1.25x speed
thank you
I like you simplified version of explaining, you really opened my sight
Thanks a lot for your up to date and preceded teaching
3:13
Hi. Thank you for the video. I don't see the list of bitcoin wallets or suggestion of bitcoin wallets recommended?
If my Bitcoin wallet is destroyed and I re-establish the wallet by using the seed words, that means that "somebody out there" (in the manufacturer I assume) has had my seed words the whole time. Right? Does that not mean that I am already trusting somebody to not steal my Bitcoins by using my seed words?
Hi Robert,
Some wallets are like that. They are classified as 'noncustodial wallets,' in that the keys are not in your custody - and you run the risk of losing your coins if those keys are compromised.
Custodial wallets are different. The keys are generated randomly and privately, inaccessible to third parties.
I need the cheapest but safe wallet, the quickest way possible. What would that be?
Do I have to pay for a brain wallet? It so how much? How long does it take to get?
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.
Can you have both online triple authenticated P/W 'ed wallets and hardware sharing varying amounts of the same coin ?
which is best web based wallet?? or how to open web based wallet
Cn someone help me about bitcoin & trade ?
Bitcoin debit card, Who issues it? Ive never heard of anyone using one at all,
This means it can be hacked!
Yes it can't be hacked!
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).
I'm coming back later for the course
What's the best safe bitcoin wallet
Blockchain is efficient if you ask me