Crypto wallets explained
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- Опубликовано: 6 сен 2024
- If you're buying cryptocurrency you'll want to keep it safe and accessible in a crypto wallet. Here's what you need to know. 👇
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I NEED SOME HELP! I have lost a lot of money over time hodling crypto, this is so frustrating. Any advice? 🙁
Stop wasting your time on that if you don't have the right strategy.
Via Telegram.
@jodynorman
She has the best tips to help you make the most of your crypto investments.
Many folks have been talking about Jody lately. She must be pretty good
The best thing you can do is buy a cold storage wallet and put 20$ on it. Then try factory resetting the wallet, transferring funds to an exchange, etc. The more you move funds around and recover them the more comfortable you will be with storage.
Best advice, thank you
Great idea
hmm thats interesting !!:
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I think I need to see someone go through every step, move coins off an exchange to a hardware wallet and then make a purchase with the hardware wallet to understand the why and how?
Me to
I'm off to reddit now for advice
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4 days bingeing on crypto information. Now I find this information nobody is talking about.
this is standard info. everyone should look into cold storage/ self custody storage eventually
I think nobody is talking about it because 1. old crypto investors already think this is common sense and 2. new crypto investors are completely unfamiliar with crypto technology & don’t even know this exists
Even after a year, you will still learn something new, so give yourself time before risking any real money
Much appreciated. Your pronunciation of words is perfect. Easy to hear what you say!
I'm a confused newbie. I trade on Coinbase, but bought a Ledger wallet for more security. I added one that I only had about $4 of, to the wallet as a test. It worked successfully, but still shows on Coinbase. So when I trade, on Coinbase, does it change on my wallet, or if I trade from my wallet, will it affect what Coinbase says I have somehow? CAN you trade through the wallet?
Trying to learn this stuff, but even though I've been in IT for 14 years, it's still confusing to me.
Exactly my question just different provider.
Beautifully explained and not long drawn out explanation and no technical jargon.
I don’t think he even said the word “blockchain” once! Crypto bros normally can’t go a minute without saying it
The Truth!
This video is incredibly informative! I appreciate the clear explanation of different types of crypto wallets and the importance of keeping private keys safe. The advice on using cold wallets for large sums is especially helpful. Thanks for making crypto storage easier to understand!
I feel compelled to point out that a wallet does NOT store your cryptocurrency. This is a fundamental misunderstanding about how cryptocurrencies work. Your cryptocurrency is "stored" in the blockchain, which is like a public ledger. Your wallet is analogous to a window into the blockchain that lets you see your balance and use a private key to make transactions (send your cryptocurrency).
And… is that good or bad?
"when you buy cryptocurrency like a bitcoin it gets stored in what's called a wallet" is confusing. As much as i know, "buying a cryptocurrency" is simply storing a transaciton record into the blockchain. Wallets only store keypairs and address which used to add records into the blockchain. If im wrong please clarify , Thank you.
Yes, you got it correct. You will never hold bitcoin as it is always stored on a ledger known as the blockchain you just own and hold the keys to the address on the blockchain. This gives you the right to access that amount of bitcoin that put in that address. When holding your own keys it is very important that you safeguard them and never put them on a computer or take a photo of them as if anyone hacks your phone or computer if you store your keys on them they will be able to move your bitcoin to a new address that you don't hold the keys to.
@@rc3831 What is the difference between a deposit address and a key? For example, if I buy ETH on Coinbase and want to transfer it to my ETH wallet on binance, I must first copy and paste a long address which looks like x9274bebejfjx72749bdhf (random example). Is this the “key” which you are talking about? Or is the “key” the 12-24 random words
@@porto1st no, when you copy and paste to send your bitcoin that is the bitcoin address on the BTC network blockchain that you are sending to. Moving your bitcoin from one address to another. Since you are moving from one exchange to another you don’t have keys you have a password to protect. Same rules apply don’t take photos of your password.
@@rc3831 ahhh I see. So because I am currently using the binance exchange to store my bitcoin, I must protect the password to my binance account correct? And when I decide to move to a cold wallet, I must then protect the private key to that cold wallet?
@@porto1st yes, and I would also highly suggest that you enable 2FA if you don’t know that means two factor authentication. Don’t use SMS go with one exchange supports could be Google Authenticator or Another.
I like the idea of moving a large sum of coins to a cold wallet so I'm more likely to ignore it. If it's on an app I can't help but check it 10x a day!
nothing stops you from googling bitcoin price then entering your amount of holdings, not that I know from daily experience.
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@@junglegoose4648 lol
You can still check it if you upload your xpub to an app..
so i have my crypto addresses , is that the key ? also if i store my crypto in my cold walllet , does that mean i have to withdraw it from my exchange to store it ?
You only have the public key on exchanges, NOT the private key
If you wanted to store it on a cold wallet, you would need to withdraw
This may sound a very stupid question, but if I store any crypto on a wallet will it still go up or down in value or as soon as you store it it's just locked in at that price until you decide to withdraw? New to this 🤣🤣
Well think about it, if you bought 1 bitcoin right now which is work almost $50K and stored it in your wallet, and then the price of bitcoin went up to 60K, then so will the bitcoin you're holding. All you're doing is holding your currency in a secure location and will fluctuate in value along with the markets.
@@carlhenry515 thank you for your reply, cleared it up for me, much appreciated 😎👍
No question on Crypto is stupid. We all start new to it at some point it's a big complicated thing from an outsider
@@intergalaktik1 so say the ledger allows you to move the currency into your wallet giving u more control called a blockchain and the only way to access this is by proving your key? im new my bad will have to study this more.
@@carlhenry515 AHHHHH so its like a modern stock certificate. Like that guy who found a Coca Cola Stock Certificate from the 60s in a garage sale a couple years ago, which is now worth a couple millions now.
A slightly off-topic question, how to transfer USDT from OKX wallet to binance? Apart from this seed phrase, nothing: head isolate sound end kit industry choice festival limit stable dolphin derive
Was this a Trezor commercial? Cause I'm sold.
I have one. I use it about every 3 days. Works great, easy. Nice to know it's downloaded on there at night and in my safe...without it being hacked.
There are some unclear points, but interesting! I have a question: how to convert USDT (TRC-20) in OKX wallet correctly? I have only 12 words: head isolate sound end kit industry choice festival limit stable dolphin derive
what happens to the crypto is you lose your passkey and you no longer have access to it? what I mean is if everyone did that how would crypto be exchanged in the future with things like bitcoin which only has a limited amount forever ? doesn't a certain amount of crypto no longer being acsesdable or usable or tradable change the economics of the rest?
This is a wonderful video.
I dont get the 12 word code yet, I could import a wallet from blockchain to a wallet on exodus and trust wallet. Doesnt that mean the code is stored somewhere online?
Thanks for the forecast! Just a quick off-topic question: My OKX wallet holds some 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?
Thank you man, this is very helpful and informative.
How do you move coins from Trevor back to Coinbase to sell it?
What happens if the software that you used to generated and stores your wallet becomes obsolete, or the entity that created it no longer exists? How do I still access my keys then? Is the Bitcoin wallet in a standard format that can be loaded into other wallet software? I'm worried about backing up a file that in the future can't be used because that software no longer exists, or can't run on certain operating systems. I hope someone can clarify if I have a misunderstanding?
As long as they support 12 word passphrase
Bitcoin keys are universal and can be restored with any wallet.
That won't ever happen however, EEC keys don't change or "update"
@@MrLuckygrenade not really, what he's saying is "what will happen if the format updates"
But the format won't update, they always use the same key signature technique as everyone else, ECC
@@somedude-vp9ti sorry for this question but I was just reading about the ledger data breach, wasn’t that problem fixed with an update?
Merry Christmas and thanks for all your info.
How do you move them from say Uphold to the hardware wallet? Also while in the wallet, do they still gain and lose market value while in the wallet?
Did anyone answer your question?
They still gain and lose market value while in the wallet the same way your cash does.
Ken, did you find out how to store it in the uphold wallet
@@sharonlindley2090 I did. Thank you for your reply!
Thanks I will do the same. Can it also be stored on a cold wallet as well?
Thank you for the video) Sorry if this is off topic, but I have a question, I have USDT in my Okx wallet, I want to withdraw it to Binance. But I don’t really understand how to do this correctly, so as not to send them somewhere without a trace
Do I have to buy a device for each platform or can I keep multiple platforms on the same device
I am new to investing in crypto currency. I have a question. I understand what a wallet is, but when is it used, after you cash out or do you store your current assets in it? Also, does a wallet store all crypto currency or only certain crypto currency?
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@@knockhello2604 can you please help me little bit my all life your service
@@quaidali865 what do you need help with
@@porto1st sorry sir for late reply but I have no internet connection
I'm sort of having the same problem the guy in San Francisco is having. But my problem is I can't find the computer I stored the Bitcoin on years ago.
shouldn't it be on the software?
Keep looking!
Most time having knowledge or insight about a particular activity can as well be a pleasing exercise. I can boldly say that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.
D’CENT wallet works very great 👍
Crypto market is taking a huge dip right now. Perfect time to buy in.
Hi All... Have a good day... Anyone know how to access our Blockchain account if we have forgotten our password??? Thanks...
all good but you also have to trust the cold wallet companys who build those and if u buy them first installing did u create the seedphrase or was it alrdy there ?
I think it was 2011 when my brother won a gaming tournament at a LAN party, and top prize was $50 in bitcoin (a little over 5 coins at the time). But he wasn't hurting for money, so he kind of forgot they had emailed him a link and when they started skyrocketing, he couldn't remember what email address he gave them, or who hosted the party.
Moral of the story is: chose 1 or 2 email addresses and stick with them! Don't create a new one for every site or every event!
Great video for this newbie and explained simply thank You .So o guess when I want to cash some coins in I just move some back to the exchange and cash in or is there a simple way to get your money thanks.
A little off topic, but I can't find any info on how to do this... How can I transfer USDT from an Okx wallet to binance? There's only the initial phrase, nothing more: head isolate sound end kit industry choice festival limit stable dolphin derive. It doesn't work for me, the address doesn't accept it... I'm afraid to screw up.
Never understood why it was so risky to keep coins on exchanges out of fear of being hacked. Theres no issue with keeping stocks on stock exchanges. What are they doing that crypto exchanges aren't?
FDIC insured
@@ericmgomes ^^^^
+Contract protected, crypto can't be protected that way
Centuries of regulation, federal insurance, and expert investors vs no insurance, in the Wild West, with minimal investor knowledge.
Thank you for this video so helpful and clear
Thanks, it's interesting to watch. A little off topic, but I can't find info on how to do this, maybe someone here can tell me. How can I transfer USDT from an Okx wallet to binance? There is only the initial phrase, nothing more: head isolate sound end kit industry choice festival limit stable dolphin derive. It doesn't work for me, the address doesn't accept it... I'm afraid to screw up.
Best advice
Buy a hardware wallet called ledger nano x
And
Buy a steel case that is designed to hold your seeds. (NEVER KEEP IT AS A DIGITAL FILE)
Learned it from "the bitcoin book"
How long until the bubble bursts?
it is popping right now! Peter Schiff told me so and Peter says that bitcoin is going to $0 and buy gold instead. Sell you bitcoin if you got any and buy gold with it.
@@rc3831 OR SILVER! Silver is also used vs VAMPIRES ! Gold isnt !
@@rc3831 This is has to be trolling, companies are buying up crypto to hold as assets, and like most things what comes up must come down but it won't go down to $0, you must be mad. It'll be worth over $100,000K in a few years if not sooner.
@@carlhenry515 Yes, I was and wanting to see what kind of a reply that I would get.
@@carlhenry515 I work for a leading institution , we only buy for short term profit and then will exit.
This happend in the 90s with tech stocks which people believed will keep going up and then lost everything
just 1 quick question, How much do you think is too much to be kept in a hot wallet? $ wise
Above $10k?
Can anyone tell me how to transfer USDT from OKX wallet to Binance? I only have a seed phrase: head isolate sound end kit industry choice festival limit stable dolphin derive
what are the risks of keeping crypto on the trading platforms ? thanks
They could get hacked
is it ok to hold the coin on cell phone like trustwallet android app???
no it isnt....... better buy a hardware wallet if u are holding large amounts
Phones ez to lose
Yeah its ok as long u have backed up the private key (seed phrase)
@@knockhello2604 if you keep your keys backed up that isn't an issue
Great video! Thanks!
This is very important video.This is wonderful video. This is amazing video.
Buy it from where though? Getting in is so hard because everyone talks about wallets amd storage but no one talks about BUYING the coins outside of robinhood, coinbase etc.
Немного не по теме, но не могу найти инфу как это делать...Как можно перевести USDT с кошелька Okx на binance? Есть только начальная фраза, больше ничего: head isolate sound end kit industry choice festival limit stable dolphin derive. У меня оно что-то не идёт, адрес не принимает...боюсь накосячить.
If you have small amount of crypto can you just store it in the broker like binance?
I have a question, how much can u store on these cold wallets? Coin wise?
I have 10 dollars of BAT and I want to store it so that I can make more and also wait until the value goes up so that I can sell it.
Really helpful, thank you.
I want to buy some Bitcoin - but do not own a smart phone. Can a hardware wallet be used for making crypto transactions or purchases?
I use Pyppin to make a printable wallet.
I like the concept; a typical pocket for what's invisible in many ways.
how to use the trevor like how to transfer the coins to it is my question
What happens if there ready to hack when you plug the usb
Thanks for the video! I have 5000 USDT in my OKX wallet and I want to transfer it to BNB. But I don't quite understand how to do it correctly so as not to lose money. I only have the phrase for the wallet: head isolate sound end kit industry choice festival limit stable dolphin derive. Can someone help?
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To avoid making losses while trading, you need to get full understanding and knowledge of trading and holding
@@francisrod376 You're right.. most time having knowledge or insight about a particular activity can as well be a pleasing exercise.
That,s true most people today have been having a lot of failures in trading sector because of bad platform and poor orientation.
I don't have any crypto but I am now curious as to whether the person who forgot their password was eventually able to access their bitcoins?
Please help! New to crypto. I bought on Robinhood, public and crypto app, but want to buy one of those wallet things he’s talking about. How do I covert it if I buy one? Not techno smart!
I ordered a Trezor a week ago ..
Excellent video
if you dont wanne store a lot on exchange, how you wanne sell then when you make big mula ? if the dont trust exchange the still need to put it back to sell and give away there coins to another wallet where the don,t own the keys off, but yhea beside that one day we just spend whit crypto instad of transfair to fiat and trade
Hello I have a question if I store my crypto on a wallet , what step do I need to take if I want to cash out?
Do I have to transfer my coins back to let’s say coin base and than sell?
And where do I buy This Trezor 1 wallet?
Sell it on an exchange, however I suggest using bitpay if you want to spend your coins
@@jessicatorres692 ledger and Trezor are both on Amazon
Благодарю за видео) Извините, если не в тему, но такой вопрос, у меня есть USDT в кошельке Okx, хочу их вывести на Binance. Но не очень понимаю как правильно это сделать, чтобы не отправить их куда-то без вести...Есть только фраза для этого кошелька: head isolate sound end kit industry choice festival limit stable dolphin derive. Может кто расписать как правильно это делается?
You said you could get hacked if your computer is connected to wifi , what’s the chance of that happening and if you hotspot from your phone does that prevent it? And does the make of computer you have make any difference in how safe your funds are? If have a cheap £200 pound asos
new at crypto still storing in coinbase acc.
Thank you great explanation
What is the cost of this device ??
This is my next line of action ! I will buy a new laptop n a cold wallet, store my crypto on it n never use the internet on that laptop lol
I wish I seen your video before I lost all my money in Voyager digital
Are paperwallets still any good?
The iron key storage seems safe from attack but why would he store all of his riches on one device? I feel like this is a good storage method but you should diversify. Keep multiple hard drives and multiple passwords, write them down on paper and hide that somewhere. Low tech can be pretty safe lol. Also why not entrust some portion to a third party who will or won't give you the pass key and store another portion yourself. That way if one is hacked you don't lose everything. Also if a third party is hacked you should have some civil recourse I would think.
that was really helpful - thanks
Thank you for the review
What about apps like Mycelium ?
Can I make money like I was on an exchange while my money is secure in my wallet?
I need a very good broker to start up my investment any ideas.?
How does an elderly person figure this stuff out? We can storm Normandy but we can’t figure out how to safely store our key on an external device.
Oh girl! Times have changed!
How to do paper wallet
What happens if Trezor just dont work one day?
👆👆All thanks to the name above for recovering of my coin sent to a wrong address successfully without delay
I like this video very helpful. Thank you.
Soooo are we not supposed to use IRONKEY?????
Nice information
Who can tell me how to transfer USDT from OKX wallet to Binance? There is only a seed phrase: head isolate sound end kit industry choice festival limit stable dolphin derive
Wait so if you put your crypto into the wallet does it continue to move while the market moves or does it freeze it once it goes into the wallet ?
The price of your crypto in your wallet is the same as the price of crypto on the market. The same as the dollar money in your bank account, compared to your cash dollars in your leather wallet.
What if the hackers are the same folks who manufacture the ledger or cold wallets. Do we get compensation if it disappeared magically from the ledger?
I am thinking more and more about buying a Hardware wallet
any wallets for shib coin?
What is the use of that flash drive only giving 10 guesses than locking up forever ? It would be of no use to owner and the thief.