What is a Cryptocurrency Wallet? Simple To understand Video
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- Опубликовано: 8 сен 2024
- What is a Cryptocurrency Wallet? Simple To understand Video
- blockgeeks.com/
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is a software 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. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.
Cryptocurrency Wallet Guide: A Step-By-Step Tutorial
How do they work?
Millions of people use cryptocurrency wallets, but there is considerable misunderstanding about how they work. Unlike traditional ‘pocket’ wallets, digital wallets don’t store currency. In fact, currencies don’t get stored in any single location or exist anywhere in any physical form. All that exists are records of transactions stored on the blockchain.
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Cryptocurrency wallets are software programs that store your public and private keys and interface with various blockchain so users can monitor their balance, send money and conduct other operations. When a person sends you bitcoins or any other type of digital currency, they are essentially signing off ownership of the coins to your wallet’s address. To be able to spend those coins and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If public and private keys match, the balance in your digital wallet will increase, and the senders will decrease accordingly. There is no actual exchange of real coins. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
Cryptocurrency Wallet Guide
What are the different types of Cryptocurrencywallets?
There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories - software, hardware, and paper. Software wallets can be a desktop, mobile or online.
Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.
Great video and very straightforward. I don't see any other perfect time for one to invest in crypto and trade than now. I don’t think that buy and hold is a valid investment strategy anymore but trading is worth it and you make more money when you trade correctly. just made my first $100,000 in crypto and I barely know how to express how happy and excited I am right now. Its all about knowing what strategy to apply and when.
Wow congrats, do you mind sharing how you did it...
I'm new to cryptocurrency and don't understand how it really works. how Can someone know the right approach to investing and making good profits from cryptocurrency investments?
Trading success always depends on applying the right trade signals to your trade
Alex Heinz is my mentor, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Wow!, I'm surprised you also trade with Alex Heinz, he's the best at what he does.
"Use small amounts of bitcoin..." (0.5 BTC on screen)
Those were the days....
I'm using Atomic Wallet since a while and for me is the best Mobile and Desktop option. All-in-one, secure and private! :)
Try klever wallet
1:23 aloo increible video lo disfrute bastante ansioso de el nuevo video me voy les dejo cariños muchas gracias
Nice
the more I understand bitcoin/bitcoin wallet it's not for use by ordinary people. It's more geared towards, gov, corporations, banks to use cryptocurrency. Ordinary people will find this to be too confusing too difficult,
been trying for a while to figure out. It's for sure not easy for the reg. person.
yeah
Hello guys! my Bitcoin wallet was successfully by Chasetools11 on Instagram, indeed it is a genius. I'm happy I have my money
Yeah its confusing AF. so I know its better security. And you need it to buy stuff or sell or trade. But does it earn profit still while in the wallets? Especially in the Hardware USB drives. The crypto is on a flash drive so how does it still earn profit? I use VOYAGER app and all I do is cash out to my bank account. Its simple.
@@allenanalla2549 As I understand the actual coins are never in the wallet/hardware the private keys are, so you can still earn interest on exchanges even if its a cold storage.
If you hvae bitcoin stored in you wallet, do you earn when the market goes up up? or do you need to have in on coinbase outside ur wallet?
if you own a bitcoin in a wallet and the value bitcoing goes up then your bitcoin value will go up
How can I start earning much from crypto buisness
I thought I was the only one who doesn't understand Forex trading.watching a documentary about it now and I feel lost
@Henry Edwards if only that was easy to find you know
@@sophialogan6810 I don't think it's hard to find
You just have to go more deep on research
There are already financial analysts and trading experts(Phds) who have shelled out theories and ideas for years willing to help new traders manage their account
@@mayasins5170 Do you trade with someone?
Please I need good recommendation
Your content is very original. hope to see more wallets soon
I dont fully understand, paper wallets, does he mean a physical piece of paper?. Can i use the currencies on one computer to hold the codes and type them on another computer for further protection?
Thanks a lot
00:59 buenas excelente video me gusto aguardo por el nuevo material me despido les mando besis agradecido
I would love to share you the idea towards earning extra bitcoin in your wallet for free without giving out investment or access to your wallet..
Way too much overkill ......this system. I mean, If I have a few different coins on Coinbase etc..... is that not enough...... like logging into a banking app ...... seriously like....ffs
Should investments that are still in the market be moved to a crypto wallet as well, or should you only use the wallet when you are planning to cash out? That's the main issue I'm having trouble getting an answer to. I have investments in ETH, and if I want to move it offsite to make it secure, does that mean that I have cashed out, or is it still in play?
Did you find the answer sir? That's my question too, thank you
Exactly my question
I have this same question, please let me know if you find the answer. I am still doing research and will update
Any updates?
can u use any hardware (usb key) ? and can u stock ETH and BTC on the same hardware ? not sure if u said it in the video , great content anyway ;)
Even without any exeperience in crypto, I'm fine using EO finance wallet
Ok I watched your video twice and still don't understand any of it....
I would love to share you the idea towards earning extra bitcoin in your wallet for free without giving out investment or access to your wallet..
So if I deposit my cryptocurrencie from , for example, binance to my Exodus wallet. It is safe then. But can my cryptocurrencie still grow and fall in value? Like I do not touch my wallet and let the money increases as the market value keeps increasing?
Yeah I have those same questions.
I know the wallet is better for security and buying or selling. Will I still earn profit while my crypto is in the wallet?
@@allenanalla2549 @The Big Lebowski yeah if the price per coin increase you can just put it in binance ir coinbase anywhere and sell it and make profit but if you are looking forward to stacking wich earns you passive income for holding the coin go look that up
🎉
If you have crypto stored on a hard wallet and that hard wallet gets lost or destroyed is there anyway to recover it???
I don’t think so man, once is gone is gone
I still struggle to understand crypto. So a wallet gives me 24 words to remember. Is the 24 words the only thing that give me full access? Will the creators of hardware wallets not log every single wallet they manufacture?
PowerNoob9000 basically, there are two types of keys, public and private. The public key is the one that somebody gives you, in order to for you to send them bitcoin. In turn, for you to send them bitcoin you need to use your private key, which basically signs off the transaction as okay. The 24 words that get randomly generated, are just a representation of that private key. So say, you lost the USB hardware wallet, or you were not on the PC you had your wallet on, you could input this 24 words and it would be linked to your private key for you to access your bitcoin anywhere in the world and start sending again. The blockchain records all transactions, and shows everyone’s public keys on there with transaction history. This bitcoin and blockchain is transparent and can’t be edited, and is anonymous, since nobody knows who is behind the public key unless you disclose that
Bitcoin is the best way of earning money online
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its still waaay too unclear for a beginner.
Do you need a wallet if you plan to just sell it all down the road?
I would love to share you the idea towards earning extra bitcoin in your wallet for free without giving out investment or access to your wallet..
Yeah, usually there will be a wallet included in the exchange
yes then you transfer the crypto from your wallet to an exchange and from there you sell it or whatever
❤
use NDAX
Может тут кто подскажет, как можно вывести доллары на карту с OKX кошелька, если у меня есть только фраза: head isolate sound end kit industry choice festival limit stable dolphin derive
Content is good but you talk too fast
axisoption ,com is the best wallet platform to hold you bitcoins on. They pay all their users up to 4% interest for using their platform.
I recommend everyone using crypto eo.finance, a very convenient service!
This perfectly describes atomic Wallet. We have it review on here. Reach out atomicwallet.io
Molodes
why are you talking so much fast and boring
Thanks for providing the BTC help ALERTINVESTMENT Bitcoin support has provided much needed stress relief I owe you gratitude
Thanks for providing the BTC help ALERTINVESTMENT Bitcoin support has provided much needed stress relief I owe you gratitude