Hi, excellent explanation.. tks so much. I would like to mention the below, 1). I use binance. In binance, if i want to send USDT to an address in trust wallet. I choose the asset as USDT. The next step it asks for the another option, like ERC-20, TRC-20, BNB CHAIN.. I have to select any of these.. 2). And you have similar options like this in trust wallet as well.. how to go ahead in this case?.. 3). Assume I have a USDT erc-20 in my trust wallet. What option should I choice in binance?
Thanks for watching. You always want to choose the same coin/network for both the sending and receiving wallets. So if you are sending USDT (ERC-20) from Binance, use the USDT (ERC-20) address from your Trust wallet as the recipient address. Always send a small amount first to ensure everything is correct. - Alex
Wait… so if you move your crypto into the wallet does it move while the market moves ? Or does it freeze the amount of crypto? Like a sage keeping… or do I have to wait till I get the amount I want to get before moving it over ? Or do it right away as I’m investing ?
That’s not a cold wallet. It’s a hot wallet. It’s a good option to interact with decentralized websites, terrible place to store your crypto though. Get a cold wallet. If you need help choosing one let me know. I’m happy to help
Yes, the exchange typically deducts fees from the amount you send. For example, if you send $100 in BTC and the network fee is $10, you'll end up receiving $90.
Correct. Also note when sending something like XRP, you need to send a minimum of 10 XRP to the new wallet to activate the account. This is known as a reserve.
Everything on the blockchain is public. However, it’d be difficult to track a wallet address to a specific individual without additional info. And no, a wallet can’t be frozen. The blockchain is decentralized.
Always a pleasure 🤝
Always 🫡
I like the painting in the background
Thanks!
Hi, excellent explanation.. tks so much.
I would like to mention the below,
1). I use binance. In binance, if i want to send USDT to an address in trust wallet. I choose the asset as USDT. The next step it asks for the another option, like ERC-20, TRC-20, BNB CHAIN.. I have to select any of these..
2). And you have similar options like this in trust wallet as well.. how to go ahead in this case?..
3). Assume I have a USDT erc-20 in my trust wallet. What option should I choice in binance?
Thanks for watching. You always want to choose the same coin/network for both the sending and receiving wallets.
So if you are sending USDT (ERC-20) from Binance, use the USDT (ERC-20) address from your Trust wallet as the recipient address.
Always send a small amount first to ensure everything is correct.
- Alex
Noted, tks. 🙏
@@rajmohanvm3800 You’re welcome, anytime!
Wait… so if you move your crypto into the wallet does it move while the market moves ? Or does it freeze the amount of crypto? Like a sage keeping… or do I have to wait till I get the amount I want to get before moving it over ? Or do it right away as I’m investing ?
It doesn’t matter. Moving it doesn’t affect the price. Just move it as you please
Can you do a video with uphold to tangem, thanks
Thanks for the recommendation. I’ll see what I can do.
- Alex
What happens if you lose or damage your cold wallet?
Nothing happens to your crypto. As long as you have your seed phrase, you can recover your crypto using basically any hardware wallet device.
Is the metamask wallet a good option?
That’s not a cold wallet. It’s a hot wallet. It’s a good option to interact with decentralized websites, terrible place to store your crypto though. Get a cold wallet.
If you need help choosing one let me know. I’m happy to help
Must you own Bitcoin or Ethereum to use as payment when transferring your crypto to your cold wallet?
Yes, the exchange typically deducts fees from the amount you send. For example, if you send $100 in BTC and the network fee is $10, you'll end up receiving $90.
Thank you for answering me. So if I send XRP for example, would they take the fee from the XRP?
Correct. Also note when sending something like XRP, you need to send a minimum of 10 XRP to the new wallet to activate the account. This is known as a reserve.
@@cyberscrilla Thank you for the advice. Your videos are most helpful, keep up the great job of informing us.
Is a wallet traceable? And can it be frozen by any agency?
Everything on the blockchain is public. However, it’d be difficult to track a wallet address to a specific individual without additional info.
And no, a wallet can’t be frozen. The blockchain is decentralized.
Can you cold wallet be offline in order for it to create a wallet?
Yes. Cold wallets are offline
As a newbie to crypto, I'm trying to follow and absorb your great videos.... But you go too fast... sorry.
Nice vid🎉🎉
Thank you 🙏
You talk to fast this is not advanced but for beginners
Thanks for the feedback. You can also slow the video down to accommodate your preferred speech rate.
Good vedio
Thanks!
I lost my crypto in my wallet , how can I find it ?
More info please?