Cryptocurrency usb? Crypto Wallet Explained [The best places to store your bitcoin]

Could you imagine having hundreds of thousands of dollars in Bitcoin stolen from you, because you didn't keep it secure?

We're going to get into cryptocurrency wallets. So if you're curious about where and how you can store your Bitcoins digitally this is going to be your number one resource.

Why do you even need a Bitcoin wallet?

Bitcoin is a digital currency, and as Bitcoins don't actually exist in physical shape or form, they can't be technically stored anywhere.

what they do use instead, is actually having a device that stores your public and private key which are used to publicly access your Bitcoin address as well as your private key using it as a transaction signature.

the combination of somebody's public key and private key together Is what makes a Bitcoin transaction possible. Now, there are several different types of Bitcoin wallets. So let's get into every single one of them in this video.

The first one I want to get into is a paper wallet essentially. It's a piece of paper with your public address and your private address on it. Now, they're not just written out full-on addresses. They're actually usually printed out in QR codes that you can quickly scan and people can get your address.

You can use services like bit address and Bitcoin paper wallet. the main advantage is that the keys are actually stored offline which makes them immune to hackers. The main disadvantage, however, is that it can be stolen because it's a physical piece of paper.

Let's get into the next type of wallet, which is your mobile wallet. the main advantage of having a mobile wallet is that your phone is always with you and if you need to buy or sell on your mobile device or use it as mobile payment, this is all possible because your phone is always with you.

the main disadvantage of it being on your phone, Is that phones get stolen and a can become Compromised because it uses a 2 form authentication that gets sent through text and the person that stole your phone has access to your texts.

and the last disadvantage is that it takes up a lot of storage space on your phone because you actually need to hold a condensed copy of The blockchain Ledger.

some options here are the Coincasso Mobile Wallet as well as Freewallet, Edge, Lumi wallet, and blockchain wallet.

the next and most common type of wall is actually a desktop wallet. Now, these wallets are actually downloaded and stored on your computer's hard drive. So you can even access them without being connected to the internet.

They are more secure than online wallets because they don't rely on third-party data. Some of the most common desktop wallets are actually electrum, Exodus, and Bitcoin core. It's just a simple program that you download and install on your computer. In future videos, we'll go over the actual step-by-step process in installing and using one of these desktop applications.


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