What is a Bitcoin Wallet? (in Plain English)

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.

I work with a really smart dude who had made like 40k off of his bitcoin and he was mad that he didn’t wait because he dumped a quarter of his coins (he bought in ground level basically) so he’s making complete profit.
Anyway, he is the only person I could understand besides this guy that has explained it to me. This guy on the video is better at explaining because I don’t have to interrupt him every 5 seconds to ask what something is lol thanks to that guy I work with, I have a very basic understanding and it’s only getting easier from there once you understand the bare mechanics of block chain.

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

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!

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I've seen different recommendations about this ADMIN they must be very exceptional for people to talk this good about them

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

Then have you been thought about investing in it to earn a passive income through bitcoin?

He's really amazing

He's really amazing and awesome

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?

Assets that can make one successful in life

1. Crypto 2. Stocks 3. Shores

Great to hear!

Glad to hear that!

I find it hard to believe there are still good people until I’m convinced by your loyalty 💯🙏you are the best

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.

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.

any update on this?

Glad you like it. A new one is out today :)

Beware of scammers Hacker Mark is the best bitcoin hacker he topped my wallet with 5BTC contact him danielsmark2121@gmail.com thank me later

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.

@tjmillionairementor no thanks Scammer. Get a life.

Yes

@@jacevance10 what kind of answer was that wtf, I have the same question...

I am wondering the same

Monarch wallet is new to me but I checked it out. It seems the basic idea is that one removes the connectivity of a smartphone by pulling the SIM and disabling WiFi, and then installs the wallet software thus converting the phone to a private key generation / storage device. I don't much care for this, as smartphones are certainly not designed with security as a priority. I would think it'd be fairly easy to hack the device and retrieve the privkey for any attacker who had physical access to the phone. Most likely, that attack would be much easier than for a dedicated hardware wallet. That said, used in this way the Monarch wallet could work as a free alternative to a regular hardware wallet. I wouldn't be able to say how safe it is but in principle it could work OK, provided one controlled physical access.
As for the secondary functions of the wallet, such as earning interest and trading in its internal exchange, those functions must require internet connectivity which would seem to completely undermine the security of the privkey storage. As the wallet doesn't seem to be open source (speaking under correction but I couldn't find any code for it online) this means you must trust the wallet providers with your coins, as well as trust their code and your device to be secure against attacks.
It doesn't seem secure enough if using the secondary function to store any significant value. Multiwallets are also less secure as a rule of thumb, as their code must cover so many coins rather than being focused on a single one.
Personally I wouldn't use it as it doesn't meet my security standards but for storing or transferring / earning interest on small amounts of value, it could be OK... Caution is advised however.

@@99Bitcoins Any recommendations on a wallet where I can store from my phone or computer thats safe? I have a nano x and just can't use it.
Appreciate your response in advance.

@@doubleclutch3631 My personal recommendation is the Electrum wallet for your desktop / laptop system. Mobile phones are simply not secure for the storage of any significant amount of coin. If Electrum is paired with your Nano X, which should be a fairly simple procedure assuming the Nano X has already been initialized (and the seed phrase and password securely backed up and stored).

Beware of scammers Hacker Mark is the best bitcoin hacker he topped my wallet with 5BTC contact him danielsmark2121@gmail.com thank me later

Choose a wallet: Select a software or hardware wallet to store your bitcoins. Examples of popular wallets include Coinbase, Mycelium, and Trezor.
Create a wallet: Follow the instructions to create a new wallet account, either on a website or with a hardware device.
Add funds to wallet: Transfer funds from a bank account or credit card to the wallet. This is typically done through a wire transfer or using a debit card.
Locate a Coinsource ATM: Use the Coinsource website to find a bitcoin ATM near you.
Insert cash: Insert the cash into the bitcoin ATM, either through a bill acceptor or by using a debit card.
Scan QR code: Using the wallet app, scan the QR code displayed on the ATM screen.
Enter amount: Enter the amount of bitcoin you want to purchase.
Confirm transaction: Review the transaction details and confirm the purchase.
Receive bitcoin: The bitcoins will be deposited into your wallet.
Sending bitcoin: To send bitcoin, go to the "send" or "withdraw" function in your wallet, enter the recipient's wallet address, and confirm the transaction.

Make paper copies

Blockchain is efficient if you ask me

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.

@@Nostrildomus - Where does it say " Show More"..?

First of all, blockchain is a Bitcoin wallet the only difference is that it also allows store other crypto currencies like Etherum, bitcoin cash and some others. So the advantage of the blockchain app is it’s fast and very secure but also has its risks as does every other.

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.

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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