2023 Beginner’s Guide to Crypto Wallets: Full Step-by-Step!
Cryptocurrency wallets have become an essential tool for anyone looking to invest in digital assets. These wallets allow individuals to securely store, send, and receive cryptocurrencies such as bitcoin, ethereum, and solana. In this article, we will explore what cryptocurrency wallets are and how they work, aiming to demystify the complex world of crypto wallets for newcomers.
When we hear the term “wallet,” we often think of a physical accessory that holds our cash, cards, and IDs. However, cryptocurrency wallets are quite different. Unlike traditional wallets, digital currencies do not exist in a specific location or physical form. Instead, they exist on computers, specifically on a network of computers using a technology called blockchain.
Blockchain is a running ledger of transactions that records and tracks all cryptocurrency transactions. It serves as the foundation for cryptocurrencies, account balances, and transactions. Cryptocurrency wallets, on the other hand, are software that interacts with the blockchain, creates and stores private and public keys, monitors cryptocurrency balances, and facilitates the sending and receiving of digital assets.
Public keys, private keys, and wallet addresses are important components of cryptocurrency wallets. Public keys, also known as wallet addresses, are similar to bank account numbers. They allow others to send cryptocurrency to your wallet. However, sharing your public key does not grant anyone access to your funds.
Private keys, on the other hand, are like the login credentials for your cryptocurrency wallet. They are used to access and manage your funds. It is crucial to keep your private key secure and never share it with anyone. If someone gains access to your private key, they can control and transfer your funds.
To transfer cryptocurrency to your wallet, you need to ensure that you are sending the correct type of currency to a wallet address that supports it. For example, you can only send Bitcoin to Bitcoin addresses and receive Ether from Ether addresses. Different cryptocurrencies operate on different networks, similar to different software applications for different operating systems.
There are two main categories of cryptocurrency wallets: hot wallets and cold wallets. Hot wallets are online wallets that create and store private keys on devices connected to the internet, such as desktop or mobile app software. While convenient, hot wallets are more vulnerable to hacking and security breaches.
Cold wallets, also known as hardware wallets, offer a higher level of security. These wallets generate and store private keys offline, making them less susceptible to hacking attempts. Hardware wallets are physical devices, often the size of a credit card, that require additional security steps to access and manage funds. They are considered the safest and most secure way to store significant amounts of cryptocurrency for the long term.
When it comes to choosing a cryptocurrency wallet, it is recommended to use multiple wallets to diversify the risks associated with investing in this speculative technology. Each wallet type has its pros and cons, and it’s important to consider factors such as security, ease of use, and compatibility with different cryptocurrencies.
In conclusion, cryptocurrency wallets are essential tools for securely storing, sending, and receiving digital assets. They interact with the blockchain, create and store private and public keys, and allow individuals to manage their cryptocurrency balances. It is crucial to understand the importance of private keys, wallet addresses, and seed phrases to ensure the safety of your funds. By using a combination of hot and cold wallets, individuals can enhance the security of their cryptocurrency investments and be better prepared for the future of blockchain technology.
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“CRYPTO WALLETS EXPLAINED!” 💻🔑 ULTIMATE GUIDE! 😎
Hello, fam! Crypto Casey, here 👋 and I'm on a mission to improve people’s lives through #crypto education. In this special edition updated 2023 #tutorial, we discuss what #cryptowallets are, how they work, and how to quickly set one up and transfer your crypto off of exchanges and between wallets, step-by-step! We also distinguish between “hot” and “cold” wallets, and explore various wallets including #tangem. Let’s hit it…
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GET YOUR TANGEM WALLET TODAY!! 💥💥🌏
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#1 Seedless Wallet (the size of a bank card!!)
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✔️ Affordable.. from $44!! A must-have, no-brainer!
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CHAPTERS 💬 (Watch to the end!)
00:00 – Crypto Wallets Decoded: Your Ultimate Guide
02:20 – What Is A Cryptocurrency Wallet?
02:46 – What Is Blockchain?
03:00 – Simply A Key To Access Your Funds
05:16 – How Do Cryptocurrency Wallets Work?
06:21 – Public Key vs. Private Key
07:20 – Choosing the Right Blockchain
08:45 – What are "Hot" Crypto Wallets?
11:23 – What are "Cold" Crypto Wallets?
15:07 – Step-by-Step: Set Up Your Own Wallet
18:23 – How To Send Crypto Between Wallets
19:24 – How To Move Crypto Off Exchanges
21:10 – Restoring With Secret Phrase (Eureka!!)
24:21 – Next Steps!
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GET ALL THE WALLETS… DIVERSIFY!! 💥💥🌏
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Seedless hardware wallet paired with NFC-cards!!
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The first touchscreen hardware wallet!!
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Hardware wallet with unique options & safety perks!
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USE MULTIPLE HARDWARE WALLETS!! 💥💥🌏
⭐ 💳 Tangem ► https://bit.ly/Tangem-x2
🔐 Ledger ► https://bit.ly/Ledger-x1
🧱 Cypherock ► https://bit.ly/Cypherock-x1
🎯 Trezor ► https://bit.ly/Trezor-x1
🧰 BC Vault ► https://bit.ly/BCVault-x1
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WHAT NEXT? 🗺️
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📺 Watch: “Tangem Wallet Full Review! (Unboxing) ” ► https://youtu.be/t7xAehtvxRo
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TAGS: #bitcoin #ethereum #cryptocurrency #cryptocasey #cryptowallet #bitcoinwallet #ethereumwallet #seedlesswallet #coldstorage #hardwarewallet #coldwallet #hotwallet #cryptowalletguide #cryptosecurity #cryptobasics #cryptoguide #tangemwallet #ledger #cypherock #trezor #bcvault #trustwallet #selfcustody #coldstorage #mobilewallets
TOPICS: what is a crypto wallet, hot wallets vs. cold wallets, how to set up cryptocurrency wallets, how to transfer crypto between wallets, how to move crypto off of exchanges, how crypto seed phrases, private keys, recovery phrases and secret phrases work.
NOTE: This description contains affiliate links. If you purchase a product through one of them, I will receive a commission (at no additional cost to you). Thanks for supporting the channel!
DISCLAIMER: The information contained herein is for informational purposes only and not to be construed as financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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❤️ Be safe out there.
—Crypto Casey
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2023
I am new to crypto.
Question1: Cold wallets is for longterm hold?
If I have crypto on "sell limit order" then I cannot send it to cold wallet?
So I have to wait for my "sell limit order" to be executed before moving my crypto to cold wallet?
Question 2: Can crypto in "sell limit orders" be hacked? Is "sell limit orders" save from hackers?
Your response will be highly appreciated.
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Crypto is fixing to be the biggest scam ever.
Your knowledge about money blows me away. Hugely impressed. Thank you so very much for sharing it with me. I promise to only do good with it.
Thanks Casey
Very comprehensive, thanks Casey.
So funny to hear you talk about something 90% of us don't know anything about ! And it would and does put us through pure hell trying to figure it out . Just like the crypto exchanges . a little information for you, everybody is NOT your age .
Seems like a good idea but what if the grid goes down ? Wouldn't we still lose all value?
How to change crypto to USD to move back to bank account.
Hello! Someone added bitcoin to my coinbase wallet through custom network & now I cant withdraw that amount. Any solution please?
Video starts at 5:00 you‘re welcome
I was into until I realized you are getting paid to recommend wallets. Now I even more confused.
Thank you for your due diligence and thorough knowledge I have ordered a tangen I think that's what it's called with your code
Please do a video specifically on how to get xdc off of uphold without using a third-party wallet without using QR code without using Bluetooth this video I'm asking for has nothing to do with the mobile application or version
Man rhe bots in here lol
❤ you're the bomb girl! Thank you
Thanks for the info and discount! I just bought the Tangem wallet 👌🏼❤️👍🏼👍🏼
I lost money three times with trust wallet
Please come to the topic sooner that talking too much
Am I safe to purchase a crypto wallet from Amazon