Today we're going to be talking about a very important part of the crypto world, that's right
we're going to be talking about Wallets and not the kind that you stuff full of fiat and put in
your pocket. Welcome back everybody to CoinMarketCap's Tuesday Tutorials where we make it easy for
you, to get the most out of all the crypto tools out there. My name is Trev and today is all about
wallets. Wallets can't be avoided because before you even buy your first coin, you need to know
where it's going to go. Logical, right? Small note here: this isn't financial advice and I have to
keep saying that and really what it means is, don't take my advice, lose money and then go sue me, okay?
Our tutorial will include a basic overview of what a crypto wallet is and also some of
the top ones out there. Plus I'll be dropping some tips and tricks along the way, so it's
worth sticking until the end. So let's get started. Here at CoinMarketCap we love making videos about
all things crypto, if you want more videos like this then hit the like button down below. So let's
start with the basics why do we even use a crypto wallet? Especially when you keep it on an exchange
you give up your private keys and as the saying goes: "Not your keys, not your crypto" in such a case
you put all of your trust in the exchange's team and security level and as technology is advancing
rapidly so are hackers capabilities. No matter what security verification process and policies
that exchange implements, there's always a risk of getting hacked. You may end up losing all of your
coins or tokens. The history of cryptocurrency is full of such hacks and the most famous one being
the mount gox heist where around 850 000 bitcoins were stolen the kucoin hack is another example of
these attacks where users data got leaked and hackers stole about 275 million dollars
and even as recent as august 19th 2021 when hackers stole 97 million dollars from the
liquid exchange you see where this is going right when you store your assets on an exchange you're
actually technically losing control over them and so if we learned anything from the past it's
that we must use a reliable wallet to keep our coins secure and so now the question is what's
a wallet a cryptocurrency wallet is essentially a software application that allows users to store
track send and receive coins on the blockchain just like a bank account so along with the pros of
having a crypto wallet there's also some cons too and i'm going to be talking about that a bit later
so now that we've talked about what a wallet is we have to talk about keys in the world of crypto a
key is a string of alphanumeric characters that represent a specific wallet so as soon as you
create a crypto wallet you are issued two types of keys public keys and private keys a public
key is essentially what identifies your account on the network to understand its functionality
take it as your email address if someone wants to send coins to you they need your public key
on the other hand a private key is a string of 64 characters that can be generated from
a 12 word seed phrase it serves as your wallet's password so you cannot share it with anyone like
you share your public key so now that the concept of keys are clear let's talk about the four types
of available wallets that you could have so first let's start off with mobile wallets these wallets
are available in the form of a mobile application that can be installed simply on your phone don't
confuse these with crypto exchange applications like coinbase exodus is one of the most popular
options out there and we're going to be diving into that one soon so keep watching next up
let's talk about desktop wallets since your keys are stored on your computer you can access these
wallets even if you're offline these wallets tend to be more secure than mobile wallets
as they deploy technically advanced features that increase both security and privacy so both mobile
and desktop wallets are categorized as hot wallets but there are also cold wallets you may have heard
someone use the phrase offline wallet and this is actually the same thing as a hardware wallet
there's a few different alternative names that people use for this a hardware wallet
is an offline storage device similar to a hard drive disk or usb drive it's also popularly
called ledger or trezor and these are just called wallet brands undoubtedly hardware wallets are
one of the most secure ways for you to store your cryptocurrency and the last type is a paper wallet
a paper wallet is simply just a piece of paper with your public and private keys written on them
it's a safe way to store your cryptocurrencies as your keys are not connected with any servers the
only way someone can hack your wallet is if they stole that piece of paper so next up let's go over
some of the top players in the market and also remember to do your own research when deciding
which one is best for you let's start this list with the most popular hot wallets first up we
have atomic which is a user-friendly and reliable wallet it supports over 500 assets and also allows
staking for various different cryptocurrencies another bonus is that it's completely free and
it's compatible on most operating systems next up is trustwallet trustwallet is a perfect wallet for
individuals looking for a user-friendly and simple mobile wallet it's also fully open source which
means that anyone can verify the code the app offers plenty of staking opportunities where some
pools are even offering up to a 80 apr on pancake swap this application is used by millions of users
and this is a fact that confirms that the crypto community trusts its level of security next up is
exodus and exodus is another user-friendly wallet that is recommended for a wide range of users
whether you are a beginner or a pro in the crypto space you can easily access and use this wallet
to store your assets exodus supports over 100 cryptocurrencies and is available on both desktop
and mobile platforms users can always benefit from its crypto staking feature available for
just a few coins just like atomic the application is completely free to use and exodus has treasure
hardware access that leads me to the next point so moving on hardware wallets we have trezor
so desktop and mobile wallets just don't have the same amount of security as a hardware wallet this
fact gives an edge to trezor over other options that i mentioned earlier this wallet has support
for over a thousand cryptocurrencies and requires a quick setup and you can buy a
trezor wallet from its official online store and there are two different options available
the trezor model t that costs 190 dollars it has a touch screen and offers the use case of sd cards
or the trezor model 1 available at a cost of 60 which only comes with a black and white screen
and two push buttons other than the level of security what's also great about trezor is
that it supports exodus you can easily manage and exchange your cryptocurrencies in exodus securely
from your treasure no sign up or registration is required so with all that mentioned it's actually
been shown that trezor can be hacked but that would require the hacker to have access to your
wallet and a lot of equipment to pull it off this really should serve as a reminder to always keep
your hardware wallets in a stored and secure place and finally let's talk about ledger ledger is one
of the most popular hardware wallet providers out there offering support to over a thousand
cryptocurrencies another important feature is that it allows staking a variety of cryptocurrencies so
just like trezor ledger comes with two different options the ledger nano s and the ledger nano
x the main difference is that the nano s costs only 59 dollars compared to the nano x that is
available for 119 dollars the nano s can install up to three applications simultaneously where
the nano x offers the flexibility to install up to 100 applications at the same time for
each crypto asset that you want to manage you need to install its app on your wallet the app
enables your ledger hardware wallet to use its private keys for the specific blockchain network
which lets you receive and send that crypto asset so the only downside to ledger is that it
had a database breach where customer data was exposed although the users didn't lose their
assets victims received fake hardware wallets in the mail that contained malware so wrapping
it up our last piece of advice is to always be cautious and double check everything make sure
to download software applications from official or reliable sources if you receive a suspicious
link in an email do not click it be very careful thank you for joining me on this week's episode
of coin market caps tuesday tutorials where we make it easy for you to get the most out of all
the crypto tools out there make sure to subscribe and also share this video with a friend or family
member so anyways guys if you have any questions let us know in the comment section down below and
for everything else crypto related just ask alex in the description below anyways guys see you soon
you