cryptocurrency world has emerged in the
last few years and with its development
and increasing demand
crypto investing is taking the world by
storm this is probably the reason that
you are here after all
as crypto becomes more valuable it also
becomes more attractive to malicious
individuals
looking to make a quick buck but too
lazy to invest themselves
these mother chukkas will stop at
nothing to steal an investor's
hard-earned crypto
this is why having a secure wallet you
can trust
to keep your crypto safe is paramount
when investing in cryptocurrency
don't worry because i got you covered
within the next few minutes
i'll be showing you some of the best
wallets out there in spoiler alert
telling you exactly which one should go
in your pocket if you
carry it in your pocket let's get it
all right guys today we are looking at
wallets now let's start simple
a wallet is just a piece of software or
a device that contains and manages your
private keys which
give the holder access to the crypto
stored in a wallet
these private keys keep your crypto safe
from hackers but
only if you keep them safe if someone
gets your private keys then
they get your crypto this is why
choosing the right wallet for you
is crucial to maintain a positive
experience with cryptocurrency
after all you don't want an intruder
accessing your information
the same way you don't want a robber
coming into your house in the middle of
the night
while you sleep right unless you are
that lonely and desperate for human
interaction which most of us normal
people are not it's why we install
security cameras and alarms
to keep them away just as a secure
wallet does for crypto okay so back to
the topic at hand
the two types of wallets are software
and hardware wallets software wallets
are also known as hot wallets due to
being connected to the internet
which means they theoretically could be
hacked
yeah that may not sound like the best
choice for someone who has bad cyber
security habits
unless they trade in low volumes and
aren't losing sleep over the safety of
their crypto
these wallets have the advantage of
being quite easy to set up
and to access at any given time making
them a convenient choice
for most traders software wallets can be
divided into smaller categories
the most common and important being web
wallets desktop wallets and
mobile wallets their names explain what
each one requires to function
web wallets are used to access
blockchains through a browser interface
without having to download or install
anything you may either be able to set a
personal password to access your web
wallet but
in other cases service provider holds
and manages
your keys on your behalf this is risky
we don't recommend it
even for experienced users because no
one wants to hand over all their money
to a stranger
shouldn't either stranger danger parents
warned you when you were little
and i'm reinforcing their wise advice to
be aware of strangers but
you don't feel like you're the stranger
anyways desktop wallets require
you to download software which you can
execute locally on your computer
this is a better option because you will
have full control over your keys
and funds once you generate a new
desktop wallet a file called wallet.dat
will be stored on your computer
this file contains a private key for you
to access your crypto address
and you will have to encrypt it with a
personal address
you will need to provide your
information every time you run the
software
so i beg you do not forget this password
if you forget it
you'll lose access to your funds a smart
idea is to back up your wallet.dat file
and keep it somewhere safe and no i
don't mean that suspiciously large
memes folder got on your computer come
on who do you think you're full with
that
everybody knows what's in there what are
you 20. all right guys mobile wallets
are similar to desktop wallets
with a slight difference that it is
designed specifically
as a smartphone app these are more
convenient because you can send
and receive cryptocurrencies through the
use of qr codes
and your phone is glued to your hands
all day long so mobile wallets
are suitable for performing daily
transactions
payments quickly and easily however do
stay aware that your smartphone
is vulnerable to viruses or it can
easily break
stay safe you should encrypt your mobile
wallet with a password
and back up your private keys as well
okay so let's go with a list of popular
hot wallets
you might want to consider using the
good news is that all of these are free
and so far have not been victim to any
vulnerability
who doesn't love a bargain however
charges for transactions will apply when
moving your crypto due to gas
prices which that's been fun lately also
be aware i'm talking about wallets that
support more than just
bitcoin here one of the most popular
software wallets is coinbase
known by many users as an exchange it
has also offered up a crypto wallet
coinbase wallet offers both a mobile and
web version
with android and ios support it's
important to note that having your
crypto in coinbase's wallet
doesn't equal having it on the exchange
which means it's more secure
is keeping crypto on an exchange is not
recommended
trust wallet is another wallet supported
by one of the big exchanges
in this case binance it has over 5
million users
has integration with the binance
exchange just like coinbase's wallet
with its own exchange
trust wallet has the added benefit of
offering a decentralized apps
marketplace
which allows you to take more advantage
of the benefits of the blockchain world
it also offers staking options built in
allowing users to make passive income
another favorite
is the exodus wallet it offers advanced
features like live charts
a built-in exchange support for over 100
cryptocurrencies
and an app's marketplace it's available
in
a mobile and desktop version honestly
there are too many options when it comes
to software wallets
with names like edge then go dapper
mycelium
and jax offering different features
second main type of wall though
is called a hardware wallet they are
known as
cold wallets because it is a form of
offline storage
making them much more secure and
resistant to online hacking attempts
ding ding ding we've got a winner okay
maybe i shouldn't get so ahead of myself
here
but in my opinion and in that of most
experts
these are really the best wallet type
simply because
they present the safest way to store
your crypto investments
cold wallets use a physical medium to
store the keys
offline this method is the best and only
choice
for long-term investors but can be
equally suitable for beginner users
who want a safe option right from the
start hardware wallets use a random
number generator
to generate both public and private keys
and these are then stored
in the device itself keep in mind that
at no point
are these connected to the internet
spoiler alert that's what makes them so
safe
for the internet is the wild west and
you can never be too sure
who might be accessing your information
although its security is a huge
advantage
hardware wallets aren't all beauty but
contain a beastly side
as it is a physical device you must
purchase it its high price is a downfall
for many crypto
fans prices can range from 70 to 100
and they may even go up in some cases to
2 000 yikes i know
it's a bit costly but it is a one-time
purchase and will protect
all your funds so how much is that worth
so will you invest in a hardware wallet
or is a potential hacker attacking the
price you're willing to pay
remember you easily lose serious money
if your account is hacked
hardware wallets also require you to set
up a recovery c
password that you must keep safe if not
you won't be able to recover your coins
if your wallet is lost
damaged or stolen and the goal here is
to make
money not lose it within the hardware
wallets
the two biggest brands currently on the
market are ledger
and trezor both always feature it as the
top hardware wallet
rankings treasurer supports windows
linux
mac and has one of the best android
wallet apps
if you like that kind of thing available
for cold storage crypto investment
it has a full two-factor authentication
and a password manager app
that's compatible with erc20 tokens it's
easy to use
you can connect via the computer and
reset the management software
wow i know it's got so many features and
could be a potential option for you
treasure model t is 169.99
and although the price is quite high the
features some people say are worth it
now let's see what ledger has to offer
now if you ever want to get a ledger
you can do so by heading over to
ledger.bitboy.live
it's my hardware of choice i've got
several of them and
they have never let me down ledger nano
s
is probably the most popular and
recommended hardware wallet because it's
extremely reliable
not only does it present the best
security but it also supports
more than 1 500 cryptocurrencies
and the list just keeps expanding so
it's quite possible
that you will be able to store your
point of preference in the wallet
while setting up your device though you
will select a pin code and get a 24 word
recovery phrase
in case you forgot your pin or lose the
device
these things happen quite often so make
sure to store your recovery phrase in a
secure place
in addition to nano s ledger presents
the market with an
improved version called ledger nano x
they work similarly but nano x presents
a bigger screen
and a few additional functions to
improve usability
both are made out of stainless steel and
they resist physical
damage in fact they guarantee it a
ledger nano s
costs 59 while the nano x costs
119 not only are both ledger wallets
more affordable than treasures model t
they also present more features and
provides you with better security
giving you the best overall experience
this is why ledger is my pick as i use
it myself
has alternatives for every kind of user
and is just too dang reliable
but now it's your turn which one are you
using to store your crypto
which of these wallets do you think is
the best let me know down below in the
comments section
i hope you enjoyed this video if you did
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remember
thank you so much for watching have a
blessed day
[Music]
you