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What's The BEST CRYPTO WALLET and WHY (2020 Update!!) - YouTube
Channel: BitBoy Crypto
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cryptocurrency world has emerged in the
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last few years and with its development
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and increasing demand
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crypto investing is taking the world by
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storm this is probably the reason that
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you are here after all
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as crypto becomes more valuable it also
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becomes more attractive to malicious
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individuals
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looking to make a quick buck but too
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lazy to invest themselves
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these mother chukkas will stop at
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nothing to steal an investor's
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hard-earned crypto
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this is why having a secure wallet you
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can trust
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to keep your crypto safe is paramount
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when investing in cryptocurrency
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don't worry because i got you covered
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within the next few minutes
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i'll be showing you some of the best
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wallets out there in spoiler alert
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telling you exactly which one should go
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in your pocket if you
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carry it in your pocket let's get it
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all right guys today we are looking at
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wallets now let's start simple
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a wallet is just a piece of software or
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a device that contains and manages your
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private keys which
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give the holder access to the crypto
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stored in a wallet
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these private keys keep your crypto safe
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from hackers but
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only if you keep them safe if someone
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gets your private keys then
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they get your crypto this is why
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choosing the right wallet for you
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is crucial to maintain a positive
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experience with cryptocurrency
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after all you don't want an intruder
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accessing your information
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the same way you don't want a robber
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coming into your house in the middle of
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the night
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while you sleep right unless you are
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that lonely and desperate for human
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interaction which most of us normal
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people are not it's why we install
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security cameras and alarms
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to keep them away just as a secure
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wallet does for crypto okay so back to
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the topic at hand
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the two types of wallets are software
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and hardware wallets software wallets
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are also known as hot wallets due to
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being connected to the internet
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which means they theoretically could be
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hacked
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yeah that may not sound like the best
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choice for someone who has bad cyber
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security habits
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unless they trade in low volumes and
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aren't losing sleep over the safety of
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their crypto
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these wallets have the advantage of
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being quite easy to set up
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and to access at any given time making
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them a convenient choice
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for most traders software wallets can be
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divided into smaller categories
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the most common and important being web
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wallets desktop wallets and
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mobile wallets their names explain what
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each one requires to function
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web wallets are used to access
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blockchains through a browser interface
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without having to download or install
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anything you may either be able to set a
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personal password to access your web
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wallet but
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in other cases service provider holds
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and manages
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your keys on your behalf this is risky
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we don't recommend it
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even for experienced users because no
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one wants to hand over all their money
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to a stranger
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shouldn't either stranger danger parents
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warned you when you were little
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and i'm reinforcing their wise advice to
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be aware of strangers but
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you don't feel like you're the stranger
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anyways desktop wallets require
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you to download software which you can
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execute locally on your computer
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this is a better option because you will
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have full control over your keys
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and funds once you generate a new
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desktop wallet a file called wallet.dat
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will be stored on your computer
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this file contains a private key for you
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to access your crypto address
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and you will have to encrypt it with a
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personal address
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you will need to provide your
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information every time you run the
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software
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so i beg you do not forget this password
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if you forget it
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you'll lose access to your funds a smart
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idea is to back up your wallet.dat file
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and keep it somewhere safe and no i
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don't mean that suspiciously large
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memes folder got on your computer come
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on who do you think you're full with
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that
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everybody knows what's in there what are
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you 20. all right guys mobile wallets
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are similar to desktop wallets
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with a slight difference that it is
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designed specifically
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as a smartphone app these are more
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convenient because you can send
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and receive cryptocurrencies through the
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use of qr codes
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and your phone is glued to your hands
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all day long so mobile wallets
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are suitable for performing daily
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transactions
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payments quickly and easily however do
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stay aware that your smartphone
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is vulnerable to viruses or it can
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easily break
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stay safe you should encrypt your mobile
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wallet with a password
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and back up your private keys as well
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okay so let's go with a list of popular
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hot wallets
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you might want to consider using the
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good news is that all of these are free
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and so far have not been victim to any
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vulnerability
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who doesn't love a bargain however
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charges for transactions will apply when
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moving your crypto due to gas
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prices which that's been fun lately also
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be aware i'm talking about wallets that
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support more than just
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bitcoin here one of the most popular
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software wallets is coinbase
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known by many users as an exchange it
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has also offered up a crypto wallet
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coinbase wallet offers both a mobile and
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web version
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with android and ios support it's
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important to note that having your
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crypto in coinbase's wallet
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doesn't equal having it on the exchange
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which means it's more secure
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is keeping crypto on an exchange is not
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recommended
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trust wallet is another wallet supported
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by one of the big exchanges
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in this case binance it has over 5
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million users
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has integration with the binance
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exchange just like coinbase's wallet
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with its own exchange
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trust wallet has the added benefit of
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offering a decentralized apps
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marketplace
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which allows you to take more advantage
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of the benefits of the blockchain world
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it also offers staking options built in
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allowing users to make passive income
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another favorite
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is the exodus wallet it offers advanced
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features like live charts
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a built-in exchange support for over 100
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cryptocurrencies
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and an app's marketplace it's available
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in
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a mobile and desktop version honestly
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there are too many options when it comes
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to software wallets
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with names like edge then go dapper
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mycelium
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and jax offering different features
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second main type of wall though
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is called a hardware wallet they are
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known as
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cold wallets because it is a form of
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offline storage
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making them much more secure and
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resistant to online hacking attempts
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ding ding ding we've got a winner okay
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maybe i shouldn't get so ahead of myself
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here
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but in my opinion and in that of most
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experts
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these are really the best wallet type
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simply because
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they present the safest way to store
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your crypto investments
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cold wallets use a physical medium to
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store the keys
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offline this method is the best and only
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choice
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for long-term investors but can be
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equally suitable for beginner users
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who want a safe option right from the
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start hardware wallets use a random
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number generator
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to generate both public and private keys
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and these are then stored
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in the device itself keep in mind that
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at no point
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are these connected to the internet
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spoiler alert that's what makes them so
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safe
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for the internet is the wild west and
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you can never be too sure
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who might be accessing your information
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although its security is a huge
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advantage
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hardware wallets aren't all beauty but
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contain a beastly side
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as it is a physical device you must
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purchase it its high price is a downfall
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for many crypto
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fans prices can range from 70 to 100
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and they may even go up in some cases to
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2 000 yikes i know
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it's a bit costly but it is a one-time
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purchase and will protect
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all your funds so how much is that worth
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so will you invest in a hardware wallet
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or is a potential hacker attacking the
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price you're willing to pay
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remember you easily lose serious money
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if your account is hacked
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hardware wallets also require you to set
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up a recovery c
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password that you must keep safe if not
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you won't be able to recover your coins
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if your wallet is lost
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damaged or stolen and the goal here is
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to make
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money not lose it within the hardware
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wallets
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the two biggest brands currently on the
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market are ledger
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and trezor both always feature it as the
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top hardware wallet
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rankings treasurer supports windows
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linux
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mac and has one of the best android
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wallet apps
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if you like that kind of thing available
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for cold storage crypto investment
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it has a full two-factor authentication
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and a password manager app
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that's compatible with erc20 tokens it's
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easy to use
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you can connect via the computer and
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reset the management software
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wow i know it's got so many features and
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could be a potential option for you
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treasure model t is 169.99
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and although the price is quite high the
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features some people say are worth it
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now let's see what ledger has to offer
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now if you ever want to get a ledger
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you can do so by heading over to
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ledger.bitboy.live
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it's my hardware of choice i've got
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several of them and
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they have never let me down ledger nano
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s
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is probably the most popular and
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recommended hardware wallet because it's
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extremely reliable
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not only does it present the best
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security but it also supports
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more than 1 500 cryptocurrencies
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and the list just keeps expanding so
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it's quite possible
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that you will be able to store your
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point of preference in the wallet
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while setting up your device though you
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will select a pin code and get a 24 word
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recovery phrase
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in case you forgot your pin or lose the
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device
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these things happen quite often so make
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sure to store your recovery phrase in a
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secure place
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in addition to nano s ledger presents
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the market with an
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improved version called ledger nano x
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they work similarly but nano x presents
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a bigger screen
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and a few additional functions to
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improve usability
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both are made out of stainless steel and
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they resist physical
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damage in fact they guarantee it a
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ledger nano s
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costs 59 while the nano x costs
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119 not only are both ledger wallets
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more affordable than treasures model t
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they also present more features and
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provides you with better security
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giving you the best overall experience
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this is why ledger is my pick as i use
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it myself
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has alternatives for every kind of user
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and is just too dang reliable
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but now it's your turn which one are you
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using to store your crypto
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which of these wallets do you think is
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the best let me know down below in the
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comments section
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i hope you enjoyed this video if you did
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please make sure to smash the like
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button and hit subscribe to come
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remember
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thank you so much for watching have a
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blessed day
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[Music]
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you
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