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Exodus Wallet Review – Is Exodus Wallet Safe?... Best Crypto Wallet? In Depth Exodus Review… - YouTube
Channel: unknown
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Hey there
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my friends it's Bren Blaze
here with ElevationGuild.com
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Welcome along to this
in-depth Exodus wallet review.
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We're going to do a deep dive here,
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and I'm going to share with
you everything you need to know
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to make an informed decision
as to whether or not
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you want to use this wallet
for your own purposes.
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We'll be covering many
things in this review,
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including the user interface
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and the overall user experience.
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We'll be covering the privacy,
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security and safety of the wallet.
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Is it safe to store your crypto
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in this wallet or could it be hacked?
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We'll be taking a look at the financials
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of the company and its user
based growth over time.
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Is it a stable company that's
here for the long term?
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I'll be giving you a guided
tour of the desktop application
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and we'll take a look into
each of the applications
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that you can install to
extend the functionality
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of the Exodus wallet.
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And we'll take a look at how
you can benefit from those.
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We'll be taking a look at the crypto coins
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that are supported and even
evaluating the customer support.
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So stay tuned my friend
you're going to receive
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a lot of value from this Exodus review.
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And if it's your first time
finding one of my videos,
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be sure to like this video
and hit that subscribe button
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so that you can stay in the loop
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with future videos
released on this channel.
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and take advantage of all the
due diligence and research
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that I do to find sustainable
projects with longevity
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that you can trust, that allows you
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to grow your risk capital over time.
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So the Exodus wallet
was founded back in 2015
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by these two gentlemen right here,
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JP Richardson and Daniel Castagnoli.
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JP is responsible for
everything under the hood
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that you don't see.
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He has a background in coding
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and he has created open source libraries
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that are utilized by a lot
of cryptocurrency softwares
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on the web today.
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Daniel Castagnoli, on the other hand,
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is responsible for
everything that you see,
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the user interface and the
streamlined user experience,
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which we will cover in this video
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and it's something that
Exodus prides itself on.
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He has worked for
companies like BMW, Nike,
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Louis Vuitton and Apple.
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They want to bridge the gap
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between the world of
traditional Fiat currency
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and the world of cryptocurrency
by simplifying it,
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by making the user
experience very intuitive,
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very streamlined.
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And that's exactly what they've
done as you're about to see.
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They really have done a great job
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of simplifying the complex.
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Their mission as a company
is to play their part
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in helping half of the world
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transition from traditional finance
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over to decentralized
finance by the year 2030,
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and having a streamlined, simple
to use interface like this
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is a key component to
encourage mass adoption,
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because for a lot of people,
especially beginners,
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go to a centralized exchange like Binance
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and it's like trying to
drink from a fire hose.
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It's quite complicated and
that can deter a lot of people.
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So they've done a great
job in terms of UI and UX.
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The Exodus wallet is a
multi-asset, crypto wallet
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that runs as software on
your operating system.
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Everything is encrypted and stored locally
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on your hard drive.
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It can run on windows, Mac, and Linux.
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And after you install this,
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there is no registration
required, no verification, no KYC,
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so your activity remains anonymous.
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The mobile lap version is also available
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for iOS and Android.
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However, desktop software is
always going to be more secure
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and will be the focus of this review
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for demonstration purposes.
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So here we are inside
of the Exodus wallet,
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I've downloaded and installed
it locally to my laptop.
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By default, you'll be
on the portfolio tab.
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And as you start to deposit
your crypto assets here,
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you'll see a graphical representation
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of your crypto holdings.
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The wallet itself, very intuitive,
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again, very user friendly,
send and receive.
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You can do a search for
any coin that you want.
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Currently there's 155 coins supported,
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they're listed on their
website and it tells you
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which is supported by the
exchange on the wallet
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and which is supported by
Trezor among other things.
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Underneath each token, there
is a wealth of knowledge
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to be found, including blog
posts and videos for each coin.
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The inbuilt exchange is just
as sleek as you can see,
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very simple to use,
especially for beginners.
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However, there is also
the option to install
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the FTX Exchange app
inside of the Exodus wallet
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so that you can experience lower fees,
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instantaneous exchanges and no caps
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on the amount of crypto
that you can exchange
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because of the deep liquidity
in the FTX Exchange.
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- Compound Finance.
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This allows you to earn an
annualized percentage yield
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on the Dai stablecoin.
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The percentage that you earn,
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the interest that you earn annually
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is going to vary depending
on market conditions
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but it's always going to exceed
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what you would earn with a
traditional savings account
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in a bank.
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So in this case, we're basically using Dai
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as the storage container of value
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as our capital earns interest.
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So why choose the Dai stablecoin?
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Well, Dai is a stable, stable
coin, if that makes sense.
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It's collateralized by
multiple cryptocurrencies
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which are deposited into
smart contract vaults
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every time new Dai coins are minted.
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Traditional Fiat currencies
is backed by nothing.
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Whereas this actually has some collateral
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and it is actually backed by something
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which obviously makes it more stable.
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It's number 19 in the world right now
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and it has a $10 billion market cap,
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so it's not going anywhere.
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Another really cool extension
that we have access to
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through the Exodus wallet is Rewards,
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which really simplifies
the process of staking
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seven different tokens and
earning staking rewards,
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annualized percentage yields.
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Two of the most popular being
Solana and Cardano here.
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Honestly, they have simplified it
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because especially in the early days,
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to stake Cardano was quite technical
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but here they really have
streamlined the process.
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And I did a quick look to
see on stakingrewards.com.
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This website pulls
realtime blockchain data
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to determine the staking
rewards that you earn.
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Here we can see Solana 5.86, 5.87 here.
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Here we have Cardano, 5.03 here,
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a bit lower in this case, 4.91.
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Cosmos, 13.46.
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And here we can see
13.46, which tells us that
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they are using blockchain data
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to give us these calculations.
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So it's competitive and
it's extremely simple
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to stake on here.
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That's fully hands off passive income
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that you're earning through
staking on each of these coins.
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And if you're overall long term bullish
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on something like Solana and Cardano,
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and it's currently sitting
in your cold wallet,
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earning nothing, why not have it staked
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through the Exodus wallet
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earning you five to 6% annualized return.
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You can click into any one of
these, click on learn more.
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It's going to open up an
in-depth thorough article
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that'll give you a crash course
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on each of these coins,
how the staking works
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based on each of the blockchain
technologies, very powerful.
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They also have a calculator for staking
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which will give you an idea
based on how much you deposit
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and the APY, what your
potential earnings could be
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depending on how long you decide to stake.
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Another quite unique application
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that they launched in
December 2021 I believe,
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is their NFT Gallery,
specifically for Solana NFTs.
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So you can send and store your Solana NFTs
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right here inside of Exodus.
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Next, let's discuss the
privacy and security
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of the Exodus wallet.
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How safe is it?
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Can you store your crypto there?
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Could it potentially be
hacked and what features
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are available to mitigate that risk.
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In order to fully answer this question,
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we need to first understand
where the Exodus wallet,
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how it weighs up against other options.
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Exodus is a non-custodial wallet.
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The company itself does not have
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any access to your private keys.
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They're encrypted and stored
locally on your own device.
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If you compare that to
a centralized exchange,
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which is considered a hot wallet,
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if that centralized exchange
like Binance, Kucoin, Kraken,
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if it were to be hacked and compromised
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and they got access to the data servers,
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you could potentially
lose your cryptocurrency
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because you do not have the
private keys in your possession.
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And if you think that's never happened,
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it has happened many times.
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This is a comprehensive list
of every centralized exchange
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that has been hacked.
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One that you may be
familiar with is Binance
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there was over 7,000
Bitcoins stolen from it there
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as you can see here.
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So it can happen and you should never
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leave your cryptocurrency
on a centralized exchange.
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In case you're not aware,
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private keys when we're
speaking in terms of
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blockchain assets is
essentially proof of ownership
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of the cryptocurrency associated
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with a specific wallet address.
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So to get that private
key in your possession
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is essentially the keys to the vault
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and crypto can be moved by anybody who has
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that private key in their possession.
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So one of the biggest determining factors
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when evaluating privacy
security and safety,
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is who is in possession
of those private keys
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and how difficult is it to
access to those private keys?
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I would consider the Exodus
wallet to be a cool wallet,
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it's in between a hot wallet,
like a centralized exchange
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and a hardware wallet, a cold wallet,
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which we will discuss later
on in this video as well.
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So, as I previously mentioned,
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the private keys for your Exodus wallet
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are encrypted and stored
locally on your own device.
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So in the event that the company itself,
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Exodus, were compromised and hacked,
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there would've no way of getting access
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to your private keys.
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However, as a precautionary measure,
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I encourage you to run
malware protection locally
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on your device to help mitigate
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the potential risk of those private keys
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becoming compromised
by malicious software.
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Because you are fully in
control of your crypto assets
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when using the Exodus wallet,
your crypto is only as safe
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as your own personal security practices.
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Therefore, the first thing you should do
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when you download the Exodus wallet,
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is to go into settings,
make sure you add a password
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and combine it with the auto-lock feature
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which will time out if
you happen to walk away
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from your laptop and also take
note of your recovery phrase.
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This is a 12-word seed phrase.
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You'll hear it called an mnemonic phrase.
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Make sure that you store that offline.
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Don't take a screenshot of it,
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don't store it on something
like Google Drive or Dropbox,
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only offline.
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And a lot of people will
simply rely on paper
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to store their private keys
and seed phrases offline.
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And they're just one
spilt glass of water away
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from losing access to their
entire crypto portfolio.
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So if you want to be in this long term,
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I'm going to encourage
you to go one step further
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to protect your assets,
protect your wealth
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and that's to get your
hands on a stone book
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which is non-perishable,
water resistant paper
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that even works with a ghost pen.
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So even if someone got
their hands on this notebook
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and flicked through the
pages, they'd be blank.
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The ghost pen will reveal
the lettering with UV light.
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So I encourage you to follow
the right security practices
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from the beginning, because
if you tell yourself
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that you're going to
wait until you're wealthy
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before you start implementing
top level security practices,
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you're never going to get there my friend.
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And if you really want to go all the way
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when it comes to privacy,
security and safety
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of your crypto assets, the Exodus wallet
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is fully compatible with
the Trezor cold wallet
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or hardware wallet.
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In case you're not aware, a cold wallet
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such as Trezor or Ledger,
is a very simplified,
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dumbed-down computer that
has very basic functionality.
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And the more simple something is,
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the less back doors there are,
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the less likely it is to be hacked.
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This simply stores your private keys
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and the private keys
never leave the device.
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You authorize transactions
from the device itself
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and it passes that digital signature
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over a bridge to something
you're integrating
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and interfacing with
like the Exodus wallet.
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Now your Bitcoin, your Ethereum
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is not literally on the cold wallet.
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The private keys are, which
again is that proof of ownership
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of blockchain assets for
a specific wallet address.
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If we're going to be
using the Exodus wallet
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we want to know that the
company is in good standing,
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that they have strong financials.
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That they're here for the long term,
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so that they will continue
release new updates,
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new innovations and new
improvements and enhance security.
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And they're held accountable
to do quarterly filings
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with the SEC, the Securities
and Exchange Commission.
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So all their I's must be dotted,
their T's must be crossed.
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You can go in there and interrogate
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their financial statements
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if you know what you're looking at
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because it's relevant
to the next application,
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extension in the wallet
that I'm about to show you.
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You can go into their shareholder letters.
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As we can see here, they are
seeing continuous growth,
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Q3 2020, that's the exchange volume here.
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Now we're over a million in Q3 in 2021.
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We can see the amount
of downloads has doubled
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since Q3 of 2020 to now
over 800,000 downloads.
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So with all that said, they
also have these Exodus shares.
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They're about to do an IPO,
an initial public offering,
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which is going to allow you the ability
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to own a part of Exodus if
you believe in the company
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and the strength of the company.
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So quite a unique offering
that you don't usually see
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with a cryptocurrency wallet.
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Last thing I'll mention,
which is very important,
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especially for newbies and beginners
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is comprehensive support.
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They have 24/7 live chat support,
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but they also have a very
thorough knowledge base
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that you can search for
practically anything.
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Apart from it being available to you
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at every step inside of the wallet itself,
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you can come over to support.exodus.com
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and pretty much crack open an article
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for every conceivable search.
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And they nearly all are accompanied
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by a step by step walk through video.
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So they've certainly got you covered
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with the knowledge and education you need
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to successfully utilize the Exodus wallet
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and they've around the
clock support as well.
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And so it's certainly
five star review for me.
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This was an unbiased, unsponsored video.
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I did this because those
of you that are around
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know that I share out loud my
thought process of evaluation
[861]
as I navigate the sometimes
[864]
shark-infested waters of cryptocurrency
[867]
so that you can make wiser
investments and better decisions
[870]
when it comes to not
only keeping your crypto,
[873]
but also growing it in sustainable ways.
[875]
I share with you projects
that allow you to do that
[878]
inside of our community
over at ElevationGuild.com.
[881]
You can take advantage of
all the sifting, sorting
[883]
and due diligence that I do
to carefully select projects
[886]
that's here for the long term.
[889]
And if you got value from this video,
[890]
be sure to share it with
someone who you feel
[892]
would resonate with this information.
[894]
Like this video and subscribe
to stay in the loop my friend.
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Take care.
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