What Is A Crypto Wallet

Steve Ballinger, MBA
A free video tutorial from Steve Ballinger, MBA
Millionaire Investor|Stocks|Cryptocurrency|Teaching 300,000+
4.4 instructor rating • 26 courses • 307,385 students

Learn more from the full course

Cryptocurrency: Complete Bitcoin, Ethereum, Altcoins! (8 HR)

Bitcoin & Other Cryptocurrency Is Growing Fast. Master Cryptocurrency Use & Successful Investing In Bitcoin & Altcoins!

08:04:20 of on-demand video • Updated January 2018

  • Use cryptocurrency like Bitcoin and others for your personal use.
  • Choose and setup your cryptocurrency wallet to hold your digital coins.
  • Evaluate and choose an exchange that fits your trading needs.
  • Invest in cryptocurrency with confidence and apply successful strategies and techniques.
  • Build your own cryptocurrecny portfolio that matches your risk tolerance.
  • Apply Fundamental and Technical Analysis (Charting) when choosing individual coins to invest in.
English [Auto] Who kill it's Cobar death on wallet's because that's really a core part of cryptocurrency is a wallet just like you carry a wallet in your everyday life to use to buy things or in this case you get all season long two exchanges and things from a trading aspect but the wallets are really the key part of how you use money right. So the first thing to do is set up your wallet could be a digital can be hard or while you you need to set up a wallet and your wallet can be linked to your bank account you know and can be stored on different types of platforms and devices and we're going to go into that. Some might be cloudbase some might be desktop some might be off line or hardware based even paper based wallet so we're going to go into that and in the next parts of the sections here. But the wallet is what enables users to send and receive cryptocurrency. It also tracks your balance just like you could take your wallet out and see how much money you have in your wallet. You open your wallet in your crypto currency all this is how much I have in my cryptocurrency So if I want to use it for personal spending and I want to use and say bitcoins and I will use my bitcoins to buy something from an online retailer I will actually spend that money out of my wallet and to buy from them and then the system automatically just everything so the online retailer gets their money in the form of let's say Bitcoin in this example and your account goes down the number of bitcoins you have the spend goes down because hopefully bought something nice for yourself. Right. So. So that's where wallets are out there. So here's the thing. With wallets there's many different types of wallets out there to choose from. And some will go on to some of the things to look for and the different types. But you know couple of things to look at and think about from a trading standpoint from a wallet is do you. Are you an active trader you is constantly trading you know little crypto currencies and you want to have that list and exchange Well then maybe you want more than an online wall at where you want to be able to get in and out or send money to exchanges and move between different exchanges where you can buy in trade on the exchange you have the wallet as the central area where you keep your money and then you just move into these exchanges. So if you're active you might want to have some That's easy to move stuff back and forth. Where if you're more passive say buy and hold type investor rhema. Yeah mate in Bastro might put something on exchange but I'm doing a lot of changes with it. Then maybe you want to have some this little bit more off line and a little more secure because it's off line and then go back on line like getting your device and then upload type things. We'll talk about that with like hardware or paper type wald's. So the thing is once you set up your wallet you can then can proceed to purchase purchasing exchange digital currency on your choice of different platforms or different retailers or different places that you might want to use your your wallet for. So think of wallet as the the key thing where you hold your money right and you hold your money and just like some wallets are better than others like I like to carry a money clip a small little while. My son has this big fat wallet. Well maybe he's got a lot more money in his well I mean that's why it was fatter than mine. I don't know. But it's a place where I keep my money and he keeps his money in his wallet and you keep your money in your wallet or keep it in your purse way is a wallet in your purse is where you keep your money in with cryptocurrency the same thing. It's just that it's all virtual and all digital. But it is once again real money so if you have your wallet and you lose your wallet or your wallets on your computer and you lose your computer crashes you lose it you lose your money or it's on a hardware device and you lose your device you lose your money you know. So we'll talk about the and different types of systems here in Acts. But when you're looking at it from crates here for wallets selection think of security you know how secure is that online is less secure than off when obviously what type of cryptocurrency do you want to be using and does that wallet that you might be using support that. So you look at different wallet vendors they'll tell you. Cryptocurrency Z-R see to look at that. How easy is it to use things that are eyeliner clicked in easy use easy to some or try directly in exchange of moving money back and forth between your wallet and exchanges really super fast and easy. Others might be your plug in devices or something more off limits a little bit more. Not hard to use just more steps involved really. I know you can you use your wallet more for personal spending or are you really looking for investing that might affect your choice of what works for you. Some are good for merely both but some are better one way or another. And then we're going to look at the different types of wallets that are out there as well. So let's go ahead and next lesson we'll talk about different wallet types and you can start making some traces give you some examples as well.