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What are cryptocurrency wallets? ⥠...and how doÂ
they work? đ€ As we always discuss together on the
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channel, it is extremely important to protectÂ
our digital asset investments đ by completely
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owning and controlling them đ using our ownÂ
cold storage hardware wallets!! đČ đ However,
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besides finally deciding to take the plunge...Â
opening up an account with a crypto exchange đŠ and
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buying our first cryptocurrency đ many people findÂ
the idea of setting up their own cryptocurrency
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wallets đČ đ and transferring their crypto to itÂ
incredibly daunting!! đ± Public keys â private
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keys â wallet addresses â seed phrases â secretÂ
phrases â blockchain â on chain â off chain â gas
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fees â transaction fees â ...differentÂ
networks like Bitcoin âż versus Ethereum
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versus Solana... đ This new speculativeÂ
tech is riddled with confusing jargon for
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newcomers!! đź And although it's a great sign thatÂ
we are extremely early adopters of revolutionary
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tech with likely insane upside potential đ€ ...itÂ
does take a fairly large investment of time and
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energy to wrap our heads around how it works!! đ«Â
And lucky for us âïž ...by the end of this video,
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and for some maybe after watching it a few timesÂ
over âźïž ...we will experience that "Eureka!"
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moment âŒïž ...where we finally understand howÂ
crypto wallets work!! đ€ We're going to break down
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some important information about cryptocurrencyÂ
wallet into simple and easy to understand concepts
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together đ Our goal by the end of this video,Â
is that we feel more comfortable transferring
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our cryptocurrency off of exchanges into our ownÂ
cryptocurrency wallets for safe keeping đ ...and
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also explore different ways we can put ourÂ
new knowledge into practice by doing small
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transactions between exchanges đŠ â đČ and wallets,Â
transferring crypto between different wallets
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we own đ± â đČ ...also we are more confident andÂ
prepared for likely the last once in a lifetime
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opportunity to invest as an early adopter inÂ
cryptocurrency and blockchain technology đ€ ...to
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achieve generational wealth đ„đ° Because bigÂ
traditional financial players đŠ are getting in,
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under-the-radar đĄ The mainstream media has beenÂ
misinforming the public about crypto since its
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inception đ€ So when the tides inevitably turnÂ
and tons of money starts flooding into this new,
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small asset class đ°đ€ ...we need to make sure weÂ
are in a position to reap the rewards of taking
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the time to watch videos like this â learningÂ
new complex things 𧩠practicing using new complex
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tech, so in the end we will have truly earned theÂ
potential life-changing gains over the next 18 to
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24 months đ„ By putting in the time, being braveÂ
and taking on risk đȘ and being part of something
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bigger than us... something that will helpÂ
us build a better future together đŽ Amazing,
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so what is a cryptocurrency wallet? đ When weÂ
hear the word wallet, we immediately think of
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the pocket or purse accessories that hold ourÂ
cash đ”, IDs, credit, and debit cards đł However,
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unlike cash, digital currencies are not storedÂ
in a specific location and do not exist in
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physical form. Instead, cryptocurrencies, accountÂ
balances, and transactions exist on computers...
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a network of computers đ§ using a blockchainÂ
or similar technological foundation. So what
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is blockchain? âïž Blockchain is just a fancy termÂ
that describes a running ledger of transactions.
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Without losing sight of this video, if you wouldÂ
like to learn more about blockchain and why it was
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developed, you can check out my video guide forÂ
beginners by clicking on the link above đČïž âŹ Nice,
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back to wallets a cryptocurrency wallet hasÂ
software that creates and stores your private
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and public Keys interacts with the blockchainÂ
monitors your cryptocurrency balances and allows
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you to send and receive digital assets so to sendÂ
receive store and monitor your cryptocurrency
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balances and other digital assets like nfts youÂ
need to use a cryptocurrency wallet and what's
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funny is we shouldn't really use the word walletÂ
when talking about crypto because a wallet in
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the traditional sense makes us think of our cashÂ
actually physically inside of our wallet or our
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credit cards actually inside of our wallet whileÂ
a cryptocurrency wallet is more accurately a key
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to access our phones because our cryptocurrenciesÂ
and digital assets are not actually inside of our
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wallets they are on the blockchain which is aÂ
running Ledger of transactions distributed all
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around the world so in reality our crypto isÂ
basically assigned to our wallet's private key
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and our wallet gives us access to the crypto andÂ
the ability to view our balances send and receive
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crypto stake it interact with smart contracts EtcÂ
awesome hello I'm cryptocasian in this video we
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are going to explore how cryptocurrency walletsÂ
work the different types of cryptocurrency wallets
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available on the market and why it's important toÂ
use multiple cryptocurrency wallets to diversify
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the risks associated with investing in newÂ
speculative technology let's hit it [Music]
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please be sure to check out our sponsors IÂ
trust Capital Malwarebytes and tangent wallet
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trade cryptocurrencies tax-free within your ownÂ
individual retirement account or IRA with I trust
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Capital if you do not use any form of malwareÂ
protection on your computer or devices you are
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literally insane so get a free malware scan todayÂ
with Malwarebytes who is also offering us a nice
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discount for the protection products and servicesÂ
it invests in your very own Cold Storage Hardware
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wallet like tangent wallet it's the size ofÂ
a credit card multi-currency multi-chain and
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it's by far the easiest Hardware wallet to setÂ
up and use on the market right now while also
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being the most cost effective like starting atÂ
around forty four dollars using the link below
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with a special discount for us note that since theÂ
Ledger Fiasco tantrum has been swamped so orders
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have been backed up for a few weeks so pre-orderÂ
one to get your spa in line for the next batch of
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wallets scroll down and use links below to accessÂ
the correct and official sites as well as redeem
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any special offers they have for us so how doÂ
cryptocurrency wallets work we are going to go
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through a very simplified analogy to help us wrapÂ
our heads around around how cryptocurrency wallets
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work together please note this is not exactly howÂ
the technology works it's just an analogy so a
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simplified way to understand how cryptocurrencyÂ
wallets work is to consider how your traditional
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online banking applications work imagine yourÂ
bank is the blockchain your bank account number
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is the public key your crypto wallet is yourÂ
online banking app and your online banking app
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login credentials are your private key so yourÂ
bank records and tracks all the transactions
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going to and from your bank account just like theÂ
blockchain records and tracks all the transactions
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going to and from your public key using yourÂ
online banking app you are able to check the
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balance of your bank account and send or receiveÂ
transactions just like a cryptocurrency wallet
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allows you to check your balances and send orÂ
receive crypto however in order to log in to your
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online banking app you need to first type in yourÂ
username and password which is like using your
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private key to access your cryptocurrency wallet aÂ
public key is similar to your bank account number
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in that if you provide anyone with your bankÂ
account number they can send you funds keep in
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mind that public keys are also commonly known asÂ
wallet addresses however having your bank account
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number alone would not allow someone to take fundsÂ
from your account this is also how a public key
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works people can send cryptocurrency to you usingÂ
your public key or public wallet address but they
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cannot take funds from you using your public keyÂ
on the flip side giving your online banking app
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login credentials to someone would allow them toÂ
send funds from your bank account to somewhere
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else this is similar to a private key if you giveÂ
someone your private key they can access your
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cryptocurrency and send it somewhere else unlikeÂ
traditional banking if you give away your private
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key and your funds go missing you will likelyÂ
not be able to recover them this is why it's
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so important to keep your private key private andÂ
before sending and receiving cryptocurr currency
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you must first make sure you are sending the sameÂ
type of currency to a wallet address or public
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key that supports that particular cryptocurrencyÂ
for example you can only send Bitcoin to bitcoin
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addresses and you can only receive etherÂ
from either addresses and the simplest way
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to understand why Bitcoin addresses only work withÂ
Bitcoin ether only works on ethereum Solana only
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works on Solana Etc is to think of them likeÂ
software applications on Mac versus PC versus
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Linux or like Apple versus Android so they areÂ
just different Tech foundations using different
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code which is why Apple apps can't be installed onÂ
Android devices there has to be an Android version
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of the app to be supported on Android cool so ifÂ
you have another person's public key or address
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you can easily send them some correspondingÂ
cryptocurrency and vice versa and when
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cryptocurrencies are sent or received no actualÂ
physical or digital exchange occurs between the
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wallets remember cryptocurrency wallets interactÂ
with the blockchain and the blockchain is where
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all cryptocurrency transactions are logged andÂ
it's also where balances are tracked so just to
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recap a cryptocurrency wallet has software thatÂ
interacts with the blockchain stores your public
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and private Keys monitors your cryptocurrencyÂ
balances and allows you to send and receive
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cryptocurrency nice what are the different typesÂ
of cryptocurrency wallets there are many different
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types of cryptocurrency wallets to choose from andÂ
each of them have their own pros and cons let's
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break down crypto wallets into two categoriesÂ
hot and cold a hot wallet creates and stores
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your private Keys online while cold wallets createÂ
and store your private Keys offline so examples of
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hot law include desktop or mobile app softwareÂ
these wallets operate on your computers and cell
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phones which are connected to the internet soÂ
when you set up these wallets your private key is
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generated on a hot device which just means it'sÂ
connected to the internet which could be more
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vulnerable to being compromised especially withÂ
AI scamming tactics becoming more sophisticated
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Etc however by far the least secure way to storeÂ
large investments in cryptocurrency for the long
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term is on an exchange why well first of all it'sÂ
online therefore hot therefore more vulnerable to
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hacks and on top of it cryptocurrency exchangesÂ
are huge targets for hackers since obviously
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there's a ton of potential crypto that can beÂ
stolen with any wallet we manage on our own
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a hacker has no idea how much potential fundsÂ
there are to steal while crypto exchanges are
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a guaranteed Gold Mine of swords and second ofÂ
all due to lack of transparency and regulation
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there is an artificial supply of crypto meetingÂ
real demand because exchanges lend out crypto
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you stake infinitely between other people andÂ
exchanges which basically means that one ether
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you are looking at on your account could also beÂ
the same either five other people on The Exchange
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are looking at meaning cryptocurrency exchangesÂ
don't actually have all the crypto backed one to
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one for all of their customers so if there was aÂ
massive run on exchanges where everyone wanted to
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move their Bitcoin and ether to their own walletÂ
there would not be enough to go around like we saw
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with FTX there are also some bad players out thereÂ
gambling with our funds we leave on the exchange
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and can go bust and third of all as we see withÂ
coinbase regulatory bodies like the SEC can go
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after them sue them demonetize them by forcingÂ
them to de-list a significant amount of crypto
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which would destroy their profits which putsÂ
them at risk of going under as we've discussed
00:10:58
at length on the channel exchanges need to be usedÂ
as a tool to exchange Fiat for crypto crypto for
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crypto and crypto to Fiat not for storing cryptoÂ
Investments we need to be transferring any crypto
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we want to exchange to them and when we are doneÂ
transferring our crypto back to our own wallets
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sweet now let's learn about the safest most idealÂ
way to store significant amounts of cryptocurrency
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for the long term cold wallets cold wallets areÂ
also known as Hardware wallets Hardware wallets
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are designed to safely create and store yourÂ
private key offline and when sending receiving or
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managing funds you will need to use the hardwareÂ
wallet device and go through more security steps
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in general which makes your funds less vulnerableÂ
to theft by creating and storing private keys
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with Hardware wallets your funds are safer fromÂ
hackers and other potential security issues that
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hot software wallets are more likely to experienceÂ
so store your cryptocurrency on a hardware wallet
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is the safest most secure way to manage yourÂ
funds so if you scroll down to the description
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area below you can access the correct and officialÂ
site of my recommended Hardware wallets note there
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are two important things you need to know aboutÂ
buying a hardware wallet first only buy Hardware
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wallets from the real manufacturer do not buy usedÂ
Hardware wallets and do not buy them from other
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other companies or individuals this is becauseÂ
hackers may buy a hardware wallet tamper with
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the software and resell the Hacked device to stealÂ
your phone and second as with all crypto related
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activities make sure you double and tripleÂ
check the URL you are accessing to buy the
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hardware wallet make sure the address is correctÂ
and that it has an SSL or secure sockets layer
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which uses the https protocol instead of HTTPÂ
there are a ton of phishing scams online that
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will pretend to be the real website you intendÂ
to access and if you access a fake website you
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may lose your funds or receive a hacked wallet soÂ
again if you're interested in my recommendations
00:12:55
using the links below get you where you want toÂ
go safely all while supporting the channel since
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Ledger's announcement of their recover ServicesÂ
software update to their devices tangent wallet
00:13:05
an alternative that never reveals our private keyÂ
or seed to anyone has been blowing up like I said
00:13:11
there is a wait for the next batch of wallets soÂ
make sure to get your spa online earlier rather
00:13:15
than later it looks like a credit card usesÂ
the highest standard of security among crypto
00:13:20
wallets known as eal 6 Plus which is a levelÂ
of protection used by NASA and in passports the
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source code for tangem's mobile app is all openÂ
and available for review on their GitHub which is
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important for full transparency to ensure thereÂ
are no backdoors built in and that funds can be
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accessed if the company shut down for any reasonÂ
instead of a seed phrase as the only way to back
00:13:42
up our crypto wallets backup copies of the walletÂ
are created and used on other tantrum cards that
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we encrypt with our own unique access code weÂ
create breach card also note the pricing for this
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cryptocurrency Hardware device is much cheaper andÂ
affordable than other ones starting at just over
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forty dollars with free shipping using our promoÂ
code this is a plus for any beginners just getting
00:14:03
started or anyone who is looking to onboardÂ
friends and family into crypto with a simple
00:14:08
easy to use secure self-custody wallet so scrollÂ
down and use link below to access tangents correct
00:14:13
and official site as well as redeem any specialÂ
offers they have for us cool and we can check out
00:14:18
the step-by-step Tanger wallet setup guide to getÂ
a better idea about how tangent wallet creates and
00:14:23
protects our private Keys differently than LedgerÂ
trezor and other wallets that use seed phrases by
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clicking on the link above since the vast majorityÂ
of cryptocurrency wallets use seed phrases to back
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up our wallets and access our phones at largeÂ
while we wait for the next batch of tangent
00:14:38
wallets or wait for whatever Hardware walletÂ
we've chosen to go with like Ledger treasure
00:14:43
BC Vault to arrive let's create our own hot walletÂ
together using a mobile app called trust wallet it
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transfers some crypto to it get ready we are aboutÂ
to have the Eureka moment we've all been waiting
00:14:54
for about what happens if your phone dies or ifÂ
your Hardware wallet breaks or if it's stolen
00:15:00
Etc when it uses a seed phrase as backups let'sÂ
in it how to set up your own crypto wallet in
00:15:07
this video we are going to set up the trust walletÂ
together on our mobile device step by step open
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the app store on your phone and type in trustÂ
wallet and click download and install it then
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open the app tap on create new wallet tap to checkÂ
the box agreeing to the terms of service next we
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are going to create a passcode to add an extraÂ
layer of security when using the app then confirm
00:15:29
the passcode by entering it again and now we areÂ
going to back up our secret phrase which is the
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master key to your wallet and anyone that has itÂ
can access your crypto so never share it which is
00:15:41
why I recommend backing it up manually versus toÂ
your iCloud as it could pose more vulnerabilities
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if your iCloud is compromised so we are going toÂ
tap backup manually on the next screen the app
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gives us more information stating this secretÂ
phrase is the master key to your wallet tap on
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all check boxes to confirm that you understand theÂ
importance of your seed phrase tap the first box
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that read if I lose my secret phrase my funds willÂ
be lost forever tap the second box that reads if
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I expose or share my secret phrase to anyone myÂ
funds can get stolen and tap the third box that
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reads trust wallet support will never reach out toÂ
ask for it then tap continue and here are the 12
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words you need to write down in order and secureÂ
to protect any crypto use into it after these next
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few steps it will become clear how our crypto isÂ
on the blockchain and how private keys or recovery
00:16:34
phrases are merely keys to access our funds thatÂ
are on the blockchain and how anyone with these
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words can steal all of your funds if you do notÂ
properly secure these words these 12 words are
00:16:44
the keys to your wallet literally by memorizingÂ
these 12 words you can carry access to hundreds
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and thousands millions and billions of dollarsÂ
worth of crypto right here in your brain stay
00:16:55
tuned for the end of this video when I show youÂ
how I can gain access to your funds using these
00:17:01
12 words anytime and anywhere but regardless ofÂ
whether you lose this particular phone or not it's
00:17:07
for this reason I do not recommend backing thisÂ
phrase up to iCloud which is something that could
00:17:13
also be hacked I don't recommend ever storing yourÂ
wallet private key on any device connected to the
00:17:18
internet password manager or similar so don'tÂ
take a screenshot of it or picture the best way
00:17:24
is using good old-fashioned pen and paper for nowÂ
securing it in multiple geographical locations in
00:17:30
case of a fire flood or similar in this videoÂ
we are just doing a simple short-term solution
00:17:35
for storing our own crypto together to get it offÂ
of exchanges until we can get a hardware wallet
00:17:40
so for now like I said I recommend writingÂ
your secret phrase down on paper and storing
00:17:45
it somewhere extremely secure like a safe orÂ
inconspicuous like into your house in a book
00:17:50
on a shelf or similar cool next we need to verifyÂ
the secret phrase by tapping the words to put them
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next to each other in the correct order and weÂ
are done we have officially created our very own
00:18:01
self-custody crypto wallet where we can completelyÂ
own and control our digital assets using the trust
00:18:08
wallet we can buy crypto deposit and store nftsÂ
and deposit crypto tap deposit now let's say
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we have some ether we can send to our new trustÂ
Wallet tap ethereum and from here we can scan the
00:18:21
QR code or copy the address for our first exampleÂ
to show you how easy it is to use tangent wallet
00:18:27
we are going to send some ether from tangentÂ
wallet to trustwallet so I'm going to tap the
00:18:32
copy button to copy our trust ether address thenÂ
I'm going to open tangem's mobile app and tap scan
00:18:39
card then using my physical tangent HardwareÂ
Wallet card I'm going to tap it to my phone
00:18:44
then enter my access code then tap the card againÂ
and here we are at our tangent wallet dashboard
00:18:50
I'm going to tap ethereum TAPS in paste The EtherÂ
trust wallet address into the address field enter
00:18:57
100 worth of ether looks like the network fee toÂ
process the transaction is about two dollars make
00:19:02
sure everything looks good and tap send to verifyÂ
the transaction I'm going to enter my access code
00:19:07
again tap my tantrum card to my phone and successÂ
the transaction has been signed and sent to the
00:19:13
blockchain so now if we open our trust WalletÂ
app enter our passcode hear almost instantly on
00:19:19
the trust wallet dashboard we see the hundredÂ
dollars worth of ether has a wrap amazing next
00:19:24
here comes the part that will probably be aÂ
lot easier than you think transferring your
00:19:28
crypto from The Exchange to your new self-custodyÂ
mobile wallet for Simplicity I'm going to assume
00:19:34
your crypto is on coinbase in this guide howeverÂ
no matter which exchange you use you should be
00:19:39
able to log in choose a send function and followÂ
similar steps to move your crypto on your computer
00:19:45
or phone log into your Exchange in this guideÂ
I'm accessing The coinbase Exchange app on a
00:19:50
mobile device on the coinbase mobile app dashboardÂ
TAPS in let's say we want to send Bitcoin from The
00:19:56
Exchange to our trust wallet so tap Bitcoin andÂ
on the Trust app tap Bitcoin to see the QR code or
00:20:03
or copy the address in this video we are scanningÂ
the QR code like so then tap continue enter the
00:20:09
email of Bitcoin to send I always recommend thatÂ
beginners and seasoned crypto investors alike
00:20:15
send a small amount to a new wallet first to makeÂ
sure everything goes smoothly before sending large
00:20:20
amounts in this video we are going to send 100Â
worth tax preview make sure everything looks good
00:20:26
the fee will be about 73 cents it'll take about 30Â
minutes to complete the transfer tap send now if
00:20:33
you have 2fa setup enter the six digit code fromÂ
your authenticator app and it's been successfully
00:20:38
sent tap done and we can see after a few minutesÂ
the Bitcoin has arrived to our trust wallet
00:20:44
brilliant here we are we now are in completeÂ
control of our Bitcoin and ether where it's
00:20:50
stored on the blockchain and we are the only onesÂ
with keys to access it rather than it merely being
00:20:55
an amorphous pool of Bitcoin controlled by theÂ
exchange so secure your secret phrase and repeat
00:21:01
these steps to transfer all of your cryptocurrencyÂ
currency on exchanges you're looking to hold for
00:21:06
the long term to your new mobile wallet thatÂ
is until your Hardware wallet arrives now for
00:21:11
the Eureka oh my God I finally get it moment as itÂ
relates to secret phrases and access to our crypto
00:21:17
let's just say I come across your 12 words andÂ
just your 12 words not your phone not your address
00:21:24
or passwords or anything that has any connectionÂ
with you to it at all if I found a piece of paper
00:21:30
in the middle of the street with these 12 wordsÂ
and I wanted to take your crypto this is how it
00:21:35
can be done you can pretty much use almost anyÂ
other mobile crypto Wallet app to do this quickly
00:21:40
in this example I'm going to download anotherÂ
crypto mobile app called Exodus next I'm going
00:21:47
to open the app but instead of choosing to createÂ
a wallet I'm going to select I have a wallet and
00:21:52
on the restore wallet screen I'm going to selectÂ
secret phrase and start typing in the 12 words on
00:21:58
this paper I randomly found on the street noteÂ
that while it's like Ledger and trezor create
00:22:03
24 words and you can do the same exact thing if IÂ
found your 24 word Ledger private key I can do the
00:22:09
same exact thing and take all of your funds coolÂ
okay so all 12 words are entered and now I'm going
00:22:15
to tap continue and restart to restore this walletÂ
after a minute or so we've been notified that
00:22:20
the restore was successful in voila here is theÂ
hundred dollars of Bitcoin and hundred dollars of
00:22:26
ether we sent to our new trust wallet but since weÂ
didn't secure our 12 words I was able to download
00:22:32
another crypto Wallet app and restore accessÂ
to it using just the 12 words from here I can
00:22:38
easily send the funds elsewhere to another walletÂ
I control and you do not effectively stealing all
00:22:44
of your crypto and digital assets that fast andÂ
that simple check it out here's the Bitcoin and
00:22:51
it's gone and here's the ether and it's also goneÂ
the next time we open our trust wallet we set up
00:22:58
but did not secure properly we can see our balanceÂ
is zero that's why it's so important to guard your
00:23:04
private key recovery phrase 12 or 24 wordsÂ
whatever you've got and to consider getting a
00:23:09
horror wallet that generates a private key offlineÂ
and stores it offline for maximum security or we
00:23:15
can also consider different wallets that do notÂ
use seed phrases that can easily be stolen or
00:23:20
in some cases we can be socially engineered orÂ
tricked by scammers that pretend to be Ledger
00:23:25
or similar and try to have us type in our seedÂ
phrases into a big website or by having us text
00:23:30
them or email them our seed phrase then by similarÂ
steps we just went through using the words to
00:23:36
drain your wallet wallets that use alternativeÂ
ways to secure crypto wallet private keys are
00:23:40
BC Vault and tangent wallet for example with theÂ
tangip wallet the private keys are actually never
00:23:45
exposed to anyone ever so if I found your tandemÂ
wallet randomly on the street and downloaded the
00:23:51
tangent Wallet app and scan the card the theÂ
requirement of an access code prevents me from
00:23:56
accessing your crypto and sending it elsewhereÂ
to steal it at the end of the day with this new
00:24:00
speculative technology it's important toÂ
diversify where we store our crypto long
00:24:04
term by using several different types of walletsÂ
so we don't experience a total loss if something
00:24:09
happened to Ledger vs trust wallet versus BC VaultÂ
or tangent so be sure to scroll down and use the
00:24:15
links below to access the corrected officialÂ
sites for any wallet you're interested in using
00:24:19
to secure your crypto Investments awesome ifÂ
you would like to watch a step-by-step video
00:24:24
guide all about tangent wallet check out thisÂ
video if you would like to learn about more
00:24:28
tools like tangent wallet we can add to our defyÂ
toolkit before Wall Street and the government
00:24:32
tries to restrict our access to crypto check outÂ
this video and to get your spot in line for a
00:24:37
tangent wallet click on the link on the screenÂ
like And subscribe for more be safe out there
