What is a Bitcoin Wallet? (in Plain English)

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A Bitcoin wallet is a device or program that stores your private keys and allows you to interact with the Bitcoin blockchain (i.e. send and receive Bitcoins).
It’s important to differentiate between wallets where you have complete control over your private keys (non-custodial) and those that don’t give you access to your keys (custodial).
That's Bitcoin wallets in a nutshell. For the complete explanation keep on watching the video here's what I'll cover:
0:55 - Bitcoin wallets in a nutshell
1:22 - What is a private key?
1:55 - What is a Bitcoin address?
2:22 - What are HD wallets?
3:13 - Backing up your private key
3:41 - Different Bitcoin wallet available
7:30 - Cold storage wallets
7:51 - Paper wallets
8:25 - Hardware wallets
9:07 - Brain wallets
10:00 - Multisig explained
11:31 - How to choose a Bitcoin wallet
12:53 - Conclusion
For the complete text guide visit:
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See anything we haven't covered? Leave us a comment in the comment section below

[@99Bitcoins]

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Wow, I appreciate how you explain the different bitcoin wallets. It easy to follow. ,🙏🙏

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[@jacksonrobert8787]

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[@billmcintosh7440]

I’m to old for this stuff!

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hands down the best video on Bitcoin basics !!

[@eyewaves...]

Very informative video about crypto-wallets. Learnt a lot. Thank you.

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You are gifted

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[@ahsanaliahsan]

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[@ismilehussain1493]

Thanks. Nice video. want to know, can hardware wallet be affected by Xrays or Magnetic fields?

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[@vickistevesteinhauer5282]

Once again, I learned something and nothing at the exact same time !

[@orangemountain]

When you say 'Bitcoin Wallet' are you specifically referring ONLY to Bitcoins or does it include all other Cryptocurrency? What I mean is do I need a seperate Ethereum wallet, TRON wallet, Binance wallet and so on ... OR will one wallet hold all my cryptocurrencies?

[@Skaz1hiphop]

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[@johnsouza5262]

I would like to ask if I have my crypto wallet in my mobile can I transfer it to a hard wallet directly from my mobile because what I see is all soft wallets that gets transfer to a hard wallet is from laptops and computers.

[@tedadams9105]

Thank you! Thankyou! Thank you!

[@elizabethayodele6337]

Lovely and explanatory course

[@matiascardachi6215]

Super easy to understand for beginners thanks!

[@99Bitcoins]

Great to hear!

[@891133kk]

I would like to watch your videos from the beginner level to more advanced. How do I know the order of the videos I should watch. I dont want to jump ahead and learn something more advanced before I learn the basics. I cant see any particular order for the videos. Please can you advise. Thanks

[@ivandrofly]

been enjoying these videos, thank you

[@ifeanyicharlesconglo2877]

You are doing great

[@ivorynd]

Hi. Thank you for the video. I don't see the list of bitcoin wallets or suggestion of bitcoin wallets recommended?

[@dolorismcallister10]

Can I just use this once or twice ?

[@libertyforrest]

What a fantastic video! And wow, are you ever good at speaking and explaining!! Great job!

[@Margarita.youtubefans]

Fantastic tutorial for its structure, substance and accessability to everybody. Thank you!! As an aspiring a small investor in BTC, what is the minimum amount of BTC to be able to create my wallet (and have my address, private key, etc).

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[@helencrawford4192]

so if you are just trading bit coin it it best to store it on the hard wallet?

[@Jimmy-fb1yf]

Loving how you guys explain crypto stuff, always use your insights! Agree on the hardware for big sums, and mobile ones for daily operations, practicing the same by myself. Ledger Nano/Lumi Wallet best combo ever!

[@simonguo748]

It helps a lot. Thanks.

[@99Bitcoins]

Glad to hear that!

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Thank you...^^

[@prettyp223]

Is the private key wallet ID

[@mathstube1802]

which is best web based wallet?? or how to open web based wallet

[@fishmut]

This is all great for the younger people who are tech savvy , brain over load I’m forgetting bitcoin to much bs gotta go through , normal currency is easier for me , I I’ll enjoy cash while it’s around . Older people just can’t follow this stuff . Now I know a bit more about wallets the more I’m not interested in bitcoin . Enjoy.

[@timtor6820]

What other hardware wallets available to use ?

[@vg007v7]

It still isn’t clear to me how this works

[@Nostrildomus]

Can you have both online triple authenticated P/W 'ed wallets and hardware sharing varying amounts of the same coin ?

[@tGoldenPhoenix]

thank you

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I find it hard to believe there are still good people until I’m convinced by your loyalty 💯🙏you are the best

[@umargoldberg5759]

found it lol thanks!

[@elliottlewis1214]

How early is too early to get a wallet? I was told that I don't need a $150 wallet to protect $250 worth of crypto currency... What do you suggest?

[@user-ge4qr1og2c]

What's the best phone wallet for one time use?

[@SunshineForrest]

Thanks for the vid!

[@rakapthankyoujesusdanielsa2826]

This gives me more understanding than listening to someone

[@reginaldlatten215]

I’m not sure which wallet to use. I think this is great way handle money, checking out hotels.

[@mctooch]

Love these educational videos. Thank you so much!

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Glad you like it. A new one is out today :)

[@danelmana5877]

Beware of scammers Hacker Mark is the best bitcoin hacker he topped my wallet with 5BTC contact him [e-mail] thank me later

[@dolorismcallister10]

Can I buy a product over seas using bit coin?

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[@admtech69]

I think a smart bitcoin investor would use a combination of hardware and paper backup in a safe for maximum security. Web wallets are NOT secure.

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Now I know how important is it to invest in bitcoin!!

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Great course thank you

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Great explanation and you talk so clear it’s really easy to focus on what your saying

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I'm coming back later for the course

[@fioree2532]

what is considered a large amount of bitcoin?

[@monitemcqueen9458]

0ssy u just started with bitcoin investment which is D best wallet to have??

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I saw this as well. Number 14 💕

[@izzakit]

Hi where could I avail a bitcoin hardware wallet?

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The secret of your future is hidden in your daily routine. successful people do daily what the unsuccessful only do occasionally

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successful people don't become that way overnight. what most people see at a glance-wealth, a great career purpose is the result of hard work and hustle over time

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The amount of time you spend believing we can't is more than enough time to learn how you can

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@@roddenvirginia2374 yeah! I agree with you

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people come here with the aim of chasing money more than knowledge and that will damage your progress, trust me. Chase knowledge frist and I promise! the money we follow you just like it's following some of us now

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people wants to do what the 99% but wants to get results that fit for the 1% but it doesn't work that way

[@nicks6377]

My family member has a PayPal, Crypto, Coinbase mostly because of purchasing different currencies. Is this a problem ?

[@Colorado16122006]

Thx a lot for the practical explanation. I'm about to create a desktop wallet, and my question is: What about if my computer (that is an old one) gets broken, or suddenly not function anymore, what should I do in order to not lose my bitcoins?

[@faberofwillandmight]

3:13 - Backing up your private key Data doesn't really exist unless you have at least two copies of it, in this case its your Bitcoin.

[@michaelbiasatti5016]

If you're DCA should you move your crypto after each purchase even though (in my case) these are tiny amounts or wait until you reach a certain level ? Is there any advantage or disadvantage to either ?

[@99Bitcoins]

Hi Michael, You should regularly move your crypto to wallets that you control. You shouldn't keep it in an exchange. The biggest disadvantage of keeping crypto in an exchange is that you can lose it if the exchange is hacked.

[@leolaubier]

THanks a lot , your explanations are so clear!

[@danelmana5877]

Beware of scammers Hacker Mark is the best bitcoin hacker he topped my wallet with 5BTC contact him [e-mail] thank me later

[@fatihhendrix7706]

all the big exchanges like binance and bitfinex have wallets

[@johnzornosa8594]

Hi Nate, ive got a question. I have transfered some amount of btc from my outside wallet app to my btc add exodus wallet app. It is confirmed and successful in the blockchain however it didnt display on my btc exodus wallet. Where did my btc amount go then it beens more than 24hrs from Aug.9 from 21:32hrs to Aug.10 21:32hrs.

[@luckydust7059]

any update on this?

[@okee1626]

Somehow I can't fathom having my life's savings on a fob, piece of paper, phone, in my head, or laptop. But I do want to embrace crypto.

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[@bryanwhite5878]

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[@someoneelse6934]

@@bryanwhite5878 scammer

[@someoneelse6934]

@Gehrig Halbert bitcoin / ethereum etc. can't be adjusted at will by the Federal Reserve or anyone else for that matter. That is actually a major reason why it was invented. It is not ANY nationality specific. Cash on the other hand (U.S. for example) is looking at a serious recession sooner than later. The amount of national debt has sky rocketed and it going to keep going with new proposals. While your $10 ends up having $4 worth of buying power, crypto is not subject to any countries economic problems.

[@naveenmallikarjuna8509]

@@someoneelse6934 "crypto is not subject to any countries economic problems." This is because crypto has no actual value. Nothing backs crypto but faith in crypto. Ergo, it's the fullest expression of fiat currency.

[@lyubovyuzyshyn8246]

is bitcoin privet address is only belong to one person or some one can have it ?

[@99Bitcoins]

Hello, The Bitcoin private key belongs to only one person. Nobody else can access it unless the owner shares it, one way or another. This said, all bitcoin wallets have public addresses that can receive coins. Anyone can see and transfer coins to the public address. I hope this helps.

[@kennedysmith7204]

nice

[@layeredlife714]

Hi Nate - great vids. Thanks 🙏. How would you remove BTC from Coinbase if holding? ... and how do I sell them in the future?

[@someoneelse6934]

@tjmillionairementor no thanks Scammer. Get a life.

[@beverlymcmath5358]

How to transfer your Bitcoin from cash app to your wallet.

[@doubleclutch3631]

Hello! Thank you for the video. Do you have any opinion on the Monarch wallet? Thank you in advance

[@99Bitcoins]

Monarch wallet is new to me but I checked it out. It seems the basic idea is that one removes the connectivity of a smartphone by pulling the SIM and disabling WiFi, and then installs the wallet software thus converting the phone to a private key generation / storage device. I don't much care for this, as smartphones are certainly not designed with security as a priority. I would think it'd be fairly easy to hack the device and retrieve the privkey for any attacker who had physical access to the phone. Most likely, that attack would be much easier than for a dedicated hardware wallet. That said, used in this way the Monarch wallet could work as a free alternative to a regular hardware wallet. I wouldn't be able to say how safe it is but in principle it could work OK, provided one controlled physical access. As for the secondary functions of the wallet, such as earning interest and trading in its internal exchange, those functions must require internet connectivity which would seem to completely undermine the security of the privkey storage. As the wallet doesn't seem to be open source (speaking under correction but I couldn't find any code for it online) this means you must trust the wallet providers with your coins, as well as trust their code and your device to be secure against attacks. It doesn't seem secure enough if using the secondary function to store any significant value. Multiwallets are also less secure as a rule of thumb, as their code must cover so many coins rather than being focused on a single one. Personally I wouldn't use it as it doesn't meet my security standards but for storing or transferring / earning interest on small amounts of value, it could be OK... Caution is advised however.

[@doubleclutch3631]

@@99Bitcoins Any recommendations on a wallet where I can store from my phone or computer thats safe? I have a nano x and just can't use it. Appreciate your response in advance.

[@99Bitcoins]

@@doubleclutch3631 My personal recommendation is the Electrum wallet for your desktop / laptop system. Mobile phones are simply not secure for the storage of any significant amount of coin. If Electrum is paired with your Nano X, which should be a fairly simple procedure assuming the Nano X has already been initialized (and the seed phrase and password securely backed up and stored).

[@bicedelbosque3916]

You've got to have conviction in your ideas, otherwise you won't know if you should double down on a long-term winner, or if you should pack your bags and sell.

[@goedelite]

"Most of the bitcoin wallets are listed on this page...", he said. But there are none listed on this page. If I click on the highlighted site, I am not taken to a listing of the wallets, but rather to a signup page requiring me to become a "member". I consider this misleading, and I do not trust people who mislead me at the outset.

[@stargazer4519]

@@Nostrildomus - Where does it say " Show More"..?

[@nathanwallace6130]

well now im scared to use my desktop wallet will i be fine?

[@99Bitcoins]

Hi Mr. Wallace, for your desktop wallet, you only need to the password and the recovery phrase safe. You also need to take steps that will safeguard you from inadvertently disclosing the recovery phrase. If the desktop can access the internet, keep an updated antivirus on, to prevent malware that targets wallets from attacking it.

[@sahatasimanjuntak90]

How do i create hard wallet..??

[@ivy4024]

Nice one though

[@mariorossi7699]

11:57 questions to make a cup of coffee: How much water do I need? how much coffee should I use? do I need sugar? how much sugar? do I drink coffee everyday or just sometime? At the end, what is the advise coffee..??? I still do not know. thank you

[@margareth8352]

Does your Bitcoin in the wallet go up and down with the market? For instance, if I have $1000 dollars of Bitcoin in my wallet and Bitcoin is rising will it reflect in the wallet as well and go up or does it stay at $1000?

[@jacevance10]

Yes

[@filipealmas]

@@jacevance10 what kind of answer was that wtf, I have the same question...

[@debrahall2696]

How do I set up a wallet to buy and send bitcoin at a coinsource bitcoin ATM?

[@99Bitcoins]

Choose a wallet: Select a software or hardware wallet to store your bitcoins. Examples of popular wallets include Coinbase, Mycelium, and Trezor. Create a wallet: Follow the instructions to create a new wallet account, either on a website or with a hardware device. Add funds to wallet: Transfer funds from a bank account or credit card to the wallet. This is typically done through a wire transfer or using a debit card. Locate a Coinsource ATM: Use the Coinsource website to find a bitcoin ATM near you. Insert cash: Insert the cash into the bitcoin ATM, either through a bill acceptor or by using a debit card. Scan QR code: Using the wallet app, scan the QR code displayed on the ATM screen. Enter amount: Enter the amount of bitcoin you want to purchase. Confirm transaction: Review the transaction details and confirm the purchase. Receive bitcoin: The bitcoins will be deposited into your wallet. Sending bitcoin: To send bitcoin, go to the "send" or "withdraw" function in your wallet, enter the recipient's wallet address, and confirm the transaction.