#blockchainwallet #crypto #wallstreetmojo #blockchain #cryptowallet
Chapters:
00:17 – Introduction
00:35 – What is blockchain wallet?
01:37 – How to use?
02:22 – Fees
02:55 – Types of blockchain wallets
03:41 – Security
04:34 – Conclusion
What is a blockchain wallet?
A blockchain wallet is a digital tool used to store and use crypto. It uses a public address as a digital ID for receiving crypto and a private key to sign transactions as proof of ownership.
Transactions are verified by nodes in the blockchain network, ensuring only valid transactions go through.
Fund access is granted by using the private key to decrypt the information.
How to use?
When using a blockchain wallet, choosing a provider that suits your needs and keeps security keys safe is essential.
To start using the wallet, create vital security keys, transfer digital assets to the wallet, and send and receive funds by entering the recipient’s address and amount to send or share your wallet address to receive.
Fees
When using a blockchain wallet, fees may be required for transactions or staking, and these fees can vary based on network usage and transaction size.
Miners prioritize transactions with higher fees, so paying reasonable fees ensures quick processing.
Different wallet apps may have different fees, so it is wise to compare options.
Types of blockchain wallets
There are two types of crypto wallets: hot wallets and cold wallets.
Hot wallets are online and easy to use but less secure, while cold wallets are offline and more secure but less convenient.
Cold wallets include hardware wallets and paper wallets, and it is essential to find a balance between security and convenience when choosing a wallet.
Security
To ensure the security of crypto wallets, it is recommended to use a cold wallet, spread out assets across multiple wallets, avoid using public WiFi, use a VPN, enables two-factor authentication (2FA), and password-protect the device being used for accessing the wallet.
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With the rise of crypto we have also seen a rise in cyber attacks leading to many people losing their digital assets this is where blockchain wallets or crypto wallets play a crucial role in keeping your crypto safe and secure in this video we will talk about blockchain
Wallets in detail so make sure you stick around until the end hello guys this is scheta and welcome to the world of Wall Street Mojo what is blockchain wallet in simple terms a blockchain wallet is a tool that lets you store and use crypto like Bitcoin and ethereum it is like a digital piggy bank but you are storing digital assets instead of pennies and nickels now let’s understand how blockchain wallets work when someone
Wants to send you crypto they use your public address which is like your digital ID think of it as your email address for receiving crypto to make sure that the the person sending you crypto is really you they use their private key to sign the transaction this
Serves as proof that the coins are coming from the rightful owner once the transaction is broadcast to the blockchain network nodes verify it using the public key this process ensures that only valid transactions get through when you want to access your crypto you can use your private key to decrypt the
Information and access the funds and here’s the interesting part because blockchain is decentralized no one can see your personal information or transaction history unless you choose to share it this makes it much harder for hackers to steal your crypto or for governments to Snoop on your financial
Activity how to use choosing a wallet provider is important so make sure to choose one that suits your needs and remember always keep your security key safe and secure so say you have downloaded your blockchain wallet app and you are ready to start using it what’s next step one create your
Security Keys just like a password you’ll want to create a strong key to keep your digital assets safe and secure step two transfer your crypto to the wallet if you have purchased digital assets from an exchange you can transfer them to your wallet for safekeeping step three start sending and receiving to
Send funds enter the recipient’s wallet address and the amount you want to send then click Send and the transaction is complete to receive funds share your wallet address with the sender and you are good to go fee when you use a blockchain wallet you might have to pay
Fees for some things like making transactions or staking your crypto the fees can change based on things like how many people are using the network and how big your transaction is people who process transactions on the network called miners choose the ones with the highest fees first so it is a good idea
To pay a reasonable fee to make sure your transaction goes through quickly different wallet apps might have different fees so comparing them before choosing one is a good idea paying fees is important to ensure your transactions are processed quickly and safely on the blockchain network types of blockchain
Wallets there are two main types of crypto wallets hot wallets and C cold wallets hot wallets are connected to the internet which makes them more susceptible to security risks however they are easy to use and can be accessed through mobile web or desktop applications on the other hand cold
Wallets store crypto offline which makes them more secure than hot wallets there are two types of cold wallets Hardware wallets and paper wallets Hardware wallets are physical devices that store your private Keys offline and can be connected to the internet when needed on the other hand paper wallets are a piece
Of paper with your private key printed on them they are the most secure option but can be inconvenient to use choosing a wallet that suits your needs and balance the security with ease of use is important security to ensure the security of crypto wallets here are some
Tips you can follow one way to increase Security is to use a cold wallet which is not connected to the internet and reduces the risk of a Cyber attack using multiple wallets to spread out the risk and avoid keeping all digital assets in one wallet in case of a security breach
Is also recommended additionally it is essential to avoid using public Wi-Fi as it can compromise security and instead one can use a VPN to prevent data leaks and conceal their IP address another recommended security measure is to use two Factor authentication too far whenever possible by using popular apps like Google Authenticator individuals
Can use two different identification methods to access their wallet slash it is also advisable to password protect the device being used for accessing the wallet by implementing these tips you can enhance the security of your crypto wallets and reduce the risk of losing your digital assets we’ll end the video
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