Crypto Wallets Explained For Beginners

Crypto Wallets Explained For Beginners

in this video I’ll be explaining what
crypto wallets are and how to use them
so that even if you’re a complete
beginner and have zero experience in
crypto by the end of this video you’ll
understand how to use crypto wallets and
how to get them set up properly I’ll
also be sharing my favorite crypto
wallets and how to potentially earn some
free crypto by using the right wallets
crypto wallets are how you use and
interact with different apps and tokens
that are on chain and you can think of
on chain sort of like the new online
it’s like a different version of the
internet and onchain is how you get
access to the vast majority of different
crypto tokens that you can buy as well
as the different crypto apps and yield
sources that you can tap into in fact if
you want to get into tokens really
really early the best and easiest way to
do that is to go on chain because the
vast majority of different crypto tokens
and projects start out onchain first and
it’s not until the tokens get to a
certain size and get really big that
they actually get listed on sites like
coinbase binance Etc and crypto wallets
are your gateway to actually buying
these tokens and interacting with these
different apps on chain now the term
crypto wallet is actually a little bit
confusing because crypto wallets don’t
actually hold any crypto all crypto
tokens are stored on the blockchain your
wallet is what holds your private keys
and your private keys are your way of
indicating that you’re the true owner of
the tokens associated with your crypto
address an easy way to think of it is
sort of like your digital signature you
can use your wallet to sign a special
signature on the blockchain indicating
when you want to move your funds or do
things with your funds so say you want
to swap some ethereum for some Matic on
its ESS centralized exchange like cow
swap you would simply connect your
wallet to cow swap click the swap button
sign the transaction using your wallet
this just involves you clicking a button
and confirming that you want to do the
transaction and your eth would get
swapped for mtic that’s a really basic
example but it gives you an idea of how
wallets and transactions on chain work
so wallets are apps that you can install
on your computer or on your phone that
allow you to do things on the blockchain
and my current favorite wallet is the
rabbi wallet and I use specifically the
desktop version so it’s a browser
extension on my computer but rabby
wallet is the wallet I use for things
like ethereum arbitrum optimism bass
polygon Etc but unfortunately Rabbi
wallet only works for evm chains and
we’re not going to get into what evm is
but it’s a certain type of blockchain
rabu wallet works for those blockchains
but it doesn’t work for other
blockchains like salana or it doesn’t
work for other blockchains like the
blockchains within the cosmos ecosystem
so when I want to go use salana my
favorite wallet to use is the Phantom
wallet and when I want to use chains
within the cosmos ecosystem my favorite
wallet to use is Kepler wallet and I’ve
included links to some of the most
popular wallets in the description of
this video once you’ve downloaded your
wallet you’re going to need to get it
set up now when you set up most wallets
it’s going to give you what’s called the
seed phrase and this is really really
important if somebody gets access to
your seed phrase they can steal all of
your funds and on the other hand if your
computer dies or say you have your
wallet on your phone your phone dies or
you lose it or whatever the way that
you’re going to be able to recover your
funds is by using your seed phrase you
can take that seed phrase you can plug
it into any other wallet on any other
device on the planet and you will have
instant access to all of your funds so
it lets you recover your funds but it
also would let somebody else access your
wallet and drain your funds when you use
a crypto wallet you’re doing what’s
called self- cusing your own funds
meaning there’s no support or company
you can call if you mess this up and you
you lose access to your wallet and you
haven’t written down your seed phrase
it’s kind of like your own physical
wallet right like if you had cash in
your own physical wallet and you lose
that there’s no support number you can
call and be like hey I lost my wallet
can I get my money back to Chase Bank or
something like that like you can’t do
that you were self- custody in your own
funds in your own wallet you lost those
funds now those funds are gone there’s
no way to recover them except you know
obviously with crypto like I just
mentioned if you have the seed phrase
you can recover them if if you have your
seed phrase you can plug it into any
other device on any other computer on
the planet and recover those funds using
your seed phrase so Ultra super
important which is a really cool side
note technically if you were to memorize
those 24 words or sometimes you do
12-word seed phrasee for you to memorize
those you could technically carry around
your entire net worth in your head think
about like a War torn country right
where like you have your money in the
bank like you can’t get that money from
the bank to another bank outside that
country like the bank won’t allow you
you could try to withdraw the the cash
and cross the border but the border
patrol might give you a little Shakedown
especially if it’s a war Tor country and
take that money from you that’s happened
a lot of times in in history where like
people have tried to flee these War torn
countries there’s a lot of corruption
that happens and they can’t get their
valuables they can’t take their wealth
with them there was there’s no way in
you know historically for them to do
that but with something like crypto you
get carried around in your head you you
have that 24 you know words memorized in
your head across the border they try to
Shake You Down they they got nothing you
got nothing you go across the border you
know open up computer put those words in
boom you have your entire net worth
still with you or think about like
you’re going through the airport and
like uh do you have $10,000 or more on
your persons well technically if you
have that those words memorized you got
millions of dollars you have billions of
dollars literally sitting in your head
nothing like this has ever existed
before it really is a crazy concept so
your seed phrase is really important
keep it somewhere safe and I mean
ideally if you can I guess try to
memorize it now if you you want to be
extra secure you can buy what’s called a
hardware wallet these are physical USB
like devices that actually contain your
private keys on a highly secure chip and
there are also devices you can
disconnect from your computer so it’s
like uh you take that device that’s got
your private Keys you disconnect it from
your computer you can put it somewhere
safe so that you know doesn’t matter how
hard somebody tries to hack your
computer there’s like no way they can
access that thing because it’s not
actually connected to your computer
normally when you have like a browser
wallet and you don’t have a hardware
wallet your private keys are technically
stored on your computer they’re
encrypted like they’re they’re really
secure
uh but like maybe there’s some way that
somebody can hack into that and you know
break that encryption it’s very unlikely
I’ve never heard of somebody doing this
but just like if you’re like a crazy
paranoid person like me where you’re
like nah I’m going like extra extra
paranoid level a hardware wallet adds a
pretty awesome extra layer of security
to keep your fund safe the two most
popular wallets today are Ledger and
treasure and to use a hardware wallet
with something like the rabby wallet all
you would do is you’d simply connect
your Hardware wallet to your rabby
wallet and use your Rabbi wallet as
normal only when you went to approve a
transaction instead of just clicking the
button on your rabby wallet you would
actually have to click buttons on your
Hardware wallet as well you couldn’t
actually approve that transaction
without your Hardware wallet being
connected to the computer and just like
any other wallet a hardware wallet would
have its own seed phrase so you’d have a
seed phrase that comes with that
Hardware wallet if your device got
broken or you lost or whatever you could
get order a new device type your seed
phrase in and you again have access to
all of your funds once you have your
wallet set up you’re going to want to
send some funds to it you can do this by
simply going to your exchange selecting
send or with draw selecting the asset
you want to withdraw and inputting the
address you want to withdraw to you can
find your address in your wallet for
rabby you can find it right here and
you’re going to want to pay close
attention to what blockchain that you’re
using here cuz not all tokens can be
sent to all blockchains again kind of
confusing I know but if this were easy
then there really wouldn’t be any
opportunity if like this was like you
know everyone knew how to do this stuff
it was super easy then everyone would be
doing it there wouldn’t be this massive
amount of opportunity in the space it’s
the fact that it’s kind of a little bit
difficult for most people to do these
things means that you have this surface
area for opportunity because most people
are too lazy to go learn how to do these
things now when talking about wallet
addresses for networks like optimism
arbitrum polygon bass uh B&B chain they
all use the same exact address type so
your address for ethereum it’s going to
be your same address for bass it’s going
to be your same address for polygon it’s
going be your same address for optimism
however those networks are still
separate it’s so confusing I I will make
this easy to understand okay let’s
imagine you’re in coinbase and you’re
going to send some funds to to ethereum
your address ends in 7777 okay so like
it’s a long address but let’s say the
ending the last four digits were just
all four sevens you paste that address
you’re going to select the network the
network is going to be ethereum now when
you send those funds to that address
ending in 47s on ethereum when you send
that those funds over you can use those
funds on the ethereum blockchain but if
there’s an app on the optimism
blockchain you’re not going to be able
to use that app because your funds
aren’t on optimism they’re on ethereum
okay you understand that part now let’s
say you want to send funds to optimism
you’re going to also paste in that same
address that ends in 47s it’s going to
be the exact same address to send your
funds to optimism however on the network
tab you’re going to indicate not
ethereum but instead you’re going to
indicate optimism that’s the only shift
you’re going to have to make it’s the
same address but it’s a different
network and now when you send those
funds they’re going to be on the
optimism Network okay so now I’m going
to walk you through step by step how to
actually send funds to one of these
networks to send funds to one of those
networks you go to your wallet you copy
your address you select on coinbase or
whatever exchange you’re using the asset
and the network you want to send to you
paste the address then you press send
and your fund should show up in your
wallet typically with coinbase they’re
not going to let you send an asset to a
network you can’t go to so you should be
good there however if you’re new to this
I recommend starting out sending a tiny
bit of fund something you don’t really
you’re not like scared to lose just so
you can get the process down and don’t
mess anything up and once you get the
process down you send some funds over it
works then you can send larger amounts
but first test it by sending a small
amount first now just in case this
wasn’t confusing enough each Network is
going to use a different gas token gas
tokens are how you pay Network fees for
ethereum arbitrum optimism based they
all use the same gas token and that’s
eth these are typically just pennies on
networks like arbitrum optimism base and
they can range from anywhere from $5 to
50 to $300 on ethereum which is
typically a much more expensive network
to use if you’re just getting started
out I personally recommend not using
ethereum’s layer one instead of using
ethereum’s layer twos like arbitrum
optimism base Etc again they pennies to
transact on where ethereums like more if
you have a ton of capital to to transact
with you’re using ethereum layer one
because you’re going to be paying 5 to10
to $20 to $50 fees here’s a basic
rundown of different chains and the gas
tokens they use ethereum and ethereum
layer 2os like optimism arbitrum base
Etc all use eth for gas polygon uses mic
for gas the mic token salana uses soul
for gas the the soul token B&B chain
uses the B&B token and Cosmos chains use
all sorts of different gas tokens it
just depends on the chain
and this is sort of one of those things
you just kind of figure out along the
way like as you’re needing to go to a
certain chain you’re going to look up
what gas token it uses and then you’re
going to have to send over that gas
you’re going to send over the tokens to
you know get started doing whatever
you’re going to do you kind of just pick
these things up as you’re learning you
don’t really have to learn it all off
the bat you just got to learn what you
need to know to do whatever things
you’re wanting to do and if you mess
this up it’s not like a huge deal like
say you send funds to a chain and you
don’t have gas there like you send some
funds to polygon and you don’t have any
mic on that chain all that’s going to
mean is like your chains your funds are
just stuck there and you can’t do
anything until you send over some gas
then you could just like buy a little
bit of madic on coinbase you send it
over to uh the PO gun Network and now
you can go do stuff and it’s not that
big of a deal okay now let’s walk
through how to use a DEX or a
decentralized exchange for this example
we’re going to send over some ethereum
or some eth to the arbitrum network and
we’re going to use Unis swap to buy a
token specifically we’re going to buy
the Pendle token you’re going to go to
Unis swap you’re going to launch the app
you’re going to connect your wallet
you’re going to select the asset you
want to sell so that’s going to be e
and then you’re going to select the
asset you want to buy that’s going to be
Pendle you’re going to input how much
you want to sell and that’s going to
indicate how much you’re going to be
able to buy and then you’re going to
click swap typically you’re going to
have to approve the transaction first in
your wallet so you’re approving the
amount you can spend so that’s one
transaction and then after that a second
transaction will pop up and this is your
actual swap so the F first one is just
like hey you have permission to spend
this amount of funds that transaction
goes through second transaction is okay
I have permission now do you want me to
swap so then you say yes I would like
your swap you you click it it’s assign
the Swap and then once the transaction
settles the ethereum that you wanted to
sell will be gone and the pandle token
that you wanted to buy will be in your
wallet and then you would have spent
maybe a couple pennies to you know 10
cents or more on gas fees paid out in
the eth as well to do the transaction as
mentioned earlier again typically all
tokens start out on chain so if you want
to get them early when they’re small the
easiest way to do this is to learn how
to go on chain and actually buy these
things early now I mentioned earlier how
you could possibly earn some free crypto
by using certain crypto wallets and
Rabbi was the wallet I was talking about
when I was referencing this if you’re
using Rabbi wallet you’re going to earn
things called points and these points
are supposed to be eventually redeemable
for the rabbi token when they launch it
this is called an airdrop and it’s like
an incentive mechanism to get people to
use certain apps or certain things on
the blockchain by promising them points
up front that’ll allow them to earn an
airdrop token in the future and I’ve
personally made quite a bit of money in
crypto from these aird drops it’s
actually absurd the amount of money that
you can make from these aird drops in
fact over 23 and so far over 2024 I’ve
made combined over $100,000 just from
airdrops alone that however is an entire
topic that would take up an entire video
if I dove into it and we’ll leave that
for maybe a different video my point
though was that you’re well on your way
to earning potentially some of these
airdrops because you’re getting on chain
and you earn these aird drops by doing
things on chain including using the
rabby wallet now I have a ton more to
dive into regarding wallets but really
quick I just wanted to say I filled up
all slots for the obsidian Council my
private research community and it’s once
again close to new members you can sign
up for the wait list in the description
below if you want to be able to join
next time you open it back up now what
do you do if you want to get access to a
token that’s on a different chain like
it’s it’s a non-m chain you can’t use
rabby wallet for it say it’s on salana
or say it’s on a cosmos chain how do you
get access how do you send tokens to
those chains and how do you move funds
from say ethereum or optimism to those
chains well typically say you have funds
on arbitrum say you have those funds we
talked about for swapping for Pendle on
arbitrum you’re going to convert those
funds F into eth or maybe a stable coin
like usdc and you’re going to send those
funds to your coinbase exchange this is
the E there’s other ways to do it this
is just the easiest way to do it so
you’re going to send those funds from
arbitrum optimism wherever to coinbase
okay and you’re going to again uh make
sure you’re indicating the right Network
and that coinbase has uh that Network
built in and you’re able to receive
funds from that Network and this is
another thing where you have to indicate
networks because coinbase doesn’t
support every Network so when you go to
uh you click the receive button on
coinbase and it’s going to ask you what
network you want to receive from so
you’re going to have to at optimism or
arbitrum or whatever and then uh as long
as it it generates an address and it
shows that you can do that then you just
copy that address you paste it in your
wallet and you would send your funds
from your wallet to back to coinbase
from there you take your eth and you’d
sell it for Solana’s token soul and then
you’d send that soul to your salana
address so You’ install the Phantom
wallet you get a salana address these
are these look way different than the
ethereum addresses ethereum addresses
typically start in ZX Salon addresses
are much different they they look way
different you copy your salon address
from your Phantom wallet you’d paste it
over on coinbase and you’d send that
soul to that salana address and then
once the soul shows up in your salon
address you’d swap that soul for
whatever token you wanted to buy on
salana now really quick let’s do a walkr
of the rabby wallet first thing is on
the top right you can click the wallet
icon to open up a menu with a ton of
different options this is how you import
seed phrase connect a hardware wallet
and just a ton more things second at the
top you’ll see your wallet name and a
snippet of your address if you click
this it’s going to load up all your
different addresses from here you can
create a new seed phrase to create a new
address or load new wallet addresses
from your Hardware wallet next to your
address is a button that allows you to
easily copy your wallet address under
that if you click on the Blue Area it’ll
load up all your tokens across all evm
compatible chains it’ll even show you
tokens you have staked or yield farming
below that is nine different options the
first one is Swap and this allows you to
swap assets within Rabbi wallet this is
actually super easy and useful and one
of the best swap experiences out there
in fact I pretty much only use rabby
swap unless I’m on ethereum then I’ll
use cow swap but outside of cow swap on
ethereum just because that is a Next
Level Dex experience if I’m going to
swap anything anywhere else I’m going to
use raby’s built-in Swap and the
built-in swap is just a DEX aggregator
of aggregators so it’s going to use a
bunch of other aggregators like 1in
Kyper Etc to find you literally the best
price on the planet think of it like
kayak uh but for swapping crypto next to
that is send which allows you to send
your crypto to another address receive
which I’ve literally never used this
button in my life uh but I guess it
allows you to generate a QR code to
receive crypto nft allows you to see
your nfts transactions is just an
overview of all your transactions on
that address so everything you’ve done
on that address gas top up is actually
crazy useful it allows you to top up gas
on another chain using tokens from a
chain you already have funds on so I
mentioned earlier you might not have
funds on arbitrum and you might have
sent some funds there but let’s say you
have funds on you know a base or
whatever you could use some of your base
funds to top up some gas on arbitrum
it’s super cool approvals allows you to
revoke approvals this is an advanced
feature you probably won’t use getting
started so I’m not going to really dive
into it right now rabby points is where
you see the points you earn from using
rabby wallet and the more button just
has a ton of other features and Options
under that you’ll see the price of eth
and the current gas price usually if
it’s under 20 Gay that means the gas is
really cheap anywhere between 20 and 50
is kind of normal anywhere over 50 is
kind of expensive and over 100 is like
crazy expensive finally at the far right
bottom you have an option to ban
metamask if you have you know metamask
already installed on your computer this
is really useful because a lot of the
different daps out there don’t actually
have a rabby option for connecting a
wallet they only have a metamask option
so uh if you have installed and you have
metamask banned uh by clicking this
button when you click that metamask
option on that app it’s just going to
pull up your rabby wallet instead of
metamask if you’re interested I have a
Weekly Newsletter that I put out there’s
a link in the description of this video
where anytime I put out content you you
get an email saying hey I this new video
came out I do a lot of podcasts and
things where you can learn about crypto
it’s really useful I I update a little
bit on some of the current events
happening in crypto sometimes I have
like little airdrop claims where you
could be like uh you know this air drop
to claim this week this air drop to
claim this week it’s useful for the the
right people if that’s something
interesting to you you can go to the
description of this video you click on
that sign up for that as always you just
need to be really safe and paranoid when
you’re doing these things always triple
check everything make sure you
understand it it can be very complicated
and if you don’t know what you’re doing
and you mess up like you could lose a
lot of money so make sure you really
understand these things it’s well worth
it you just have to be a little bit
paranoid and and just really extra
cautious as always none of this was
investment advice if this video is
helpful make sure to hit that like
button if you have any questions uh let
me know in the comments below I’ll try
to answer any questions you guys have
and if you want to see more videos like
this make sure to hit the Subscribe
button and the little bell next to it to
be notified each time I release a video
thanks for watching and I’ll see you
next week
[Applause]

A beginners guide to crypto wallets, what they are, how they work and how to get started using crypto apps, dex’s and more onchain.

In this video I break down really simply how to get started with crypto wallets for complete beginners. Even if you have zero experience in crypto you should be able to get started using crypto wallets and buying crypto onchain by the end of this video.

Wallet Links:

My Favorite Wallet Rabby (Affiliate Link): https://rabby.io/rabby-points?code=9DBPIQI2

Metamask Wallet: https://metamask.io/

Coinbase Wallet: https://www.coinbase.com/wallet

Rainbow Wallet: https://rainbow.me/en-us/

Phantom Wallet (Solana): https://phantom.app/

Keplr Wallet (Cosmos Based Chains): https://www.keplr.app/

———–

THE OBSIDIAN COUNCIL PREMIUM MEMBERSHIP

📝 The Obsidian Council Premium Membership Is CLOSED ❌

Join The Waitlist:

https://theobsidiancouncil.myflodesk.com/waitlist

———-

THE NEVER DIE NEWSLETTER

🎉 Signup For The Never Die Weekly Newsletter: https://neverdie.club/subscribe

————–

AFFLIATE LINKS:

💰My Favorite Wallet Rabby: https://rabby.io/rabby-points?code=9DBPIQI2

💎 Stake Your ETH with Swell: https://rb.gy/mvnk2

🔒 My Favorite Hardware Wallet: https://trezor.go2cloud.org/aff_c?offer_id=135&aff_id=32260&source=Youtube

——

NEVER DIE CRYPTO PODCAST:

🎙️ Spotify: https://open.spotify.com/show/7rF3aBzIBTVQ1yIYsNm6wy?si=8c2d1020a5ee4087

🎤 Apple: https://podcasts.apple.com/us/podcast/never-die-a-crypto-podcast/id1679034629

🎵 Amazon: https://music.amazon.com/podcasts/94ce5747-bb46-45fb-97be-fccdafe761d1/steady-lads

🎥 Youtube: https://www.youtube.com/@neverdiepod

———————

SUBSCRIBE:

Subscribe: https://www.youtube.com/c/jesseeckel2?sub_confirmation=1

OTHER PLACES I’M AT:

🐦 Twitter: https://twitter.com/Jesseeckel

🖥️ Farcaster: https://warpcast.com/jesseeckel

——–

*IMPORTANT PLEASE READ: None of this is meant to be taken as any form of investment advice, it’s just me sharing my journey to a million and taking about what I’m up to and the strategies and tactics I’m using to try to get there. I am almost always talking about tokens that I myself own and obviously have a bias toward seeing them appricate in value.

Do your own research always! I’m a normal guy who makes mistakes and has made plenty so far during this journey. So choosing to blindly copy what I’m doing isn’t going to lead you to just making a ton of money. I’ve had investments where I’ve lost EVERYTHING. I don’t just say do your own research as a legal covering but because you really need to do your own research and make your own call. If you don’t understand what you’re investing in you can lose A LOT of money! Especially in crypto which is super super risky. A lot of the projects I like to jump in are really small crypto projects which make them even more insane risky. Past performance doesn’t mean the project will do the same thing in the future, no one can predict the future and what will happen next. I’m pretty passionate about this, I am by no means a professional investor. I’m on my journey to a million dollars, I don’t even have the experience to have made a million dollars. All this is to share my journey because I believe there is value in watching me both succeed and fail. It’s my story I’m sharing with all of you, DO YOUR OWN RESEARCH and don’t just blindly copy me😄

Also all of this info might be accurate at the time of me recording and posting but in the future things could change. Especially in crypto things change fast, so just be aware of that. Thanks!

I hold investments in the tokens I’m talking about unless I otherwise state I don’t. Best just to assume that if I’m talking about it, I own it.

My Disclosures: https://www.hammerforgedcreative.com

0:00 – Intro

1:00 – Wallets Explained

1:54 – My Favorite Wallets

2:33 – Seed Phrases Explained

4:49 – Hardware Wallets Explained

6:23 – Basics Of Sending Funds

7:05 – Wallet Addresses Explained

8:20 – How To Fund Your Wallet

8:56 – Gas Explained

10:40 – How To Use A DEX

11:54 – Crypto Airdrops

13:05 – How To Bridge Between Chains

14:38 – Walkthrough Of Rabby Wallet

17:07 – Newsletter And Warnings

#Crypto #cryptowallets