What’s The BEST CRYPTO WALLET and WHY (2020 Update!!)

cryptocurrency world has emerged in the last few years and with its development and increasing demand crypto investing is taking the world by storm this is probably the reason that you are here after all as crypto becomes more valuable it also becomes more attractive to malicious individuals looking to make a quick buck but too lazy to invest themselves these mother chukkas will stop at nothing to steal an investor's hard-earned crypto this is why having a secure wallet you can trust to keep your crypto safe is paramount when investing in cryptocurrency don't worry because i got you covered within the next few minutes i'll be showing you some of the best wallets out there in spoiler alert telling you exactly which one should go in your pocket if you carry it in your pocket let's get it all right guys today we are looking at wallets now let's start simple a wallet is just a piece of software or a device that contains and manages your private keys which give the holder access to the crypto stored in a wallet these private keys keep your crypto safe from hackers but only if you keep them safe if someone gets your private keys then they get your crypto this is why choosing the right wallet for you is crucial to maintain a positive experience with cryptocurrency after all you don't want an intruder accessing your information the same way you don't want a robber coming into your house in the middle of the night while you sleep right unless you are that lonely and desperate for human interaction which most of us normal people are not it's why we install security cameras and alarms to keep them away just as a secure wallet does for crypto okay so back to the topic at hand the two types of wallets are software and hardware wallets software wallets are also known as hot wallets due to being connected to the internet which means they theoretically could be hacked yeah that may not sound like the best choice for someone who has bad cyber security habits unless they trade in low volumes and aren't losing sleep over the safety of their crypto these wallets have the advantage of being quite easy to set up and to access at any given time making them a convenient choice for most traders software wallets can be divided into smaller categories the most common and important being web wallets desktop wallets and mobile wallets their names explain what each one requires to function web wallets are used to access blockchains through a browser interface without having to download or install anything you may either be able to set a personal password to access your web wallet but in other cases service provider holds and manages your keys on your behalf this is risky we don't recommend it even for experienced users because no one wants to hand over all their money to a stranger shouldn't either stranger danger parents warned you when you were little and i'm reinforcing their wise advice to be aware of strangers but you don't feel like you're the stranger anyways desktop wallets require you to download software which you can execute locally on your computer this is a better option because you will have full control over your keys and funds once you generate a new desktop wallet a file called wallet.dat will be stored on your computer this file contains a private key for you to access your crypto address and you will have to encrypt it with a personal address you will need to provide your information every time you run the software so i beg you do not forget this password if you forget it you'll lose access to your funds a smart idea is to back up your wallet.dat file and keep it somewhere safe and no i don't mean that suspiciously large memes folder got on your computer come on who do you think you're full with that everybody knows what's in there what are you 20.

All right guys mobile wallets are similar to desktop wallets with a slight difference that it is designed specifically as a smartphone app these are more convenient because you can send and receive cryptocurrencies through the use of qr codes and your phone is glued to your hands all day long so mobile wallets are suitable for performing daily transactions payments quickly and easily however do stay aware that your smartphone is vulnerable to viruses or it can easily break stay safe you should encrypt your mobile wallet with a password and back up your private keys as well okay so let's go with a list of popular hot wallets you might want to consider using the good news is that all of these are free and so far have not been victim to any vulnerability who doesn't love a bargain however charges for transactions will apply when moving your crypto due to gas prices which that's been fun lately also be aware i'm talking about wallets that support more than just bitcoin here one of the most popular software wallets is coinbase known by many users as an exchange it has also offered up a crypto wallet coinbase wallet offers both a mobile and web version with android and ios support it's important to note that having your crypto in coinbase's wallet doesn't equal having it on the exchange which means it's more secure is keeping crypto on an exchange is not recommended trust wallet is another wallet supported by one of the big exchanges in this case binance it has over 5 million users has integration with the binance exchange just like coinbase's wallet with its own exchange trust wallet has the added benefit of offering a decentralized apps marketplace which allows you to take more advantage of the benefits of the blockchain world it also offers staking options built in allowing users to make passive income another favorite is the exodus wallet it offers advanced features like live charts a built-in exchange support for over 100 cryptocurrencies and an app's marketplace it's available in a mobile and desktop version honestly there are too many options when it comes to software wallets with names like edge then go dapper mycelium and jax offering different features second main type of wall though is called a hardware wallet they are known as cold wallets because it is a form of offline storage making them much more secure and resistant to online hacking attempts ding ding ding we've got a winner okay maybe i shouldn't get so ahead of myself here but in my opinion and in that of most experts these are really the best wallet type simply because they present the safest way to store your crypto investments cold wallets use a physical medium to store the keys offline this method is the best and only choice for long-term investors but can be equally suitable for beginner users who want a safe option right from the start hardware wallets use a random number generator to generate both public and private keys and these are then stored in the device itself keep in mind that at no point are these connected to the internet spoiler alert that's what makes them so safe for the internet is the wild west and you can never be too sure who might be accessing your information although its security is a huge advantage hardware wallets aren't all beauty but contain a beastly side as it is a physical device you must purchase it its high price is a downfall for many crypto fans prices can range from 70 to 100 and they may even go up in some cases to 2 000 yikes i know it's a bit costly but it is a one-time purchase and will protect all your funds so how much is that worth so will you invest in a hardware wallet or is a potential hacker attacking the price you're willing to pay remember you easily lose serious money if your account is hacked hardware wallets also require you to set up a recovery c password that you must keep safe if not you won't be able to recover your coins if your wallet is lost damaged or stolen and the goal here is to make money not lose it within the hardware wallets the two biggest brands currently on the market are ledger and trezor both always feature it as the top hardware wallet rankings treasurer supports windows linux mac and has one of the best android wallet apps if you like that kind of thing available for cold storage crypto investment it has a full two-factor authentication and a password manager app that's compatible with erc20 tokens it's easy to use you can connect via the computer and reset the management software wow i know it's got so many features and could be a potential option for you treasure model t is 169.99 and although the price is quite high the features some people say are worth it now let's see what ledger has to offer now if you ever want to get a ledger you can do so by heading over to ledger.bitboy.live it's my hardware of choice i've got several of them and they have never let me down ledger nano s is probably the most popular and recommended hardware wallet because it's extremely reliable not only does it present the best security but it also supports more than 1 500 cryptocurrencies and the list just keeps expanding so it's quite possible that you will be able to store your point of preference in the wallet while setting up your device though you will select a pin code and get a 24 word recovery phrase in case you forgot your pin or lose the device these things happen quite often so make sure to store your recovery phrase in a secure place in addition to nano s ledger presents the market with an improved version called ledger nano x they work similarly but nano x presents a bigger screen and a few additional functions to improve usability both are made out of stainless steel and they resist physical damage in fact they guarantee it a ledger nano s costs 59 while the nano x costs 119 not only are both ledger wallets more affordable than treasures model t they also present more features and provides you with better security giving you the best overall experience this is why ledger is my pick as i use it myself has alternatives for every kind of user and is just too dang reliable but now it's your turn which one are you using to store your crypto which of these wallets do you think is the best let me know down below in the comments section i hope you enjoyed this video if you did please make sure to smash the like button and hit subscribe to come remember thank you so much for watching have a blessed day [Music] you

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