Crypto Investing #36 – Bitcoin & Cryptocurrency Wallets Explained – By Tai Zen

Crypto Investing #36 – Bitcoin & Cryptocurrency Wallets Explained – By Tai Zen


48 Comments

  1. This video needs a pt 2

  2. nicenicenicenicee

    So when I use a wallet, it is an entity on that particular block chain ? or somewhere else?  If these wallets are on block chain , In that case I do have one wallet for Bitcoin, another for ethereum, another for Ripple (at their respective block chains) ? or it is just one wallet which is holding my all type of currencies?  If it is just one wallet holding my all currencies, then where does it exist? ( In this case I am sure it is not on block chain)

  3. Hi can you just explain something. If I have an account at an exchange with USD then I buy some bitcoin through them, so my bitcoin is in the market do I still need a wallet as I am not having bitcoin just sitting in my acct at the exchange? Or is it even when the bitcoin is in a trade or in the market the details are held at the exchange so I still need a wallet because the bitcoin isn't actually in the exchange. Sorry but its really confusing for first timers. So for example if I have purchased bitcoin through coinbase already if I now get a bitcoin wallet does my bitcoin access then move from the exchange wallet to my own wallet? Hope that makes sense.

  4. Hakeem Muhammad

    I'm New To Cryptocurrency, So I'm Trying To Get Understanding On Whether You're Still Making Or Generating Money While The Coins/Tokens Are In The Wallet Since They Have Been Taken Off Of The Exchange And If Not Why Put Them Into The Wallet If The Point Is To Make/Generate A Return On Investment!!??!!

  5. Your pop quiz of asking who has control over your wallet if it's sitting on Kraken or poloniex makes no sense. Not all exchanges' wallets will necessarily work the same and you didn't talk about kraken or poloniex, only coinbase…so how could you have expected him, or any of us to know that? At best, we could just assume it's the same, but that doesn't mean we actually know it's the same, and it certainly doesn't mean that we SHOULD know that they're the same.

  6. Umm…trusting someone to not steal your bitcoins (coinbase) pretty much IS the honor system…why did you say no it isn't? You effectively contradicted yourself. You basically said, "no, it's not based on trust" and then 10 seconds later, "yes, it is based on trust"…more or less that's what you said.

  7. Mick Campbell

    Really need to explain the difference between passwords for authentication and private keys for decryption when your explaining who has control of the wallet.

  8. can help me open an account?

  9. you're good at this

  10. If you want to make good wages on crypto tokens join Gizer ICO http://bit.ly/2k53mWd

  11. Make more videos bro

  12. Nice bro….i learnt alot…thnkq

  13. Great video

  14. uniqueby perfection

    So where do you store your crypto currency any recommendations?

  15. lps warrior fan 186

    Private Keys and Password are 2 different things. That's why he's confused. You called private keys password. I get it, but I get why he's confused too.

  16. Vedad Grozdanic

    Insightful presentation .. 🙂

  17. Gaurav RAMKUMAR SINGH

    excellent video brother, I have also written a post on steemit explaining about cryptocurrency wallets
    https://steemit.com/ethereum/@cryptocat1456/beware-of-hackers
    do read and upvote if you like the post.

  18. lilsmurfysmurf

    How do we withdraw our profits from the cryptocurrencies investment?

  19. so NOW WE NEED TO KNOW THE BEST OF LINE WALLETS AND HOW TO USE THEM ?o?k

  20. Hey, trying to get more into crypto currency investments, I enjoy your videos. I hope you enjoy mine! 🙂

  21. Lester Llamzon

    Which client do you recommend?

  22. Valon Kryeziu

    I was trying to understand the concept of digital wallet, and this is the best explanation so far, thanks man

  23. Globex Digital

    Due to the backlog on orders for Ledger Nano S and Trezor where is the best place to order these products and is it safe to buy these products from either Amazon or Walmart’s ?

  24. Bro I'm subbed off this one video I need your teaching style for me to understand all this lol

  25. Dhiraj Sharma

    u r fabulous Tai

  26. can I hire you to show me how to set up an account to start trading cryptocurrencies.  I f so how do I get in touch with you

  27. Thanks!

  28. great video, I'm subscribing

  29. thankyou that was well explained

  30. Sounds like coinbase or for that matter all online wallets are more of a crypto"bank"

  31. Ngazediwa Hotep

    With a blockchain. info service, we need a cracken ou poliniex service?

  32. Ngazediwa Hotep

    very easy to understand, crystal clear!!!

  33. Tai Zen, would you recommend transferring and storing the cryptocurrency to Blockchain.info since you said you have the pass and not them or transfer it to your own computer or mobile device digital wallet with pass backed up in a memory stick?

  34. Shivermetimbrz

    Thanks Tai Zen and Michael Douglas, that was very simple to understand

  35. hi sir… please guide..as I'm totally new to this IT thing… 1. can I buy bitcoins directly from BITCOIN.ORG…2. After buying which wallet should I use to keep my BITCOINS and have a TOTAL CONTROL with the keys n passwords…

  36. Oh thank god. I've been looking for a while to find a video explaining wallets

  37. If I lost computer with wallet. Would data inside wallet be lost? Where exactly are for example data about each bitcoin stored?

  38. Hector Fernandez

    wassup bro.. question where can i convert my cash into crytocurrency i been to a couple of websites but they no longer offer their services to residents in New York due to the BitLicense.

  39. Makethingspossible/JT

    thanks for the explaination.it will be helpful.

  40. Phou Pygnasak

    Hmm … there seems to be no explanation of who holds the money that backs the digital currency. Because as of today, isn't that how bitcoin gets its liquidity?

    Also, you did not mention that when your physical (i.e. phone, computer, processing device) wallet is held/stored locally, "who is holding the cash – liquidity" i.e. exchange holds it when its there, online wallet – coinbase – holds it when its there, but what about Blockchain.info – who holds those funds?

    My thought is that It would have to be either Coinbase or the Exchange … right? Because Blockchain, I'm sure, does not hold cash in its servers or the blockchain? I'm sorry, but it doesn't make complete sense as explained.

    Would this be considered an example process?
    1). Coinbase acts as a merchant/financial escrow company < like moneygram, western union
    2). You make a request to CoinBase to Buy Bitcoin
    3). On your behalf, Coinbase sends a payment request to your bank for cash/money.
    4). Coinbase receives an okay/approval you have the cash/money
    5). On your behalf, Coinbase buys "Bitcoin" from an exchange – marking it up slightly to collect a fee
    6). You now have "Bitcoin" in your account backed by cash/dollar/fiat currency
    7). You now request CoinBase, on your behalf, to send "Bitcoin" you have in your wallet to an Exchange, Poloniex in this example
    8). On your behalf, CoinBase sends the "Bitcoin" and "Fiat" currency to the Exchange
    9). Poloniex, now holds your "Bitcoin" and the "Fiat" currency
    10). You make trades, and these trades are all accomplished digitally
    11). You now make a withdrawal request to Poloniex and on your behalf, send your "Bitcoin" to your Blockchain.info wallet.
    12). Therefore, as of now it seems to me Poloniex still holds the "Fiat" currency value and not "Blockchain.info" because you cannot request cash withdrawal from "Blockchain.info"
    13). However, if you transfer to an entity, (e.g. Individual buyer for Cash, CoinBase which sells to a Buyer), it seems that the "fiat" currency would have to be with "CoinBase" the whole time OR remains in the Exchange, Poloniex, at all times after the first transfer (e.g. Coinbase to Poloniex). But because you have the digital currency, you could add it back to the exchange and get "cash/Fiat" currency for it. Therefore, again, the exchange holds the "fiat/Cash? currency. **

    ** It would be great if anyone could confirm that this is how the transfer of "Fiat" currency works

    Thanks

  41. Great video, however, I do not understand why I should use a service such as coinbase. I cannot see any advantages 🙂

  42. nice arms

  43. N.WorLD + BEZ

    Here there is a sale of new coins will http://bit.ly/1U2Fmb2 like something interesting, such as Ether !!!
     As well as bonuses are now given after purchase

  44. qualifier one

    Hey Tai what about if these breadwallet guys don't get along with them selves anymore and they go under and shut down their website then what. Everything lost?

  45. so now wadda you and doc gonna do with all those $1's #visttampa

  46. mkmstillstackin

    Thanks Tai! very straightforward and to the point. I will share with a couple of friends.

  47. Orlando Newman

    Tai Thank you for the video super informative. The Bulk of my Bitcoins are at Coinbase, I also have some at Blockchain.info should I move the Bulk of my Bitcoins into my Blockchain.info wallet because its password protected. Thank you

  48. Charanjit HGV LGV PCV CPC Towing Trailer Training

    Make more video please.

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