Intro to Bitcoin Wallets
Direct Access to Video 2 – Click Here
HOMEWORK ASSIGNMENT
Open up (2) wallets from the list below:
(practice good record keeping and security)
Atomic Wallet – Desktop or Mobile
What is a Bitcoin wallet?
- A crypto bank account that you control
- It never closes you may use it anytime
- A place to store your public address and private keys
- Lose the keys and lose access to your money
- It is self-responsibility banking
Cryptocurrency Wallets
The first place in getting started with Bitcoin or any cryptocurrency is having a wallet to store your coins in. Wallets are often confused with exchanges or places where consumers buy Bitcoin. A centralized exchange will provide you with a wallet address but they have control over your cryptocurrency like a bank because they hold the private keys.
Your Public Bitcoin Address
Also known as a receiving address is a unique identifier that serves as a location to where Bitcoins can be sent. You can share your BTC address for others to send payments. It is like your bank account number in which you manage and control. Your Bitcoin public address is made up of alphanumeric characters and usually begins with a 1 or 3. Older addresses can start with bc1.
Private Keys | Recovery Phrase | Seed Phrase | Secret Keys
You may hear these phrases and what they mean is ownership of the cryptocurrency assets.
A seed phrase can be 12 or 24 words. In the event that a mobile device, computer or hardware wallet is stolen, lost, destroyed or replaced whomever has the seed phrase can restore the cryptocurrency wallet.
Important!
You must come up with a system so that it is impossible for you to lose your recovery phase words.
Tips:
- Have 3 encrypted flash drive devices with your recovery phrase words (minimum)
- Have 3 hard copies preferably laminated with your recovery phrase words (minimum)
- Have 1 backup copy of your phrase words in a location outside of where you live (minimum)
- You can also store your recovery phrase words on an encrypted external hard drive
- Memorize your 12 or 24 word seed phrase
Do NOT take a photo and store on your phone
Do NOT store on a plugin flash drive
Do NOT store on your computer
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