Episode 6: Cryptocurrency Wallets

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How do I choose a cryptocurrency walloet?

In this Episode I talk about

  • Terms and Definitions to understand crypto wallets
    • Public vs. Private Keys
    • Public key vs. Addresses
    • Mnemonic Device/Recover seeds
    • Hot vs. Cold Wallet
    • Custodial vs. Non Custodial Wallets
  • Mobile (app based) lite wallets
  • Hardware wallets
  • Multi-signature wallets
  • Paper Wallets
    • How to set up a bitcoin paper wallet
  • Best practices for keeping your private keys safe

NOTES:

My first wallets were the bitcoin and litecoin desktop wallets. You can still download these and they function fine, they do however look all the part of a function over design 2013 wallet 🙂

In 2013 there was no commercial hardware wallet available, trezor was crowdfunding and finally launched in 2014. If you had any significant amount of any cryptocurrency you would hold it in a paper wallet. Paper wallets are still the gold standard as far as “near to perfect” security is concerned however a hardware wallet is the next best thing if you are unwilling to take the necessary precautions to ensure the safety of your funds.

Remember that Crypto is about YOU being in charge of your wealth.

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