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Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody happy Monday. Hope you had a wonderful weekend. My name is Joe Dewitt, and this is the crypto breakdown day. I'm going to do a little bit of a crypto wallet, 1 0 1 and educate you guys on what crypto wallets are.

 Some of the good ones, the differences between them and what to look out for. So a really basic description of a crypto wallet. B, you can think of it as your bank account. So your crypto wallet is actually what holds your digital assets. It is you as an hound, but it's not necessarily an account as a decentralized application that stores all of your assets on an open network.

You need to store your assets in a wallet in order to actually. The crypto a decentralized wallet is best. So when you purchase a cryptocurrency off of an exchange, Coinbase, finance, whatever you prefer, your crypto stays in their centralized wallet, which means they control your assets. They control your crypto.

Now, after you purchase your crypto, it's your job to move it to your personal decentralized wallet. Now, each cryptocurrency, if they're layer ones, they have their own wallets because they're all on different networks, right? So you can think of Bitcoin theory. Salana they all coexist, but they're on separate networks.

So they need their own network wallet. There's also a difference between wallets, which there's two different types of software, wallet, and a hardware wallet. A software wallet is something that lives on your computer. It's usually a Google extension or an app, and you can also have it on your phone. So it's a mobile.

And your actual seed phrase will live on your computer or on your mobile device. Now, a hardware wallet is much, much safer because it's essentially why we call it cold storage. It is a hard drive device that you physically plug in to your computer. It holds your seat for you. On the actual device and you use it to confirm your transactions.

So it is just a much, much safer alternative to a software wallet. Now it also completely depends on your risk tolerance and how much crypto you're really trading if you're just buying occasionally here and there, and you're not necessarily looking to use any utility and move them around and activate any dabs than keeping it in a software wallet like trust wallet for Tresor might not be a bad idea.

But someone who's very actively trading, connecting to a lot of wallets, buying a lot of NFTs, actively trading. It may be very smart to look into some sort of cold storage like ledger, just to add maximum security to your assets. Now for Bitcoin, some of the top wallets I would recommend would be a trust wallet, and there's also exited on those two are highly rated and a fairly secure personally, I would always go with less.

If you have the choice to go cold storage, but if you're looking just for a simple software wallet on your mobile device, trust Walter Exodus would be a great choice for Bitcoin Ethereum wallet. I wouldn't recommend any wallet. That's not mad at mask personally. Just because Metta mask supplies so much utility, you're able to connect to pretty much every dab using it.

It's the most popular Ethereum wallet. Definitely the most secure and it has the most utility you can. Multiple networks to it. So you can actually add Binance as well. So you can add your Binance tokens, anything that lives on the Binance blockchain, you can also put on Mehta mask, but it is mainly for Ethereum ERC, 20 tokens, which means a theme right to contract, but it is a great wallet.

The interface is a little clunky  becoming a little bit outdated, but overall it's a really great DAP and allows you to do pretty much anything you want with your Ethereum. And then something like doge coin can also be held on. Or trust wallet, Trezor, or even ledger. And that's really up to your own personal opinion on which one you prefer.

Some people prefer the trust wallet, mobile layout, more than mathematics. Some people refer them at a mass for its utility in being able to connect to multiple dabs. Some people would want a cold storage wallet just to be completely safe that no one has access to your crypto talk completely relevant to what you want.

And at the end of the day, it's really important just to do a little bit of research on each individual wallet to see necessarily what. They're not going to be that much different. It's just pretty much going to be layout features. Security is going to be very similar for these software wallets.

 Just some key things to take away would be keeping your assets in a centralized wallet like Coinbase or Binance means that they are completely in control of your assets. It's the exact same thing as a bank. I like to make the comparison. It is not your money until you spend it. You just buy it and keep it there for them to.

And for them to pay you out when you want to take it. So the important thing is moving our assets over to a decentralized wallet of your choosing, as well as understanding the differences between a software wallet and a hardware wallet. If you guys have any questions, feel free to DM me on Twitter or send me an email.

I would love to answer those, but that being said, it's all the time we have today. Thank you guys so much for tuning in. You can fall and subscribe to our podcast, which is all in the description below. Have a great Monday

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