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What Is A Bitcoin Wallet? - The Best Explanation EVER

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This is a free sample lesson from 'The Secrets Of The Bitcoin Triangle' course, where you will 'Discover The 21 Fast Track Ways To Make And Save With Bitcoin (Starting From Scratch)'. You can sign up for the full course at: https://www.cryptoversity.com/courses/secrets-of-the-bitcoin-triangle/ A Bitcoin wallet is a piece of software you use to communicate with the Bitcoin network and tell it when you want to send and receive transactions. The best way to understand a Bitcoin wallet is by comparing it to email. Once you have setup an email address you need some kind of software to allow you to send and receive emails to that address. Now this software may be an app on your phone, it may be an app on your laptop or it could even be an app you log into online. With email, you enter the username and password for your email address into the app and that’s how the Internet knows it’s really you that is sending and receive emails to that address. Now of course you tell everyone your email address and you have to do that in order for anyone to send you a message. But just because someone knows your email address, that doesn’t allow them to send email from that address. If they could that would be bad because then they could send emails pretending to be you and cause all kinds of problems. In order to be allowed to send email from a particular email address, you have to know the password. If someone finds out your email password then there’s nothing stopping them from logging in to your email app and sending messages. This is very similar to how a Bitcoin wallet works. Every Bitcoin account has two elements to it. One is called your public address, which is like your email address, and one is called your private key, which is like your password. So just like email, you can give anyone your Bitcoin public address and then anyone, anywhere in the world can send you some Bitcoin. They don’t need to know anything about you. All they need is that public address and they can send money to you. Your Bitcoin private key on the other hand is the one thing you must protect. It’s called your private key for a reason because you should never reveal this to anyone. If someone gets your email password, that’s bad because they can start sending emails from your address, but that’s not quite as bad as someone getting your Bitcoin private key because then they can steal all of your Bitcoins by sending them somewhere else. And just like email, once a Bitcoin transaction has been sent, it’s a one way trip. The only way to get it back would be for the person you sent it to to voluntarily send it back. Bitcoin literally works like digital cash. Once you’ve handed it over, the Bitcoin belongs to that other person. And the same goes for when you receive Bitcoin. Once someone sends it to you, it’s yours and no one can take it from you. The only way they could do that is if they knew your private key. And of course now you know never to give this to anyone.
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Text Comments (89)
The Cryptoverse (5 months ago)
Enrol in the full course at: https://www.cryptoversity.com/courses/secrets-of-the-bitcoin-triangle/
Hey Mon (5 months ago)
yah I had the same question, I suppose if you bought BTC and you wanted to hold it for 3 months, you would then download it to an external device then when you sell it go to the exchange where you have an account, plug in your storage device in a USB port and it will show up on your account somehow and you can do whatever you want with it put it into usdollars then wire out to a bank account. Is this correct? anyone?
MrGecko111 (5 months ago)
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.
Ma Baba (29 days ago)
Dear sir, please help me! my coinbase is login but not show wallte & show serch ber - your hosted bitcoin--What a problem?
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Muneeb Khanafridi (3 months ago)
This is the best explanation on wallet I have ever seen. I am astonished that how people can dislike such a great resource!
Kelly Morales (3 months ago)
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Imran Suhail (3 months ago)
someone knowing your email password is equally as bad since they can use it to reset your bank passwords and then login to your bank site and send all your money to themselves
rendall harper (4 months ago)
Excellent!
Burt Gummer (4 months ago)
Reminds me of PGP.
Adam Suzich (4 months ago)
An okay explanation but comparing an email address to a Bitcoin public key is apples and oranges because if somebody has your public key they can see your balance, transactions and send you Bitcoin. If somebody has your email address they can just send you email they cannot read your emails or see how many you have in your inbox.
Gary du Plessis (4 months ago)
A simpler explanation would be to compare a Bitcoin wallet to your bank account. Give everyone your account number (Public address) to send funds to you. Don't give them your password (Private Key) to make bank transactions.
moazam azam (4 months ago)
Beautifully explained
Al DeTrolio (5 months ago)
47 people who thumbs downed the video, want their bitcoins stolen. lol
Jamei Mcleod (5 months ago)
bitcoinwallet.com If you want to pay 1% + $15 transaction fees go ahead….RIP OFF!!!!
Lirim Hasani (5 months ago)
But what do you with your bitcoins in the bitcoin wallet? Can you sell them and make real money?
Walton Bate (5 months ago)
Hello Guys , I'm Walton , 18 , from Albania . I was born in England but my parents were illegal immigrants at the time so they had to go back to Albania. I have finished high school since June , 2017 with great grades and an average of 9.87 out of 10. I've been looking for scholarships since then but it's impossible. I didn't go to University in Albania because I knew I deserved better. Recently I've been contacting a University in Austria and I think this could be the big break for me , but my parents who own a small shop here , can't afford my studies at this University . If any of you guys can help , with whatever amount you can please contact me . This is my bitcoin wallet for anyone who wants to donate . Thank you : 1EETWWiLicpY8VZWVKWhTpc5Njgf8KZYEj
KVN (5 months ago)
Do i need to do mining to make profit?
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2 cents (6 months ago)
I sent small amount of bitcoin from gdax account to my bread wallet its gone from gdax but I dont see it in my bread wallet I copied the receive btc code am new to all this and I think just lost 500$ in this adventuren not going to buy anymore! Sadly no one returned anything to me
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Robert S (7 months ago)
What's the best wallet for android though???
Ecila2u (7 months ago)
Great video, thank you
The Cryptoverse (7 months ago)
You are very welcome Ecila2u :)
TitusRockjaw (7 months ago)
I found a few bitcoins in a wallet in a bar and I sent them back to the owner - but he didn't even give me a reward!!!
Al DeTrolio (5 months ago)
sure you did. (lol)
george casey (8 months ago)
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Stevareno (9 months ago)
nice simple for old people like me
The Cryptoverse (9 months ago)
I'm really glad you like it :)
TheAlexxxherrera (10 months ago)
I notice that my wallet allows me to use Bitcoin Average, LocalBitcoins, Quadriga etc. They all have different values for the btc- CAD or USD, at the same time. Doesnt it make sense for me to use the one, at the time of making a purchase, that is giving me the most favorable exchange? Since there can be, and usually is, an outrageous difference between them all, what's the catch if I use the seemingly-superinflated one?Also, please, my online retailer says that I should add .001 BTC to the purchase price because there seems to be difficulties if we dont. Doesnt my wallet ALREADY take all of that into account when I complete the transaction? I'm SO a newbie! Thanks alot.
Kimberly Putnam (1 year ago)
Great explanation! Well done. Thank you.
Jessie (9 months ago)
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Ibanezbassist7 (1 year ago)
I really dont understand why it's needed at all, obviously if someone gets your password then that'll happen
Bitcoin Fan (1 year ago)
Yes, to own actually means hold keys from it ... same with everything! btc price: $ 2,497
fish (6 months ago)
Bitcoin Fan shit shouldve bought it then
twitch valueds (1 year ago)
whats is the best wallet
cosplay sailor moon (3 months ago)
Vacant Vacant you have your wallet already?
Hey Mon (5 months ago)
search top 10 wallets here, it will give you some ideas, or just confuse you more
Frost pot (6 months ago)
Jessie fuck off you sad cunt
Jessie (9 months ago)
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Mike (1 year ago)
I have a Copay wallet...sent out a small amount of funds without a recipient bitcoin address. How do I add an address to the transaction or retrieve the funds?
Zycho (1 year ago)
if I install a wallet, buy some bitcoins, and then UN-install the wallet, will my bitcoins then be gone forever?
hades azure (10 months ago)
I'm guessing if you have a software wallet you won't be able to view the private key because it would be encrypted in the wallet file the software generates, which is why backing up this file is important. If you wanted to transfer funds to a paper wallet "where the unencrypted keys are printed out" you would have to transfer the funds from the software wallet to the paper one. But then in order to spend those bitcoins you would have to transfer the unencrypted keys to a software/hardware wallet that can interact with the block-chain.
hades azure (10 months ago)
OK this is starting to get confusing, my understanding was that the bitcoins aren't physically stored in the "wallet", they are encrypted in the block chain and in order to access those funds you just need the private and public key which is essentially all your wallet is.
amro kafafy (11 months ago)
Kyle Challis what if I copy my private key somewhere else then uninstall the wallet ? or if I want to deal with a different wallet .. what am I supposed to do ?
Nader Qarini (11 months ago)
Kyle Challis haha man you're good at explaining this, you should have a YouTube channel on it too :))) I appreciate your help 👍
Kyle Challis (11 months ago)
That's right! :D I probably described it poorly. Basically, if you were to 1) install Bitcoin wallet 2) receive Bitcoin to that wallet 3) uninstall Bitcoin wallet (without backing it up) 4) and then reinstall Bitcoin wallet again... it would not be the same wallet! You wouldn't have the coins you received in step 2, they would likely be lost forever. That's what I meant by "the same instance" of the wallet, but in retrospect, it's not a great way to describe it.
Very nice explanation
Constintenov (1 year ago)
Thanks for the BTC!
The Cryptoverse (1 year ago)
Hey! Another winner! You are very welcome. Thanks for your participation :)
Billy Bang Bang (1 year ago)
Thank you...you are a damn good teacher.
The Cryptoverse (1 year ago)
You are a damn good student :)
Mathew Beattie (1 year ago)
There should be an option of sending btc to a single easily remembered address I.e I tell everyone to send btc to 'Mathew' which then automatically creates a new public address (in my wallet) each time a payment is received. Similar to owning a domain name but routing to a different (dynamic) IP each time a payment (viewer) is received.
Mathew Beattie (1 year ago)
Wow that's impressive. Would you know the total amount of dash coins that will ever be created?
The Cryptoverse (1 year ago)
Dash are building this very feature to launch this year :)
CloakedCedric (1 year ago)
Someone sure is conceited...
The Cryptoverse (1 year ago)
This video has been been accessible by my patrons for a while, which is where I got the title from.
CloakedCedric (1 year ago)
I'm talking about the preemptive title. Hope you don't build too much of an ego :P
The Cryptoverse (1 year ago)
You may wish to read the other comments on this video.
Tomas Medrano (1 year ago)
Thanks a ton for the BTC :)
The Cryptoverse (1 year ago)
Thanks for participating in the survey :)
Loa del boa Ding (1 year ago)
Busy bee.
Michelle Woods (1 year ago)
Just sent this and a link to your university to a friend, she is new to the world of Bitcoin. Thanks for all that you do.
The Cryptoverse (1 year ago)
You are most welcome. Keep on commenting :)
VERTICAL DROP!! (1 year ago)
I sent a transaction to a wrong address accidental but after messaging the user he returned the btc to me,nice to know there is some truthful people out there
Graca Mateus Assane (2 months ago)
Lucky you
2stefan2000 (5 months ago)
Probably a whale
Chimaobi Ukachukwu (6 months ago)
The Cryptoverse Information to join Am interested
Chimaobi Ukachukwu (6 months ago)
The Cryptoverse Am interested to join pls can any one message me on how to create and account ?
sL z1tn (6 months ago)
how did u message the guy?
Scott Pollier (1 year ago)
You should do a video in regards to mining! Possibly let us know your opinions and if you mine? Super curious! Keep up the great work brother!
Greg Friend (1 year ago)
Very nice Chris! You don't ever take a day off, do you
Land Mac (9 months ago)
The Cryptoverse I'm new at this btc stuff, so I'm ask if you guys could teach me how to earn more, and how to cash out
Nader Qarini (11 months ago)
The Cryptoverse amazing! Would it work if I download the wallet on PC, send the coins there, make 2-3 copies of this wallet and then put each on a USB (in case I lose 1 or 2 USBs) ...and delete off of the PC (so it's like paper wallet) or would deleting the wallet off the PC corrupt the whole thing? Im asking because I have like 30 different coins :, ( , and I don't know how to keep them safe. your help would be super super appreciated man 😊😊
The Cryptoverse (1 year ago)
Only when evil takes a day off :)
Charith Kumara (1 year ago)
hi thanks for the video i like to request something can u do the video aboth adzbuzz project its still beta but it will help all the new person and agin thanks for ur hardwork .
Timmy Firebone (1 year ago)
Bravo!
spacepathfinder1 (1 year ago)
thank you for BTC ;)
Adam Levine (10 months ago)
How did you get free btc
The Cryptoverse (1 year ago)
Looks like we have some survey winners in the house :)
Dan JAHENY (1 year ago)
Thanks for the Bitcoin mate :) :)
The Cryptoverse (1 year ago)
And another survey winner :)
Alan Oliveira (1 year ago)
Cryptoverse is the best information about cryptocurrency on you tube for sure! Great work mate!!
MrFazzza (1 year ago)
47 japanese banks going live on ripple network end of march useing xrp .
Peter Murphy (1 year ago)
Nice explanation.. Keep up the good work..

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