What is a Bitcoin Wallet? (in Plain English)

What is a Bitcoin Wallet? (in Plain English)

A Bitcoin wallet is a device or program that stores your private keys and allows you to interact with the Bitcoin blockchain (i.e. send and receive Bitcoins).

It’s important to differentiate between wallets where you have complete control over your private keys (non-custodial) and those that don’t give you access to your keys (custodial).

That’s Bitcoin wallets in a nutshell. For the complete explanation keep on watching the video here’s what I’ll cover:

0:55 – Bitcoin wallets in a nutshell
1:22 – What is a private key?
1:55 – What is a Bitcoin address?
2:22 – What are HD wallets?
3:13 – Backing up your private key
3:41 – Different Bitcoin wallet available
7:30 – Cold storage wallets
7:51 – Paper wallets
8:25 – Hardware wallets
9:07 – Brain wallets
10:00 – Multisig explained
11:31 – How to choose a Bitcoin wallet
12:53 – Conclusion

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26 Replies to “What is a Bitcoin Wallet? (in Plain English)”

  1. RE: KYC Verification Problems. Purchased BTC years ago with no KYC required, using my commonly known name, not birth certificate name. Now KYC ID is required while Passport has both names on it, the birth certificate name is first, with a note to see another page for my aka name. The online upload your passport here, never approves the commonly used name nor permits uploading the Passport page containing my commonly known name. How to modify with blockchain.info/wallet?

  2. ​ Hi, Im a total Bitcoin novice, an absolute beginner. I am now comfortable with how Bitcoin works but need help: Can you v simply take me through how to buy £400 worth of bitcoin, put it in a wallet, then start trading it with a bot thru '3 commas'? My wallet only needs accommodate my trading, as i wont be using the bitcoin for anything else. You folks seem to know what youre talking about, so just thought Id ask. cheers

  3. Can you help me? I created a protonmail account to by local bitcoins – but I forgot the password. Local bitcoins have to send a recovery pasword link to my protonmail. But it´s not working. Now I can´t access my bitcoin wallet. . Local bitcoins is not answering . What do I do ? I need accesss to my bitcoins. Protonmail is apparently the problem. Why cant they send the link?

  4. Loving how you guys explain crypto stuff, always use your insights! Agree on the hardware for big sums, and mobile ones for daily operations, practicing the same by myself. Ledger Nano/Lumi Wallet best combo ever!

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