Crypto Wallets for Beginners
Hi everyone, if you're new to Crypto and have never set up a self custody wallet with a seed phrase, you should definitely go through this tutorial.
If you are still storing all your Crypto on an exchange like Coinbase or Binance, you run the huge risk of having the exchange taking your money away without recourse. That's not to say that exchanges are all shady businesses, and there are many top exchanges that I have used for 4+ years without issue.
However when it comes to the bottom line of securing your money, you cannot treat Crypto exchanges like a bank account, as they are all tech startups and NOT financial institutions.
On top of the security benefits, storing Crypto in your own wallet also allows you to participate in a much larger selection of early and profitable opportunities, such as decentralized exchanges, yield farming, and NFTs.
Therefore, learning how to use a Crypto wallet safely and unlocking all its powers is a absolute must have skill for all Crypto investors.
We do not have a full tutorial on Crypto wallets (yet) on the VirtualBacon channel. So I am sharing a equally good tutorial from Crypto Casey's channel. Make sure to give it a watch.
The most important concepts to understand are:
- (starts from 01:25) What is a Cryptocurrency Wallet?
- (starts from 05:20) Types of Crypto wallets: Hot Wallets vs Cold Wallets vs Exchanges
- (starts from 08:52) How to Setup a Simple Crypto Wallet Step-by-Step
- (starts from 13:40) How to Transfer Crypto from Exchange to Wallet
- (starts from 16:45) The most important security tip: Keep your seed phrase safe
This video is THE BEST tutorial that I have ever watched for a complete beginner to learn about Crypto wallets in a simple and effective way. Although this video is targeted at COMPLETE BEGINNERS and thus does not cover the more advanced wallet called "MetaMask".
MetaMask is the most widely used Ethereum wallet that lets us interact with the world of decentralized applications. If you ever wanted to trade on a decentralized exchange like Uniswap or Pancakeswap, trade NFTs, earn passive income in DeFi yield farming, or participate in any other new projects in the deeper crypto space, you MUST learn how to use MetaMask.
So please watch this tutorial video I made on how to setup and use MetaMask.
There are a ton of information covered in this video, but I highly suggest you to go through the whole thing and try to understand as much as you can. The more you can absorb now, the less mistakes you'll make down the line when we're dealing with advanced Crypto strategies.
If you run into trouble or have any questions when using a Crypto wallet, you can join our Crypto Wallets Crash Course Q&A session on March 4th from 1PM to 2PM. The link to join to the event is here:
And as always if you run into any issue when using Crypto exchanges, feel free to post your question in the Ask Anything channel in our community, or email us at support@virtualbacon.com. We are always happy to help.
