Hello, in this lesson we're going to cover what a bitcoin wallet is. I taught all of the concepts regarding Bitcoin and blockchain cryptocurrencies, in general, a wallet is probably the easiest to get your head around. It is essentially the equivalent equivalent of a bank account that we can end the video right here less than a minute, my joking service if a bit more to it than that, but that's essentially what it is, is like a bank account. It's a collection a collection of private keys that facilitate that facilitate the Send in. of bitcoins or ecobee coins in general cryptocurrency coins in general, it facilitates the receiving of or I'm going to do is to say queens blocks it can be other cryptocurrencies. And it obviously allows you to store them like a regular bank account, you could go on there, I could send 100 pounds to you, you could send 50 pounds to Bob for example.

And obviously we are storing them as we are sending and receiving them as well. So that's essentially what a bitcoin wallet is a collection of private keys for sending, receiving and storing coins. There are two main types of wallet, two main type of wallet in cryptocurrencies that is there's a software online wallet. And this is essentially you're going onto website one application which is connected to the internet such as Coinbase that is a wallet and what you are doing is using it as if you will be using online banking for example. So, no more to it than that for the software side will also have something called a physical hardware wallet which stores the private keys on a physical device such as USB stick, you wouldn't be just any ordinary USB stick that you can get off Amazon. It will be a USB stick is designed for storing the coins.

Obviously there are advantages to both is a lot more convenient using the softer side is considered to be more secure with a decent physical wallet. The majority of wallets are Can you guess, software base simply because you don't need to be carrying a physical piece of hardware that is linked to it. Obviously your phone might be a physical either physical piece of hardware, we could have two different phones. So if you were to change from still accessing whereas with the hardware wallet if you lose the wallet, you're basically screwed. As in the real world if you lose your physical wallet and you have $100 in there, you will leave those hundred dollars unless he's so my family. So that's it for Bitcoin wallet.

We'll be covering Bitcoin exchanges very soon and a lot of time people do confuse the two terms a lot of wallet bitcoin wallet or actually exchanges as well. Actually one thing I do want to mention many wallets such as coin base, which is probably the most popular one many wallets allow the storage the storage of different crypto currencies. So in the case of Queen, base, I know they like to store the big one, the big daddy of the mall, Bitcoin. You cerium is the second largest and Litecoin I'm pretty sure they don't allow you to store any other coins than Bitcoin if you're in Litecoin, but that might change in the future. So that's it for Bitcoin white, essentially, a wallet to store your bitcoins, sender receiver, very similar to how a bank can facilitate sending and receiving fear, currency, and storing the fear currency as well.

There were any concepts in this video or topics that you're confused about, feel free to reach out or go for the video again. And as usual, thanks for watching, and I look forward to seeing you in my next lesson.