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In this video, I discuss how Bitcoin wallets work, how private keys are generated and stored, and how to use a recovery seed to backup your hardware or software wallet.
Bitcoin wallets do not store Bitcoin; rather they store your private keys, which allow you to send/spend your Bitcoin.
Bitcoin wallets first generate your private key, then use that private key to create a public key (xPub, yPub, zPub), which can then be used to generate unlimited receiving addresses.
Your 12 or 24 word recovery seed is a representation of your private key. Never share it online, or someone will use it to steal your Bitcoin.
Hardware wallets (cold storage) are currently the best way to store large amounts of Bitcoin. Hot wallets (connected to the internet) are much less secure, and should only be used for spending small amounts of money.
Not investment advice! Consult a financial advisor.
Software wallet:
https://bluewallet.io/
Hardware wallet:
https://trezor.io/
Binary to decimal conversion:
https://www.binaryhexconverter.com/binary-to-decimal-converter
BIP39 word list:
https://github.com/bitcoin/bips/blob/master/bip-0039/english.txt
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
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