All You Need to Know About Crypto Wallets Beginners Guide Blum Academy #blum #crypto #airdrop #bitcoin
All You Need to Know About Crypto Wallets Beginners Guide Blum Academy #blum #crypto #airdrop #bitcoin
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00:00Hello friends, today we're diving into the fascinating history and evolution of cryptocurrency
00:09wallets.
00:10How did the first crypto wallets come into existence?
00:13How have they developed over time?
00:15And what innovations can we expect in the future?
00:17Let's find out together.
00:20The history of cryptocurrency wallets begins with the birth of the first cryptocurrency
00:24Bitcoin.
00:25In 2009, Satoshi Nakamoto released the first Bitcoin wallet as part of the original Bitcoin
00:32client.
00:33This wallet was made up of software that could generate Bitcoin addresses, manage keys and
00:36conduct transactions.
00:38Early wallets were quite basic and geared towards technically savvy users.
00:42They required installing software on a computer and were vulnerable to attacks and data loss.
00:48As Bitcoin's popularity grew, new types of wallets emerged, which became more convenient
00:54and secure.
00:55Software wallets became available for various operating systems and devices, including mobile
00:59apps.
01:00This allowed users to store and manage their cryptocurrencies directly from their smartphones.
01:07There are two main types of wallets, hot and cold.
01:11Hot wallets are connected to the internet and are convenient for daily transactions,
01:15but they are less secure due to higher risk of hacking.
01:18Cold wallets are not connected to the internet and therefore more secure, but less convenient
01:23for frequent operations.
01:25Hot wallets include mobile and web wallets such as MetaMask and TrustWallet.
01:30They allow quick and easy transactions but require caution when storing large amounts.
01:34Web wallets provide access to blockchains through a browser interface and are often
01:38used for exchanges and other browser-based wallets.
01:41However, many web wallets store and manage your private keys, which can be less secure.
01:47Cold wallets, such as hardware wallets and paper wallets, are ideal for long-term storage
01:52of large amounts of cryptocurrency.
01:54Hardware wallets are electronic devices that generate public and private keys and store
01:58them offline.
01:59This ensures a high level of security by isolating them from online threats.
02:03Paper wallets are physical printouts of addresses and private keys, which provide protection
02:07from online attacks but require careful handling and secure storage.
02:12Choosing the best crypto wallet depends on the specific needs and preferences of the
02:15user.
02:16For example, the best Bitcoin wallet may differ from the one intended for storing Ethereum-based
02:21assets.
02:22It is also important to ensure that the wallet supports the required blockchain network in
02:25order to avoid usage issues.
02:29As for Bloom, we also believe that storing funds on exchanges can be ambiguous.
02:33I'm not just talking about certain restrictions or dirty crypto.
02:38Of course, you shouldn't even encounter that at all.
02:40I mean that you should be the owners of your cryptocurrency.
02:43Therefore, Bloom is integrating a solution called MPC Wallet.
02:48MPC multi-party computation wallets provide a high level of security, allowing users to
02:52have full control over their funds.
02:55The keys are stored with three different caretakers, the user, the exchange, and an external provider.
03:02This allows the wallet to be recovered in case part of the data is lost.
03:07The advantages of MPC wallets are that your funds remain under your control and only you
03:12can initiate transactions.
03:14If you forget part of the phrase, you can recover the wallet without the exchange having
03:17access to your assets.
03:20Bloom will also allow you to link your existing wallets such as Metamask and Trust Wallet.
03:26Metamask is a popular cryptocurrency wallet available as a browser extension and a mobile
03:30app for iOS and Android devices.
03:33Trust Wallet is a mobile wallet for iOS and Android that allows you to securely store
03:37and manage your cryptocurrencies.
03:39It supports many blockchains and tokens.
03:42Installing and setting up Metamask and Trust Wallet is quite simple and straightforward.
03:46Visit the official website or download the app from the App Store or Google Play, create
03:51a new wallet, set a strong password, and save the seed phrase.
03:54This process is intuitive and takes only a few minutes.
03:57These wallets allow you to manage your assets directly without needing to transfer them
04:01to an exchange, ensuring greater security and control over your funds.
04:05In the world of cryptocurrencies, security is essential and it is important to know how
04:09to protect your funds against hackers and losses.
04:12Let's look at the main threats each of you might face.
04:15Phishing is a method where attackers try to obtain your personal data by pretending
04:19to be trustworthy sources such as media personalities or representatives of a company.
04:24How can you recognize phishing?
04:26Check the URL, make sure the website address is correct and starts with HTTPS//SPELLINGERRORS.
04:33Pay attention to spelling errors in names and unusual requests in emails and messages.
04:37Verify the source.
04:39If you receive an email or message from a supposedly known source asking for personal
04:43data, contact the source directly using contact information from their official website to
04:47verify if the message is authentic.
04:50Scammers use various tricks to trick you and steal your cryptocurrencies.
04:54Be cautious of offers that seem too good to be true.
04:57Avoid interacting with strangers or companies that are offering investment opportunities.
05:02Always verify information with multiple sources before making a decision.
05:06If you find free tokens on your cryptocurrency wallet that you didn't send yourself, it could
05:09be an attempt at fraud.
05:11These tokens might be a scam and could lead to the theft of your funds.
05:14Here's what to do if you find tokens like this.
05:17Do not interact with the tokens.
05:19Do not attempt to send, sell or exchange these tokens.
05:22Any interaction with them could give attackers access to your wallet.
05:27Check the token contract.
05:28If the token is a scam, you might find information and warnings from other users.
05:32Use a whitelist.
05:33Some wallets and apps allow you to set up a whitelist for tokens you want to see.
05:36This can help hide suspicious tokens and prevent accidental interactions.
05:40Update your wallet security.
05:42Make sure your wallet is secured with multi-factor authentication and other security measures.
05:47If you feel your current wallet might be compromised, create a new wallet and transfer your valid
05:51assets there, excluding the suspicious tokens.
05:55If you are unsure of your actions, seek help from professionals or the support service
05:59of your wallet or exchange provider.
06:01Now that we know about the main threats, let's talk about security measures, including within
06:06the Bloom project.
06:07Bloom does not request any personal data from its users, minimizing the risk of data leakage.
06:12Bloom employees never initiate contact with users.
06:15If you receive a message supposedly from a Bloom representative, be cautious.
06:19Do not follow any links received and do not share your data with the sender.
06:24Within the Bloom app, we use advanced technologies to protect data and prevent unauthorized access.
06:30Regular updates and security checks help us maintain a high level of protection.
06:34Here are some additional tips to help you protect your cryptocurrency assets.
06:39Update all programs and apps related to cryptocurrencies to protect against vulnerabilities.
06:44Use multi-factor authentication, MFA.
06:47What is MFA?
06:49Multi-factor authentication is a security method that requires several types of identity
06:52verification to access an account.
06:54It usually combines a password and an additional code sent to your phone or email.
06:59MFA significantly complicates the task for attackers as they would need to crack not
07:03only your password, but also gain access to your device for verification.
07:08Most cryptocurrency wallets and exchanges support MFA.
07:12Do not neglect this feature.
07:13Go to your account security settings and follow the instructions to activate this feature.
07:17The security of your cryptocurrency assets is a responsibility that should not be ignored.
07:22By following our tips, you can significantly reduce risks and help protect your investments.
07:28What does the future hold?
07:30MPC wallets continue to evolve, offering new features and improvements.
07:34We already see wallet integration with various financial services, support for multiple cryptocurrencies
07:39and enhanced user interfaces.
07:43In the future, we can expect further development of hardware wallets, enhanced security measures
07:48and expanded functionality of decentralized and MPC wallets.
07:52Here are a few key trends and innovations to watch for.
07:56Future wallets may incorporate biometric authentication, such as fingerprint or facial
08:00recognition to provide an extra layer of security and simplify user access.
08:05As the boundaries between traditional finance and cryptocurrencies blur, wallets might integrate
08:10with traditional banking systems, allowing users to manage fiat and crypto assets seamlessly
08:15all in one place.
08:17Cross-chain functionality will become more common, enabling users to manage multiple
08:21cryptocurrencies across different blockchains within a single wallet.
08:25Wallets will become more user-friendly, with intuitive interfaces and features designed
08:29for both beginners and experienced users alike.
08:32Artificial intelligence could be used to enhance wallet security, automate transactions and
08:37provide personalized financial advice.
08:41So we've traced the evolution of cryptocurrency wallets from the first Bitcoin clients to
08:45today's multifunctional and secure solutions.
08:48The history of crypto wallets is a story of innovation, striving for security and improving
08:53user convenience.
08:54Subscribe to our channel to keep up with the latest news and trends in the world of cryptocurrencies.
08:58Thank you for watching and see you next time.