03.29 9:09 PM
A Bitcoin wallet is a program to send and receive bitcoins, store bitcoins and
monitor bitcoin balances. Desktop wallets store your private key on your computer
are safe as long as your computer is free of malware or any security weaknesses.
Mobile wallets offer low security and terrible privacy, given the potential
association of your bitcoin wallet, phone number and geolocation. HD wallets
generate an initial phrase known as a seed or mnemonic phrase. This seed is a
string of common words which you can use to identify your bitcoins.
To send the bitcoins you have on your paper wallet to someone else, you will have
to import the private key into some form of digital bitcoin wallet. Hardware
wallets store your private key such that it can not be hacked even if your device
is compromised by malware. Brain wallets are just a way to create a private key out
of a predetermined text or set of words, but they have a significant disadvantage--
they have a higher probability of being hacked. Different people will use different
bitcoin wallets for different purposes. For example, if I need to store a large
amount of bitcoin safely, I will use a different wallet than if I just want to have
some small bitcoin change to pay for a cup of coffee. Multisig is often used for
escrow services where 2 parties decide on a transaction that requires 2 out of 3
keys. If the seller and buyer don't agree, a trusted 3rd party will arbitrate and
release the funds. Bitcoin Whiteboard Tuesday is a lesson of bitcoin whiteboarding
Tuesday. I hope you've enjoyed today's lesson and I can't wait to see you in our
next video. If you still have questions or comments on the video, feel free to
leave them in the comment section below.
A Bitcoin wallet is a program to send and receive bitcoins, store bitcoins and
monitor bitcoin balances. Desktop wallets store your private key on your computer
are safe as long as your computer is free of malware or any security weaknesses.
Mobile wallets offer low security and terrible privacy, given the potential
association of your bitcoin wallet, phone number and geolocation. HD wallets
generate an initial phrase known as a seed or mnemonic phrase. This seed is a
string of common words which you can use to identify your bitcoins.
To send the bitcoins you have on your paper wallet to someone else, you will have
to import the private key into some form of digital bitcoin wallet. Hardware
wallets store your private key such that it can not be hacked even if your device
is compromised by malware. Brain wallets are just a way to create a private key out
of a predetermined text or set of words, but they have a significant disadvantage--
they have a higher probability of being hacked. Different people will use different
bitcoin wallets for different purposes. For example, if I need to store a large
amount of bitcoin safely, I will use a different wallet than if I just want to have
some small bitcoin change to pay for a cup of coffee. Multisig is often used for
escrow services where 2 parties decide on a transaction that requires 2 out of 3
keys. If the seller and buyer don't agree, a trusted 3rd party will arbitrate and
release the funds. Bitcoin Whiteboard Tuesday is a lesson of bitcoin whiteboarding
Tuesday. I hope you've enjoyed today's lesson and I can't wait to see you in our
next video. If you still have questions or comments on the video, feel free to
leave them in the comment section below.
