In this lesson I want to explain the concept of a wallet and a wallet application which is used with Bitcoin and other cryptocurrencies to send, receive, and hold onto funds. We also take a look at an example of a wallet program. This explanation is for non-technical people:
This video follows up from my previous lesson that gave a non-technical introduction to Bitcoin and how it’s more than most people think it is, so make sure to watch that lesson if you missed it.
A wallet “stores” your money and is sort of a cross between a traditional (physical) wallet and a bank account. In reality, the wallet holds something called a private key which “unlocks” your access to the funds that are actually stored on the blockchain, which is the public ledger system used by Bitcoin and other cryptocurrencies.
This video is to introduce you to the concepts involved to help you better understand cryptocurrency — I will be going into more specific step-by-step instructions in future videos.
Please let me know what you think and ask me any questions you have using the comment form below.
Share the video with friends and family on Twitter, Facebook, or other social networks, or by email, using the share buttons above and below this post. Everyone needs to understand and begin using cryptocurrency (which includes Bitcoin but is not limited to it by any means).
The sooner you get into this important new technology, the better off you will be in the future, which is why I’m sharing this video!