WEBVTT 00:05.360 --> 00:05.950 OK. 00:06.100 --> 00:12.730 Now let's talk about digital wallets in terms of definition a digital wallet is simply an application 00:12.730 --> 00:20.410 that stores or holds onto your cryptocurrency it can be a web based desktop or mobile app which is created 00:20.410 --> 00:25.520 to help you store your private and public keys or in other words your deposit addresses. 00:25.780 --> 00:31.420 And it also interacts with various block chains to help you send and receive crypto currencies and monitor 00:31.420 --> 00:32.560 your balance. 00:35.180 --> 00:37.720 Here's an example of a deposit address. 00:37.760 --> 00:43.130 It's just like an e-mail address which you use for receiving emails when you want to receive digital 00:43.130 --> 00:47.540 currency from someone you just need to give them your deposit address. 00:47.600 --> 00:54.220 For example this is your bitcoin deposit address. 00:54.360 --> 01:01.980 If someone wants to send you 0.5 Bitcoin or BTC they just need to open their wallet and create a withdrawal 01:02.100 --> 01:08.860 or sending money request into your deposit address and the amount of money they want to send in this 01:08.860 --> 01:15.240 case 0.5 BTC as you can see here after they click continue. 01:15.310 --> 01:21.490 The point five BTC will be sent to the block chain where the validators or miners will start verifying 01:21.490 --> 01:27.420 and validating the transaction after two to three confirmations from the validators. 01:27.490 --> 01:34.930 The 0.5 BTC will appear in your account and the transaction will be marked as confirmed or completed. 01:37.120 --> 01:41.380 OK here are the most important things that you'll need to take into account. 01:41.470 --> 01:47.930 The first thing is if you want to receive a particular cryptocurrency you must provide that cryptocurrency 01:48.040 --> 01:49.980 deposit address. 01:50.020 --> 01:56.160 For example if you want to receive bitcoin you must use your bitcoin deposit address. 01:56.350 --> 02:02.560 If you send different currencies say a theory M or ripple to your bitcoin address your money will be 02:02.560 --> 02:07.480 permanently lost and there's no way you can get your money back. 02:07.480 --> 02:13.480 The second thing is that you must always double check your deposit address a small mistake and lead 02:13.480 --> 02:16.120 to a permanent loss of your money. 02:16.270 --> 02:21.210 So you must be extremely careful when sending and receiving cryptocurrency is 02:24.030 --> 02:24.780 next. 02:24.780 --> 02:29.660 Make sure you always secure your wallet account using two factor authentication. 02:29.730 --> 02:35.400 Most wallet providers provide this feature enabling this feature will provide your account an extra 02:35.400 --> 02:37.190 layer of security. 02:37.230 --> 02:43.260 How this works is simple when you try to log into your account or when you try to send your cryptocurrency. 02:43.400 --> 02:49.530 It requires that an outside source verify the requests are genuine and not from a malicious source. 02:50.420 --> 02:56.630 Typically this happens by sending you a text on your smartphone or by requiring you to input an authentication 02:56.630 --> 02:59.960 code generated by a program elsewhere. 02:59.990 --> 03:05.360 So even if someone else knows your password they cannot log in to your account and steal your money 03:05.600 --> 03:09.040 unless they have the authentication code. 03:09.060 --> 03:15.150 My favorite app for two factor authentication is all the it allows you to create a free account which 03:15.150 --> 03:18.340 you can use to store all of your authentication codes. 03:18.630 --> 03:23.090 And the best thing is it can be seen across multiple devices. 03:23.160 --> 03:28.830 So even if you lose your phone you can still log in to your account and get authentication codes to 03:28.830 --> 03:30.060 access your wallet. 03:32.850 --> 03:38.550 And the next thing you want to do is to install an anti-virus software on your computer and your phone 03:38.760 --> 03:41.580 to protect your account from being hacked. 03:41.700 --> 03:47.130 You can use Kaspersky Norton bit defender or other anti-virus software. 03:47.640 --> 03:52.950 There are many viruses a malwares that are created to automatically change the victim's deposit address 03:53.160 --> 03:56.160 with intent to steal their money. 03:56.190 --> 04:01.920 So make sure that all of your devices are protected and always double check your deposit address and 04:01.920 --> 04:06.800 you should also avoid using your friends or public devices to log into your account. 04:09.420 --> 04:10.000 OK. 04:10.150 --> 04:12.420 Here are the best wallets you can use. 04:13.370 --> 04:16.710 Bitcoin dot com is the official wallet for Bitcoin. 04:16.790 --> 04:22.930 It offers support for both Bitcoin cash DCH and Bitcoin core BTC. 04:23.150 --> 04:31.110 You can easily sign up for an account at wallet dot Bitcoin dot com block chain dot info is my favorite 04:31.110 --> 04:37.590 wallet as it offers support for not only Bitcoins but also a theory I'm more and more crypto currencies 04:37.590 --> 04:39.400 will be added in the future. 04:39.420 --> 04:42.540 You can register an account a block chain dot info 04:45.390 --> 04:49.910 and the third wallet is my either wallet which supports a theory. 04:50.130 --> 04:55.350 And almost all crypto coins and tokens that are built on the at theory and block chain you can get a 04:55.350 --> 04:59.960 free wallet at my ether wall at dotcom OK. 05:00.000 --> 05:05.340 Your job now is to create your wallet accounts with them and then secure your accounts with two factor 05:05.340 --> 05:12.030 authentication and don't forget to protect your devices with some reliable anti-virus software in the 05:12.030 --> 05:13.220 next lecture. 05:13.230 --> 05:18.630 I'll talk about how to open your trading accounts and give you a list of reliable and popular exchanges 05:18.630 --> 05:22.030 that you can use to trade crypto currencies.