Learn what key, address, and wallet really are in this video.
Transcript Below:
Hi there!
My name is Dani and I’m the founder of the simplest crypto dictionary beginner’s guide.
In this video series, I’m going to introduce the basic concepts surrounding cryptocurrency. We’re going to touch on:
– 13 very important and very common words you need to know
– Then I’m going to bring up 5 common categories of cryptocurrency
– And finally, the 8 crypto resources you need to be using right now
Before I go on, here’s a quick disclaimer: Nothing published by me or Decryptionary constitutes investment advice. Always do your own research before making an investment.
A key is a string of letters and numbers that allows access to cryptocurrency.
The public key is automatically shared with anyone who trades cryptocurrencies with you. Though it’s called a “public key”, it isn’t publicly visible until you’ve sent money out. And while it can be used to receive money, a safer way is to use your public address.
The private key is known only by you and allows you to access your money. Never share your private key unless you want them to be able to take all of your money!
The address is a string of letters and numbers that is publicly available and allows cryptocurrency to be received. The address can also take the form of a barcode. In conclusion, all you need to know is your private key and another person’s address to be able to access your money and send it out.
In cryptocurrencies, digital money needs to be sent and received between people. A wallet is software that interacts with the network of recordings (blockchain) and lets users receive, store, and send access to the digital money. The wallet doesn’t actually store the money, instead it locks away access to the money. The only way to get access to it is by providing a key, a string of letters and numbers like a password.