Hello everyone and welcome to this video in this lecture we're going to be basically looking at the
Bitcoin wallets and how to set up a bit coin wallet.
And what are the what are currently the best options in terms of Bitcoin wallet.
So let's get started.
Now I'm not going to be showing you every Bitcoin wallet service online.
I'm just going to give you my my tips and my opinion on what are the best ones and what I would recommend
to a beginner getting into Bitcoin.
Of course if you're not a beginner and you already have experience or are basically making transactions
with Bitcoin you're free to use whatever services that you may like or that that you enjoy.
So the first option I'm going to show you is Coinbase not the reason I say Coinbase is because firstly
it's the leading Bitcoin to others in terms of exchanges.
Doesn't that mean it has a very high user base and from that it means that it's very very trusted.
No it's not completely fully trusted because of the following of the following reasons firstly it does
not deal with the bitcoin in Bitcoin wallet in the appropriate way in the sense that it basically knows
your address your bitcoin Avocet and from that that basically means that it can identify you for example
with your personal information to that bitcoin address.
And that really hinders anonymity and if someone were to get that they can literally just trace all
the transactions that you've done.
And that's something that people really don't like.
Apart from that as I said it's very big in a friendly and it's a very stable service in the sense that
it's got a lot of backing and has got a lot of investors.
The one of the disadvantages I think that me I think is a big problem is the fact that it's not supported
world wide and is only supported currently in 32 countries.
This service Coinbase basically operates online.
So you have to create an account and you can basically recreate your basically get your address your
bitcoin address and start transacting with bitcoin.
I'm going to get to that shortly.
So basically you can access it on the web and on your mobile device on Android or iPhone.
It has insurance protection.
You have instant exchange secure storage for control or in terms of your private keys.
It has a signature vault and you can really versed in the currency by scheduling buys so that those
are really advanced things that I don't think you like to get into.
So that's basically it for Coinbase snow.
Let's go on to my personal favorite and what I would highly recommend for beginners and that is Bitcoin.
Call now Bitcoin call as the tagline basically is telling you helping you keep Bitcoin de-centralized
which is the reason why bitcoin was created and Coinbase will slightly delve into that face where it
really is trying to make Bitcoin centralized in the sense that they want to basically link your personal
information with your bitcoin address.
And bitcoin was meant to be anonymous.
So let me just explain what bitcoin core is.
So this again is a bitcoin wallet which provides you with your address and you can basically perform
transactions.
Now the thing I like about this is the fact that you basically download it on your desktop whether you're
running Windows or Mac OSS or any Linux distro.
You basically control everything about you bitcoin wallet.
So advantages are it's very stable it's very secure because everything.
Your anonymity is in your hands it's on your desktop so no one can really get to know anything about
that.
As I said it's very very stable in the sense that again everything is up to you you keep it running
when you want to you basically control your transactions.
You can view transactions and no one is doing it for you.
They only don't fall to the services that it doesn't work on the Internet and on mobile devices.
And I guess that's also just that you may look at it as an advantage because when it's running on your
mobile device is the higher risk that your device may get compromised and that your information such
as your bitcoin address may be leaked.
So I'm actually going to be demonstrating this right now.
So what you want to do is just hit download Bitcoin call and you can download it for whatever operating
system that you're currently running.
I'm going to download it for Windows 64 bit.
Again any operating system that you want is supported.
So I've already downloaded it and it's right here.
It's the set up.
Just run the setup again for another on another operating system it should be pretty similar.
So let me just start the set up and here we are.
So welcome to the Bitcoin core set up wizard.
So just like all windows setup Wizards which is going to hit next next next and let it install.
It's going to take a few seconds.
Hopefully not too long and there we I'm just going to head next and run Bitcoin core so we can actually
get started.
All right now it's going to basically tell you welcome to Bitcoin call at.
As this is the first time the program has launched you can choose where Bitcoin code will store its
data Bitcoin gold download and store a copy of the block chain Bitcoin blotching.
At least one hundred and twenty two bytes of data will be stored in this directory and will grow over
time.
It will also be stored in this directory.
Not a lot of people have been.
Well a lot of people have been saying this about bitcoin call is the fact that it downloads the entire
block chain and that's 122 gigabytes.
Now this may be.
It made me it may discourage you from using it.
But let me just let me just explain why it's going to store the blic Bitcoin blotching so that basically
it just helps with anonymity.
And this is I'm not forcing you guys to use this option.
My movie is going to be demonstrating other things with it so if you don't if you don't if you're not
comfortable with it using 22 gigabytes of data that's fine.
What I'm going to do is I'm going to use a custom directory and I'm just going to put it in my hard
drive via my huge or my file on a gigabyte hard drive.
Right here is going to select that folder.
And I'm just going to hit.
OK.
Right.
As I said again You don't have to use this but I'm just going to show you how Bitcoin basically works
with this.
So.
Let me just show you the program right now.
So just give it a few seconds to start up and he's going to say loading wallet right.
Just give it a few seconds shouldn't take that long to start.
All right so it's going to tell you that your recent transactions may not yet be visible.
Blah blah blah blah blah.
So it's basically going to start doing its It's going to start downloading or storing the block chain
data.
Now I'm just going to hide this.
And it's going to take bitcoin.
Balances are at 0 0 and that's because we have not yet set up anything.
So if we're going to file.
You can basically go to your file option right here.
And if I open open you are real you can basically open a payment file which I'll get to.
You can then say send.
You can basically send the money or Bitcoin to a bitcoin address and you can enter the amount.
All right.
If you go to receive or at it's going to basically give you a label to receive and the message.
All right.
Now if we go into transaction's sorry if we go into sending addresses these are basically where you
can and addresses that you'll be bicker that you may want to be sending Bitcoin to regularly.
So I'm just going to close that because I don't want to add anything you know on the way into settings
and you can basically encrypt your wallet.
Never going to options right here.
Let me just.
Not opening the option.
All right so it's going to say here you can barely configure whether you understand bitcoin on system
logging.
Size of the database of wallet whether you want to enable coin control you can then look can network
where you can change it if you're using proxies really advanced things that maybe you may not want to
basically touch but in case you want to.
These are the settings that you could change and then change the unit.
I'm just going to be using bitcoins.
Dr. BTC and hit OK not as it's saying it's going to be basically sinking headers and this is basically
going to mean that it's going to store data.
If you look at transactions you can basically export whatever transactions that you have on to a file
or whatever you feel is.
And this is good for you if you're going to help you can debug and you have some command line options
and nothing really interesting there that you might want to check out.
Now go back into receive or at.
You can basically just look at the fact that it says use this form to request payments.
All fields are open all right you can see amount and if the request amount they request payment sorry
that's going to say payment information Bitcoin.
Basically this is your bitcoin address right here which has that you are all called.
So this basically is your bitcoin address and this is what you're going to be using to to receive a
bitcoin obviously and you can do this through your bitcoin wallet and you can scan this to basically
pay instantly or copy the address.
So that's basically a bitcoin wallet how to set up your bitcoin wallet and how to Betty get your bitcoin
address how to basically send and receive Bitcoin.
And that's basically it.
Now again it look very very similarly in Coinbase.
But I'll get to that in the next video.
Hopefully we can check that out.
But it doesn't really mean and any any special type of information to basically access it's really user
friendly and hopefully you guys can get started with Bitcoin and your bitcoin wallet and hopefully start
making some transactions.
So that's basically it for this video guys.
I know it was quite long but I needed to explain some of these things.
So guys I'll catch you in the next video.