Creating a Cryptocurrency Wallet – Episode 7 – Learning Cryptocurrency with Energi

Hey! You are minutes away from having your cryptocurrency wallet, now with which you’ll be free to enter the crypto dimension. Immediately after, you’ll be able to start receiving crypto payments. Now, a quick recap of what wallets are. So a wallet is like a cryptocurrency bank account. Now let’s use email in comparison. They’re very similar. Now, these consist of two parts; your address and your password. In cryptos, they are both a sequence of random numbers and characters. Your address or public key is what you share with the world. That’s all someone needs in order to send you money. If you have a business and you want to start receiving crypto payments, your address is the only thing you need to show your client. Your password or private key is what you need to keep a secret. Now, the wallets are in a cloud so they are always online for anyone to send coins. And like an email, you can log in from any device. From an app on your phone. From a software on your laptop. From a web browser. So you can keep your password in your device; we call that hot wallet Or you can keep it out written on a piece of paper; a paper wallet. Or on an external hardware; so a hardware wallet. And these two are called cold wallets because the passwords are offline. Coins are moved around from wallet to wallet. From the ATM wallet where you’d buy it to your wallet. From your wallet to your friend’s wallet. From your friend’s wallet to an exchanger’s wallet where he can convert to other cryptos, and so on. And that’s how coins travel from one address to another. Now, creating wallets is free and there isn’t any paperwork required. There are no bouncers at the door checking IDs or whatsoever. Now, in this episode, we’re going to make you a hot wallet. That’s what I use in my daily life because they’re very convenient and they’re ridiculously easy to install. Okay, so let’s get our hot wallet. All we need to do is download it and install it. So we can download the wallet from the Energi website or you can simply click on this link which would direct you to the same page. As you can see here, we have different options. So make sure you choose the right one for your system. In my case, it’s Mac. So I click on download. Both Windows and Mac are going to be the exact same process. So once it’s downloaded, let’s just click on it. When we click on it, it should come up with this security message in Mac and in Windows, you could see a similar message. It’s normal. And in this case, all we do for a Mac is we go to Preferences and Security and Privacy and allow the wallet to install. Now, we only need to make a few clicks. So just click okay in every window. And that’s it! This is a bank in itself. Amazing, isn’t it? It might take some hours to fully update, as it’s part of the installation process. That is what these arrows mean. Just leave it open. Now, let’s see what your address is. Go to the Receive tab. Let’s add a little label just for fun. Let’s call this address My Personal Energi Address, and click on Request payment. It will automatically generate an address and this is your address. Now, you can close it. You have it here and you can now receive payments to this address. Awesome! Congratulations! You now have your wallet. All right, so when clicking on it, you will see a lot of dots. Now, I advise making a last security step, however. We’re going to create a backup of our wallet should our computer crash or get stolen. Now, we’ll do it in three steps. 1. We encrypt our wallet. 2. We make a backup. 3. We email it to ourselves so we always have it. Step 1. All right, to encrypt our wallet, we start by grabbing your password book. And come up with a strong long passphrase as I taught you in our previous video. And we write it very clearly. Now click on Encrypt. Type it, repeat it and encrypt it. Okay? Encryption done. Now step 2. You re-open it and backup file, save it to your desktop. [music] And in step 3, we email it to ourselves and we also email us our wallet address. And this is a very handy tip. So what I do is I log into my email. I create a new email. And I attach my encrypted recovery file, the wallet.dat file that we just saved on our desktop. Now, I go to my wallet and I copy my address and I paste it there. My Energi public address. And send. This way I always have it somewhere that I can access it from anywhere in the world. All I have to type on my email search box is my Energi public address and there you have it. Now, you’ll probably never need your backup wallet, but there you have it just in case. All right, great. You have your wallet and your backup. Now you’re all set. Now, there are some more cool things to learn about our wallet, though. Like how to send and receive. The coin mixing feature. The instant pay. But before, we need to have some Energi coins in our wallet. Now, let’s figure out how to do that in the next episode. I hope you found this tutorial really easy to follow. If so, please give this video a big thumbs up. Let me know in the comments if you have ever opened a bank account easier than that. And if you agree with me that this is the future. Subscribe, if you haven’t already, and I’ll see you in the next episode with more and better. [music]

31 thoughts on “Creating a Cryptocurrency Wallet – Episode 7 – Learning Cryptocurrency with Energi”

  1. I learned from this session that private key is important and always keep it safe . After that always keep backup our wallet that also help to recover our wallet. Thanks for this info

  2. After this video, I decided to have a special notebook and write down all my passwords in it. Thank you for the interesting and useful content)

  3. hopefully Energi will made Paper Wallet Generator instead a Dekstop Wallet that we must Sync everytime when we open…. 🙂

  4. Your puppy is so cute! Love your explanation! I now have a Energi wallet to store my coins in from the exchange!

  5. After watching this video no one will lose their wallet because everyone will save their private key and backup their wallet too. Hats off for the team.

  6. i got a clear awarness on what is public and private key and difference between hot and cold wallets. you guys making a good job.thank you Energi…

  7. Thank you for the detailed explanation of the functions and capabilities of the cryptocurrency wallet! Recently I saw photos of the new version of the Energi wallet. This is amazing!=)

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