Exodus Cryptocurrency Wallet Introduction

Hey everyone. So, wallets – what is the ‘Exodus Wallet’? So, first what’s a crypto wallet? So with cryptocurrencies, in case you don’t
know, you store cryptocurrencies in something called a crypto ‘wallet’. Now,
there are different types of wallets… I just bought Bitcoin on Coinbase – I
showed how to sign up to Coinbase and buy my Bitcoin, so I’ve got my Bitcoin
already. You can check there … the little thing will come up showing those videos…
Basically, if I’ve already got my Bitcoin where do I store it? So, or my Ethereum, or any cryptocurrency – where do you actually keep it, you know. This is not like having
some loose change, and putting it in your pocket – there are special places to keep
these, and they’re called ‘wallets’, okay. So when I bought it on Coinbase, Coinbase
has its own wallet built into it. So, when I buy it, it’s automatically stored on
Coinbase. I can log in, and I can sort of you know – I can I have access to those
cryptos. Now, when they’re stored, they’re not, obviously, physical – they’re stored as like, little sets of code, and that code – that key, it gives you access, you ownership of
that part of the cryptocurrency. So that’s what’s stored in these wallets
really, it’s all just codes – it’s purely digital. There are the different
types of wallets – there’s the one on Coinbase itself, but there are other sorts…
There’s the online – the cloud-based wallets, where I upload – they’re on
servers, they’re held actually on the internet, and you know, you can keep your
cryptos there… There’s wallets which are stored on your phone – there’s
phone-based wallets – mobile wallets, which aren’t that secure. Everyone’s obviously
trying to make them secure. This one – the Exodus wallet, is stored on your laptop –
so… or on your computer and it’s stored in one instance of
it… So, it’s not like I can access it from my phone, I can access it… No, it’s on
this machine. I download it – it’s an app so here we are, I’ve gone to the Exodus
site – this is Exodus.io – is the address. www.exodus.io. This is one of
the most used crypto wallets in the world – that’s really why and how I came
across it – just because I was on different forums, and different videos
and talking to different people in different groups, and Exodus, Exodus,
Exodus keeps coming up as a name which is kind of reliable, and as safe as they
can be. The whole thing about cryptos, at the moment – it’s still a bit of a
frontier technology. So it’s… There’s hackers trying to get in, there’s
this, and there’s that, but out of all of them, Exodus seems to be one of the most recommended and safest ones. So, I went looking at Exodus, and so far, I’ve found it
really kind of, good to use. So www.exodus.io – it’s a separate
program, okay. So this is an app, made by you know – the people who make Exodus, and you go here, and you can see – you can download it for Windows, Mac or Linux. So, you just
click it, and when you click it, it opens the familiar download link – so basically,
you download this – you can find out about a bit about Exodus on their page
here. About, you know – help videos, and support. You download this onto your computer – onto this laptop, is where I’ve installed it. From now on, I can only try
to access that from this laptop. So, that may change in future, they may make it
also a mobile app – but at the moment, Exodus is only for, you
know, desktops or laptops. When you download it, the second you setup Exodus, okay, it’ll give you sort of … – any encrypted keys, and it says “remember this, and keep this key” Remember it, and keep that key. Don’t just remember it, and don’t
store it on your computer – literally write it down, or take a snapshot, print
it out, and keep it all separately. One thing they give you, when you
sign up for Exodus, is they give you a 15 word backup key, okay. Because, let’s say
you’re storing it on this laptop – you can only then access your cryptos on this
laptop, they’re all being stored here. Like the keys to what you own, and you
know, what’s yours and what’s not – it becomes your bank – your laptop. So,
what happens if your computer fries? That’s it – you can’t get back in, and
you’ve lost all of that money… But, what they do, is they give you a 15 word
sequence – all right, so it’s 15 words random words, all in a specific
sequence. And they say “take note of these – these are your backup words.” Because what that means is – if you ever, if your computer fries, or you drop it in the sea,
or lightning strikes it or something, and it’s gone, you use those 15 words to go
to Exodus, and you type in those 15 words and that will let you re-install. That’s
the only way you can then re-install your version of
Exodus – your personal bank, and you’ll have access to your cryptos again.
So, they give you those 15 words, and take note of them – don’t just, sort of take a
screenshot, and save that on your computer, because if your computer’s hacked, that also means that they’ll have access to your account, and to all of your
cryptos… You don’t want to do that. So here is Exodus. If I go to ‘Backup’ at the
bottom, I can reset my email and password or I can show my 12 word phrase – I’m not
going to show that, because you’ll all be able to just hack my account, and
take my $300 worth of cryptos which I own. So, that’s where you can see your 12 word
phrase after, but when you sign up, it will automatically show you that. Take
note of it, write it down, put it on a piece of paper, and secure it offline.
Secure it separately – put it in a vault if you have one, hide it under your mattress –
just keep that safe. So, if we look at Exodus… ‘Portfolio’ – it’s really simple, it’s
kind of beautifully designed – nice user interface. So, my portfolio – in the
beginning, it shows all of the cryptos that I currently have. I currently have
$319.48 worth of cryptos – Vanderbilt over here… So…. And these are the
percentages – these are what I have. I have 22 dollars in Bitcoin, 26 in Bitcoin Cash,
26 in civic, 98 in Dash, Decred blah blah blah blah blah. Now,
with these wallets, it’s not like you can just store – I thought you’d just be able
to store any crypto in these wallets, but no. You remember that thing I was saying – how you have to store Bitcoin in a Bitcoin wallet,
you can’t put Ethereum in a Bitcoin wallet – you have to have Bitcoin in a
Bitcoin wallet, Ethereum in an Ethereum wallet, Dash in a Dash wallet,
you know… So this, Exodus, only supports these currencies. These are the
different crypto coins which you can hold and store in Exodus. Obviously, if you
want to have something else, like I do – I want IOTA, so I’ll have to go over to
Bitfinnex, and buy IOTA there, and kind of keep it there – because I can’t keep
IOTA, at the moment, in the Exodus wallet. I can keep these specific ones, which is
quite a lot – they’re all on CoinMarketCap which shows the different values of
cryptos… These are some of the top ones so these are the ones I’m currently
storing in Exodus. You can see the value going up, and down
here, as the – as it changes. All of these cryptos that I’ve got – that I’m holding –
they’re all still linked to the exchanges live, so it’s constantly
showing you – showing me, the price that it is now. For instance, when I bought DASH, I think I bought $85 worth of DASH. I now have 98.20 dollars worth of DASH, because it’s gone up in value… So, these are changing all the
time. It’s the beauty of cryptos, you know –
if you put your money in a bank account obviously it just stays the same, unless
they charge you fees, or you add more, or you withdraw it – it’s going to stay the same amount. In this, it’s constantly changing as the value of your cryptos changes. This is live, okay. So, there’s your portfolio. Now, these are your wallets – this is what
I was talking about earlier. Whenever you have a cryptocurrency – these are all the
different cryptos that can be kept on Exodus…. Here’s that list – it’s the same
ones that are in the portfolio, these ones here… This – these are the wallets for all
of them. Now remember, each crypto has to be stored in its own wallet. You can’t
keep Ethereum in a Bitcoin wallet, you can’t keep DASH in a Bitcoin wallet,
you can’t keep Bitcoin in a DASH wallet. You keep Bitcoin in your Bitcoin wallet, BAT
in your BAT wallet, DASH in your DASH wallet… These are all separate little wallets,
okay. So, whenever I want to send, I have to send it to another address – or if I
receive it, this is my Bitcoin address and I’ll put this address into the other
place – this is where I want to send it to okay – I want to receive it in my Bitcoin
wallet on Exodus. So, you’ve got to think like that – on each… When you’re on Coinbase, and you’ve got your wallet open,
that’s your Bitcoin wallet on Coinbase. On Exodus, this is my Bitcoin wallet on
Exodus, okay – and they’ll have different kind of, addresses – different little bits
of code identifying the exact wallet we’re talking about. So, these are all the
wallets for all of the different things where I can send, or receive each of
these different currencies from Exodus. ‘Exchange’ is very clever – this is an
exchange which works inside the Exodus wallet itself. It uses a separate service
called ‘shape-shift’ to change one currency to another. It doesn’t just
pretend, it actually does exchange them but let’s say I go to… I’ve got a lot of DASH in here – let’s say I want to trade DASH for Ethereum.
I can go here, and I can put in 10 – hold on a minute, let’s put in 30… So I want to
change 30 DASH – it will show me how much Ethereum it would give me, and I can
just press this one button ‘exchange’, and it will actually exchange my DASH for
Ethereum, and it will store it in the correct wallet on Exodus. I could change
it for Bitcoin – not enough. District that’s how much I’ll get… So, it’s quite a
clever service, where I can change within Exodus itself for other currencies if I
want to… and that’s really how I got all of these currencies. Originally, I bought
a lot of Bitcoin, and then I just started trading the Bitcoin for these different
currencies, just because I wanted them you know – I wanted EOS, and I wanted
Litecoin, and I wanted that – so that’s what I did. So, there’s the exchange… You can
exchange anything for anything okay… Sometimes, it says ‘temporarily unavailable’
meh… you just have to wait till it becomes available
again on this exchange. So, there we are – I can trade stuff, and I can move it about
in there. ‘Backup’ is obviously where I can show my 12 word phrase, which I should
have written down in the beginning, or where I can reset email and password.
There’s some settings down here, where I can show and hide different currencies.
I’m showing them all, because I want to see them all… Then there’s a ‘Help’ section…
So, that’s basically the wallet – it’s a place to store the cryptos, kind of
securely, on this… and so, what I can do, is I can then watch them all – have my eye on them all in here, and from here, I could transfer them to any other crypto Exchange…
To Bittrex, or Bitfinnex, or anything and transfer them for other currencies.
And remember, it’s live, so it’s not a static account, you know – when I log
in every day, I log in, and it – at the moment, because cryptos are doing well,
this value just goes up, and I can see which one’s gone up more, and you know – it’s really quite a clever thing. So, the next video is how I actually move money
from Coinbase – my Bitcoin from Coinbase to the exodus wallet. I’ll show you…

16 thoughts on “Exodus Cryptocurrency Wallet Introduction”

  1. Have to say I love the vids. You can keep EToro Hate it, but playing around with Crypto is great. Are you on Facebook and Twitter would love to follow.

  2. Be careful when shapeshifting, and check how much you're being charged. @9.00 minutes in, there is an example of this when you show dash to eth ($30 of dash becomes $23.98 worth of Eth) roughly about 20% commision. hope this helps.

  3. Just downloaded exodus. Bit scary all this tech. But I'm sure ill get there. Thanks for helping and giving tips. Looking fwd to next video.

  4. Thanks Tom. Waiting for the next video about moving from Coinbase to Exodus. Since I've installed Exodus, but cause it does not provide any security key before 1st transfer, I was a bit hesitated! I hope you clarify this issue and also talk about the fees of Transfering from Coinbase to Exodus and inside Exodus Exchanges.

  5. Is this wallet UK friendly? coinbase fucked me when i went to withdraw, cant withdraw gbp or even euro for that matter.

  6. Hola Tom, Great videos. They have been extremely useful for me and my practice of trading!
    Do you plan to do a video on Bitcoin/ crypto mining? It would great.
    And also do you know any plateforms, other than etoro, where you can buy cryptos with paypal?
    Muchas gracias for everything!

  7. Why Not a Exodus Wallet Hot Spot Self Powered Master Card? I came up with this security concept for any takers last year with the Bitcoin hacks. Look, its really simple, just need a good manufacturing process using material Tennect- the top and bottom of card have photovoltaic film that recharges small disk watch battery within, it when near computer, Wi-Fi anything retail counter or atm pops up with identity as it links to satellite autonomously like cell towers to a providers communication Satellites. It simply piggy backs any system of communications around it with your bios information on internal powered hot-spot right? The card instead of having a magnetic strip features a flat magnetic coil.
    I know someone who can create and design this manufacturing plant for these cards with this design in mind. He has been a manufacturing engineer all his life and lives in Arizona, like myself. My family has the rest of expertise I need to fashion prototype.
    My only problem is a crypto-currency wallet like exodus that would know how to use this and do the rest. Does anyone know what I should do about that problem?

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