In this video I am going to Deep dive Into the most important piece of crypto Infrastructure and also the biggest pain Point in crypto which is presenting Massive opportunities over the next few Years and of course that is the wallet In crypto sometimes you might think it's Boring to talk about wallets in crypto But when we think about it the wallet is The sole piece of infrastructure which On boards uses which uses first Experience and liken their first Experience in crypto too it is such an Important piece of infrastructure and The projects that get it right they can Expose themselves to millions of new Users and the projects that get it wrong Can cause havoc in the crypto market and I want to explain why I'm choosing to Make this video now I'll be running Through the top wallets the pros and the Cons of each wallet as well as their Respective tokens but the reason I'm Doing it in today's show is because of What has happened this year with Centralized exchanges now obviously Throughout the entirety of 2022 2 we've Seen a plethora of centralized issues With lenders and exchanges like FTX like Blockfi like Celsius like Voyager and it Really emphasized the importance of Self-custody you need to keep custody of Your own assets but how do you keep Custody of your own assets well
Obviously through having your own crypto Wallet so the best wallets the ones that Have the best infrastructure the ones That are the most intuitive and the ones That have the best UI these are the ones That are going to grab all the users That are flowing out of centralized Exchanges as there is more mistrust There than ever in to the D5 ecosystem And the wallet is such an important part Of the ecosystem for that reason and we Can see over the last seven days we've Seen massive outflows from basically Every single exchange especially Coinbase and binance with the net Withdrawal approximately around one and A half billion dollars FTX eight billion Dollars will be drawn and now we can see That Bitcoin and eth balances on Centralized exchanges I think their Lowest level since 2018 now it's clearer Than ever that Defy is inevitable Ledger Off the back of all this they had their Biggest sales day ever post FTX and so Did Tresor their Hardware wallets and We're going to break down them as well In today's video and of course in recent Times we also had some of the dramas Related to metamask IPS where it was Revealed that in fuhrer one of the RPC Providers of metamask is collecting IP Addresses from ethereum wallet addresses Whenever you send a transaction so then There was a lot of panic as to well
Maybe we shouldn't use metamask because Um our IPS aren't private so this has Put more emphasis on some of the wallet Alternatives in crypto now there are two Different kinds of wallets in crypto and This is very important to understand There are hot wallets now hot wallets Are cryptocurrency wallets that are Always connected to the internet for Example metamask and Trust wallet and Then you also have your cold wallets This is like your Tresor and your Ledger Where you actually store your crypto off Line now this is very good for long-term Storage if you plan on holding Bitcoin And ethereum for five ten years and you Don't want to interact with any dapps Then it's then it makes sense to store Those assets on a cold wallet like a Trader and a ledger but if you are Planning on actively participating in Defy maybe trading with some of your Coins as well on on a on a decentralized Exchange like gains Network or even just Doing some swaps on one of the dexes Like kyber swap then you are going to Need a hot wallet because that is what You're going to use to connect to dapps To use D5 so it's always a good idea to Have both but it's an important Distinguishment to make Um as to how these different wallets Work so the first type of wallets that I'm going to break down in today's show
Are hot wallets I'm going to run you Through my five favorite wallets and Give you a breakdown of their pros and Their cons so you can make a better Decision as to how to use your wallet or Maybe you can make a decision to Diversify into other wallets now of Course metamask is the main wallet in Crypto this is the wallet with the most Users over 40 million users it's a Crypto wallet and Gateway to blockchain Apps it's become the gold standard of Wallets but in my opinion even though It's become the gold standard in terms Of usability there are better products In my opinion the Phantom wallet on Solana for example I do prefer the UI Block wallet I prefer the UI and there Are other wallets with better Integrations with nfts Etc so metamask Is quite weird because I don't view this As the destination of where wallets need To go for users to truly be onboarded Into crypto and have a truly positive D5 Experience we need products with better UI than what metamask is currently Offering in my opinion and although I Don't think it's a bad product by any Means it's a you know it's a very well Featured wallet I still think long term This is not how the future of crypto Looks the future of crypto in my opinion Um means using a wallet that you don't Even know you're using crypto something
So seamless that integrates with iOS and Integrates with the web Um browser seamlessly and easily and I Don't think we're quite there yet but Clearly metamask is the gold standard Now it has some pros and it has some Cons it's very easy to set up it Literally takes 30 seconds if I didn't Already have a metamask on this computer I'd show you but you literally just add It to your Google Chrome or click Download and you can do it in a matter Of just a few seconds you can earn Rewards via staking and holding there's Also um rumors that there's going to be An airdrop one day Um if there is I think it'll be quite Diluted but that's certainly a Possibility metamask users can earn Additional tokens through airdrops and Staking staking is the process of Locking up tokens in a vault for a Certain period to make an APR apy it Supports a broad range of ethereum based Tokens it's across multiple networks and It is a central hub for dapps their cons Is there's no coin to Fiat conversion so It doesn't support third-party Remittance companies this just like Decreases its flexibility slightly also Their customer support is not very good They have a lot of users not a lot of Customer support and overall the UI is Quite janky and of course you do have um
That metamask problem as well that has Kind of come to light to the Limelight That you know since they're using Fury As an RPC provider technically they have Access to your IP addresses so I do Think there are better Alternatives but Metamask is still the most useful than In crypto but one of the major downsides Of metamask and this isn't just Exclusive to metamask many other wallets As well Um hot wallet specifically is that Bitcoin support is still not great so You can't actually store Bitcoin on the Bitcoin Network on metamask there are Other wallets which I'll get to at the End of the hot wallet section which are Much better options for you Bitcoin Holders but Bitcoin right now is not so Good on metamask but I guess like every Single wallet it is good in the respect That it has very good connectivity to Dapps and if we look at our gains Network as an example if you click Connect wallet in the top right it is Very seamless to actually connect your Wallet to an application like gains by The way gains is a great Network to do Your trading on so if you want to trade Not on a centralized exchange as I Alluded to before there are issues with Trading on centralized exchanges that Are now um more pertinent than ever you Can do so on a decentralized exchange
With low fees and you can do so on the G Trade platform on games Network so There's a link in the description Um if you would like to trade on gains And I also did a full tutorial on uh Games network if you want to check that Out which shows you how to essentially Trade and use the network and take Advantage of this taking functions but Obviously you can connect to any dub Through a metamask Um and it opens the door up for Decentralized trading like this which is Really really cool but there are other Options the second option I want to look At and this isn't in order of preference By the way this is just an order of size Um is trust wallet now trust wallet is Uh the second biggest crypto wallet with Over 25 million plus users trustwallet Was actually purchased by binance in 2018 so it is a binance made product now It has big backing and it is quite a Good app I feel like the iOS version of Trust wallet is much better than the iOS Version of metamask so for those guys That like to do some D5 stuff on their Phones I feel like trust wallet may be a Better alternative for you than metamask The pros are it supports a lot of assets It's very easy to set up as well and Once again this is a better mobile Solution than metamask in my opinion Just like metamask it's non-custodial it
Allows you to interact with dapps it Does have staking options so there's 12 Inbuilt staking options something Metamask doesn't have for example BNB Tron tazos Cosmos V chain straight from The wallet itself which is quite handy Whereas metamask you need to connect Adapts first Um but the cons are is no cold storage So it doesn't integrate with Ledger yet Although they are saying they're going To do it soon so hopefully there's a Firmware update there like many wallets The customer support isn't great it's a Little bit better than metamask but Still not great private Android source Code so it's not open source although The iOS version is available on GitHub And no iOS dap browser so it will Instead of having a Dap browser straight Into the wallet it'll ping you off to Chrome or Safari and when you are making Transactions on the wallet but they do Now have a browser extension that you Can use on your Google Chrome because They were primarily an iOS based app now You have the option of using the desktop Version which is cool and of course Binance is a major backer there so There's good integration between binance If you have a binance account Um the integration with binance pay and Trust wallet is very very handy so I Like trustworld a lot I'd say it's it's
Up there amongst my favorite wallets now The next wallet I want to talk about is Block wallet and now this is one that I Think has one of the best uis out of any Single wallet and it also has inbuilt Staking which obviously metamask doesn't Have so that's a huge plus and there are Also many other features coming soon to Block wallet as well Um the major draw card here is the UI It's accepted by most dapps and it's Pretty good um on the D5 front so if You're a guy that likes to do a lot of D Or a girl of course that likes to do a Lot of D5 and enjoys like doing a lot of Staking and interacting with dapps block Ward's a good choice probably doesn't Have the same iOS functionality as a Trust wallet but for the web guys that Do a lot of D5 I think it's very very Good here are five reasons that the team States to use block wallet one ux Um taking ownership of your crypto Shouldn't be complicated just make sure You choose the right option I agree I Think the ux is very very good Um this is the difference between block Wallet and metamask when adding custom Networks so On the left you have block wallet on the Right you have metamask and it's just Much much much easier to add new Networks and navigate through the UI on Block wallet versus metamask which is a
Very janky system in fact on metamask it Takes 45 seconds on block wallet it Takes 12 seconds swapping is a breeze so There's a video of swapping on the Platform as well which is very fast very Easy to swap between assets that is very Handy metamask does have swapping but Once again I think the block wallet UI Is just a little bit better in my Opinion it's reliable Um they're not dependent on a single Node provider so you know how the IP Issues with metamask came to light They're not the same they have multiple Um node providers which definitely can Prevent some issues from occurring they Have better support than some of the Alternatives and they have Hardware Wallet support Um like Ledger and Tresor as well but so Does metamask and so does um trust Wallet in terms of of compatibility There by the way um before I get into my Next couple wallet picks all the wallets That I talk about in today's video there Is a link in the description so if you Want to sign up to any of these if you Want to try out block wallet if you want To try out trustwallet if you want to Try out some of the ones I'll talk about In a second that I think are cool Um for Bitcoin staking specifically as Well then you can do so using the link In the description I want this to be the
Ultimate guide to wallet so it's all in The description for you to access in a Very simple and easy way and I don't Want you guys to get scammed so all the Links in the description will be the Verified links as well because it's There's actually some Sams going around Where you search up metamask you search Up trust wallet and there'll be ads of Not the real website Um that are kind of phishing scams you Put in uh your data or you transfer Money there and you you don't get it Back so just use the link in the Description stay safe and that can help Avoid some pain I don't know if there'll Be referral links yet um because this Video is coming out a week after I'm Recording it potentially there are some Of the movie referrals to support me um But it'll be explicitly stated in the Link if it isn't but block wallet is a Good alternative now the wallet I want To talk about now is in my opinion one Of the best crypto wallets we've ever Seen and that is the Phantom wallet on Solana and the reasons why it is so good Is because it's iOS Um functionality was fantastic it's nft Uh displaying functions were fantastic And it was just it just had a very very Good UI and I think to this day this is One of the gold standards of how to Create a crypto wallet and they're also
Going to be launching on ethereum soon And other networks as well so the major Downside is that they're only on Solana And then they're doing ethereum and Polygon next however they aren't on Every single Network yet and unlike Metamask or block wallet where you can Connect to basically any evm network They aren't on ethereum or polygon yet Although that is coming of course but Right now they're just on Solana um but They were one of the best Wallets on Solana maybe that's also due to the fact That Solana is quite fast when it's Working Solana is a really really great Network to use actually Um and although it does have some issues At times it's generally pretty seamless So that probably plays into it a little Bit but Phantom is a great example of a Good wallet um and they're adding Polygon support they're obviously adding A ethereum support as well so they are Expanding and I'm excited to see what They do Um of course there's a lot more to come In the wallet story it's not over there Is so much we can do to make wallets Better in crypto Um right now I think this is just Version one of potentially the next 10 Versions of wallets uh iterations that We'll get over the next decade or so and There's one that I'll talk about in a
Minute which I think is doing a really Good job at innovating which is Important as well Phantom vs metamask um Obviously has Solana metamask doesn't so For the for you Soul guys out there You'll probably enjoy using Phantom and You probably do use Phantom and it does Have a phone app um which metamask Doesn't have the greatest phone app Although it's saying it doesn't have a Phone up there it does have one it's Just not as good the other one I want to Talk about is the coinbase wallet I Think this one is quite good if you are A coinbase customer because of the Integrations they have and I know Coinbase is one of the only regulated us Exchanges so if you are in the US using This wallet could make sense the phone App is quite good as well it integrates With coinbase and also for Australia as Well it's a regulated company so that is A benefit and coinbase's wallet overall It has some decent Pros it's pretty easy To download and set up it's a very Simple app layout it supports a lot of Cryptos 100 000 plus cryptos it's easy To transfer assets but once again Customer support limited support for nft So it's nft Um support isn't great but I think That's a problem that's not just Exclusive to the coinbase wallet it's Across crypto in general so that is one
Of the issues there but the coinbase Wallet is compatible with a lot of D5 so If we look at nested Finance which is The app that I use to DCA and create Portfolios you can connect a coinbase Wallet directly to it if you click I Have another web 3 wallet it'll prompt You to connect a coinbase wallet wallet Connect and metamask as well so Um its integration is quite good with a Lot of daps nested being one of them by The way if you want to DC into any Crypto assets nested is a great place to Do so there's a link in the description To a portfolio that I personally created Um which I'm going to be working on over Time that allows you to DCA into the Market with me Um or you can create your own portfolio And nested by clicking my portfolios and Creating a portfolio of course Connecting one of your wallets Um and you can also copy other people's Portfolios so that's a cool platform That has good integration with coinbase And also metamask and the other wallets As well now the next one I want to talk About which has a very interesting Solution Um to one of the biggest pain points in Crypto and that is the seed phrase which Is basically the issue of if your seed Phrase gets lost if your seed phrase Gets stolen if it somehow gets misplaced
Um it's a big issue because then you Lose custody of your assets there's no Verifiable way to verify um identity on Chain yet those Solutions are coming but That's a big pain point and also Um aside from seed phrases a very big Pain point of crypto is just the general Experience of wallets and the general UI Of wallets just not being able to Scratch and making D5 very clunky well Giddy is a new wallet which I think as a Project or embarking on a very Interesting Mission and this is Essentially moving into the self custody Space it is a recoverable non-custodial Wallet which does not require a seed Phrase so it's a very unique take on What the wallet can be the commercials Actually Um quite funny if you want to check that Out it's called giddy grow your crypto But I think they're doing a pretty good Job here of innovating on the wallet Side and their UI is quite strong so This is one to look out for they're not Launched everywhere the Integrations Aren't the best yet but I think one day This could be a good project they do Have a token I've spoken about that in The past block wallet also has a token Trust wallet also has a token of course When we get into the token discussion we Have to talk in very different terms Because it's not necessarily about the
Product primarily it's also about the Tokenomics Um and you know that factors in into Questions like how is the token used is It used to power swaps or a fees sent Back to stakers of that specific token Um what's the utility of the token What's the supply schedule of the token Etc that that's not really what today's Video is about but I will say that the Ones that do solve this wallet problem And the ones that do get the most users In this space their respective tokens Should perform well off the back of that If their tokenomics are good giddy I had Some issues with its tokenomics but I Won't get too much into that today Um I do think it just needs utility Though as a more utility as a tltr so It's going to be very cool to see um Giddy starting to gain some traction as Well now I want to talk about Bitcoin Wallets because hot wallets for Bitcoin Are completely different because Bitcoin Is not accepted by a lot of network Providers metamask being one that Doesn't actually allow you to add the Bitcoin Network one solution for this That allows you to stake that allows you To add liquidity and swap your Bitcoin On chain in a hot wallet is defy chain Now D5 chain has a very good wallet Interface that allows you to not only Store your Bitcoin but also use it to
Provide liquidity and swap so if you Want to have basically a metamask for Your Bitcoin um that gives you uh Accessibility to defy using your Bitcoin Which is not something that is very easy And crypto today unless you wrap it but There's a lot of issues with wrapping if You want to keep your Bitcoin native you Can do so on defy chain and keep your Bitcoin in this wallet so it's a very Very good wallet for Bitcoin and there's A link in the description to do so They're also a show sponsor um to Download this from the downloads page Once again Link in the description if You want to activate your Bitcoin in D Fire um or even if you just want to keep It in your wallet you can do so on D5 Chain and it's got quite an interesting Ecosystem a second Bitcoin wallet that You can look at is Exodus this is a Wallet that I use for a while um to Store my Bitcoin and I honestly found it A great experience they have Fiat On-ramps which is quite good so you can Buy crypto directly with USD euros and Great British pounds that avoids you Having to use an exchange of course you Do pay some fees using that but you can Even use Apple pay on Exodus mobile so There are pretty good Integrations here Uh with on-ramping and the app is very Very good I use this for a while as I Said for my own Bitcoin and I found it
To be a very good exchange for Bitcoin Um you can also access some dapps Through it as well uh it's probably not As good for your old coins I think Exodus is just much better as a Bitcoin Ethereum wallet Um so I kind of put it in a different Category but for those holding Bitcoin I Think Exodus is a great wallet as well One of the pros is it's easy to set up It only supports 291 cryptos but still That is quite a lot of assets they have Very good customer service this is the Major differentiator between Exodus and A lot of the other wallets their Customer service is actually quite good They have a live chat email support Which is quite helpful metamask of Course it kind of is very difficult to Do that um they've got staking so it Does support proof of stake blockchains This means that you can actually stake Proof of stake coins through the wallet Itself Um and also they have regular software Updates to keep improving the product Over time the cons a lack of security so That didn't have two-factor Authentication at the time this article Was written no support for crypto to Fiat conversion so there is Fiat to Crypto but no crypto to Fiat that's kind Of a luxury when it come comes to Wallets but still it's something that I
Think will be nice it's not open source And it lacks a lot of custom fee support For altcoins one of the reasons why I Use other exchanges for all coins but That's very valid um when it comes to Bitcoin I want to talk about cold Wallets now because we talked about the Hot wallets there are some great options In that category and there's a lot of Innovation happening in that space as Well but of course if you're a long-term Holder and you want to keep your assets Safe the safest way to keep them safe is To have them on a ledger or a tracer now There is ledger and Tracer compatibility With hot wallets so if you have a ledger Or a Tresor you can actually lock a Metamask wallet into a tracer or a Ledger that means your funds are only Accessible if you have The Ledger on you But you can do it through the metamask Interface it's the same for Block wallet It's the same for trust wallet it's the Same for many other wallets in crypto But what I'm talking about now is their Own proprietary interfaces which allow You to store Bitcoin and altcoins if you Don't want to connect them to hot Wallets so having a tracer or Ledger it Is a must in my opinion you need to have One irrespective if you have a metamask Or a block wallet or a truss wallet or An exodus wallet because you can you can Actually connect them to these wallets
Because they're compatible and that Allows you to keep your assets on a Hardware wallet and also use D5 when you Want to but you also have the choice of Using their own software if you're a Long-term holder and you don't want to Risk running um and you don't risk Hooking it up to a hot wallet and you Just want to keep it cold this is where These wallets come into play now there Is a link in the description if you want To buy a tracer or a ledger I highly Suggest that you do so Um once again Link in the description if You want to purchase one of these I Think it'll be a very worthwhile um Investment to keep your assets safe Before I head off with this video I also Want to shout out one of our sponsors Apex which is a decentralized exchange If you are keeping your funds on a Wallet you're also going to need places To trade I'm connecting to that wallet And the very good thing about Apex and Others similar exchanges is you can Connect your metamask wallet and trade Directly on apex from your metamask Wallet which is very very cool they have Many cool features Um on apex one of them being the fact They're powered by L2 so ZK Roll-Ups Make this very fast very efficient they Have extremely low slippage I think the Slippage on apex is much better than
Um gains and GMX of course they have Different pluses and minuses but no Slippage they're an order Book Exchange So you're trading versus other people That allows price Discovery to happen Organically on the dub itself and then There are also a few other benefits like Very very very low fees and um it's Obviously non-custodial so you keep hold Of your own assets which is very Important in this day and age especially In 2023 in crypto so if you do want to Trade an apex there's also a link in the Description I know there's a lot of Links but I feel like there's something For everyone in this video so whether You're a Trader or whether you want to Connect to a wallet um there's something For everyone and I hope like this video Did a good job of kind of explaining the Pros and the cons of all the the waltz In crypto and giving you some options This is a space to look out for not just In terms of usability but also in terms Of your Investments because there are Going to be products which innovate in This space which are some of the top Performers the next cycle in my opinion Because we always know each cycle the Projects that solve the biggest problems They oftentimes have the biggest gains And I would say that last cycle one of The problems was and still is are the UI And the pain point that having a seed
Phrase and having these wallets provides You Um so I do think there is a lot of room For innovation in this space I'm excited To see what happens uh but I also think It's very important to be using the Right wallet now for your needs and Maybe even consider diversifying I Mentioned that earlier in the video if You're just on metamask there's nothing Wrong with having a metamask and having A block wall and having a trust wall and Having an exodus for your Bitcoin and It's all on a tracer and Ledger there's Nothing wrong with doing that because Although it's a little more housekeeping On you know keeping track of where your Funds are it's going to mean if there's Ever an exploit to one specific Application like metamask or there's Some big IP League or something you are Going to have your funds spread out and You're going to be safe so diversifying Across multiple wallets is a safe idea In my opinion and it's something that I Would consider doing if I were you at Least I certainly am but I hope you Enjoyed this video and got some value Out of it make sure to subscribe if You're not subscribed smash the like Button and turn on notifications for More crypto content and I will see you In the next one peace out
