Asking for a Friend: How to Set up a Wallet

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1:30Hey everybody, welcome to another edition of Real Vision Crypto Daily Briefing. You guys are stuck with me today in what I'm calling my English teacher, cool English teacher for 10th grade outfit. And we are of course joined by our very own paper hand princess, the queen of DGENs here at Real Vision, Elaine Lee. Elaine, how are you today? oh i'm good you know friday feel like the twitter vibes was just not right but nico can i just say just moments before we came on camera i've got to talk about this for a hot second okay i've got to talk about this elon musch just elon musch just announced the new twitter ceo and she's called and i'm literally reading this in real time she's called linda yaccarino um and she was basically NBC Universal's advertising chief.

2:22And, you know, there was rumors of it that he basically tweeted out earlier in the week. And yeah, so she is in the position and I'm getting this off CNBC right now. Wow, wow, wow, wow. Well, good luck to her. Obviously lots to fix over there. And she's also taking over as CEO. Is it just Twitter or is Tesla involved as well? Because I know you said you were stepping down from both. Easy now. What is he? So basically, I'm changing his role. So it's CEO. Well, he tweeted that it was CEO for X slash Twitter. So that's what he tweeted. So I'm assuming that's the position. But yeah, yeah. Just I mean, you're saying that, though, all links together, doesn't it?

3:04It's his whole conglomerate. So I believe that yesterday Tesla shares were up by quite a bit as well because of the news that he was going to put a new CEO in the position of Twitter. Very interesting. Well, I bet Cathie Wood and ARC are very happy about all of this. So we'll definitely keep a close eye on it, Elaine. But we've got a special episode for everybody today. We're calling this Asking for a Friend. So every Friday, you're going to see me, Elaine, Ash, some combination of Real Vision talent, breaking down the fundamentals of crypto so that you can share these videos with your family or friends or learn some things yourself.

3:39Today, we're going to get started with wallets, specifically hot wallets. But Elaine, we should probably get into the various types of wallets out there, don't you think? Yeah, absolutely. I think sometimes, you know, we have to just take a step back. And it's always that conversation, isn't it, with your family and friends. You are probably full blown deep into crypto. But there will be always a dinner table, another conversation with friends where they're just eating the first spoonful and they know you're into crypto. And one person looks up and they'll go, hey, how's that cryptocurrency doing?

4:10I'm thinking about Winesome. Can you tell me a little bit more about it? So we just want to take it a little further back and just come out and take a look at a wider picture where you can copy and paste this link to help a family and friends. Obviously, there's more an extensive series that we have done at Real Vision to talk about setting up your digital wallet. But this is just a nice little conversation on a Friday vibes to say, hey, we got you. We understand not everyone's at the same level somewhere. So here we are today talking about how to install a wallet. Absolutely. And as Elaine said, everybody, if they want a much more detailed breakdown, should check out ProCrypto and Elaine and Chris Bullock, a.k.a.

4:46BlastoPlast. Amazing five-part series all about securing your digital identity and your crypto. So let's sort of break down what type of wallets there are to start. There's three types of wallets, hot wallets, which are Internet connected, which we will be discussing today. We also have cold wallets, which are your Tezos, your Ledgers. Those are the most secure wallets and involve an actual device and all of that. And then we have Omnibus wallets, which are wallets that are held by a third party like Coinbase or Nifty Gateway, if you're buying NFTs on theirs. But today we're going to get into hot wallets, as they're in many ways the most popular and easiest to get into.

5:36But before we start on that, by the way, viewers, join us in the conversation. Put your questions in the chat wherever you're watching. We'll ask the best ones on air. But remember, Real Vision members take priority. But the good news is membership is free. Go to realvision.com slash crypto to sign up. And if you're watching on YouTube, tweet this link and follow Real Vision at Real Vision on Twitter. Alrighty, Elaine, let's get to it. Wow, Nico, you really have the teacher vibes on a lockdown today. I was listening to that. I was like, I'm ready for class to start. I'm actually going to take off the cardigan because it's 80 degrees outside and it was a fun bit, but I'm also, I don't want to be sweating through all of this.

6:19So right now, Elaine, can you see my screen of MetaMask? Yeah, actually, Nico, if I'm lying to you, there's about six screens in front of me, so I trust the viewers. Hopefully I'm reading YouTube. Oh, there we go. There we go. So we're going to start here absolutely at the basic. We're just going with Metamask because it is sort of the most popular wallet out there. There's obviously Coinbase wallet, a lot of other similar type of hot wallets that you can use. But to start, we're going going to start right at the beginning, metamask.io, and we go up here to download, select your operating system.

7:00We're going to go with Chrome, and we're just going to hit install Metamask for Chrome. All righty, and then we're going to hit add to Chrome. So far, pretty easy, right, Elaine? Yeah, I always make this reference to people. It's like going into, you know, whatever app store or wherever you install your apps and it's like inserting the plugins for your computer within your internet browser so for me one of the things I have to install is Grammarly and I'm actually yet to and I wonder if any of the viewers who are watching this know the people watching on that platform people watching on YouTube I would love to know if you have a plugin for AI I need to install one of those as part of my daily work flow but yes MetaMask is pretty much the same thing you download it as a plugin to make sure it senses you going into some sort of Web3 website and it'll automatically sort of prompt you to connect your MetaMask wallet.

8:00Exactly. So here on Chrome, if we look at this little puzzle piece, that's where MetaMask will be living and pop out when it recognizes the site. But as it says, let's get started. So we're going to agree to MetaMask's terms of use. If you want, feel free to read it, but it's going to take a while. And then we're going to hit I agree. And then we're going to create a password. Now, do not worry, Elaine. No one is going to add anything to it. So we're going to go with a pretty simple password to start. Always pick a strong one. You know how I hate doing these videos at the same time, Nico, because we have to type out so much stuff on camera in front of everyone?

8:43It scares me. But for training purposes, all training purposes, and that little video that you see right there, Nico, it's actually a good one and a half minutes to actually watch because I think it's worth it. And obviously it means something for MetaMask as well for as you install this process to watch this video, they've implemented that into the process. Do take that minute and a half to watch a video. Absolutely. So as we can see, the video is playing. When you're doing this, definitely take a look at it. But we're going to go through some of these things that are mentioned in this video as we go along.

9:17So we're going to hit secure my wallet, recommended. Do not do remind me later. You'll never remember. Alrighty, now we're going to write down our secret recovery phrase. Now, Elaine, while I'm writing this down, do you want to give everybody a little primer on what seed phrases are, their importance, and how to store them? Yeah, so these 12 words are actually, they actually come from, I think, a bit of encryption. I remember Chris was saying that they're just not actually 12 random words. They're actually words that are encrypted or living on the blockchain somewhere. I hope I got that right.

9:52Please correct me if I'm wrong. But these 12 words are so important. And the order of them that you see them is important as well. You have to write it down. And don't screen grab, save them in the corner of the phone, on the desktop. But, you know, actually take your time, get a pen and paper, make sure you do this by yourself, not in the cafe of Starbucks where there's a camera watching over your shoulder. I am so paranoid about this stuff. So just make sure you get a piece of paper, because in the future you'll realize even if you lose your device or your device breaks, whether you're using Trezor or a Ledger or whatever you use, these 12 words are going to be so important.

10:34so do write them out and do put them in a safe space go out to the woods bury them make sure the dog doesn't eat it but these 12 um uh seed phrases is so critical that i want to take just hard stop 30 seconds and be like put them in a very safe place because you when you copy and paste this video to one of your family and friends good lord they're gonna be like i forgot my password okay password you don't have to panic as much but if you ask them do you remember your seed phrase and they give you that deer in the headlights look we're going to have some very serious issues absolutely absolutely and please wouldn't um if you are watching this and doing it do not copy to your clipboard if it is stored on your computer and someone manages to hack your computer and find your seed phrase they have access to all of your crypto at that point basically so like elaine said this is one of the most important things the other thing i'd like to say about writing down your seed phrases is I'm one of those people with, you know, doctorly handwriting and that nobody but me can read it.

11:41I recommend making sure your handwriting is very legible for this because the last thing you want is to go back, look at your seed phrase and be like, what is that word I wrote right down there? I don't know if you've had this, Elaine, but that has definitely been one of my big worries whenever I write down these seed phrases. Hey, everyone, we're going to take a quick pause and hear a word from our partners. We'll be right back.

12:09Speak for yourself. Handwriting practice. I aced it and I look fantastic. And I'm one of those kids with a fountain pen and an ink cartridge. Well, the British versus US education systems, everybody. Once more, just kicking our butts. So we've written all of this down. The other thing that I will say is if you're doing this on a ledger, the cold wallet, what's really nice about those is they come with little cards where you can write in the exact order all of these things. And that's what you want to go and put in a safety deposit box or put somewhere that's incredibly, incredibly safe. One of my favorite anecdotes is that supposedly the Winklevoss twins had their seed phrases etched into metal and they separated them and they each store it in a secure location.

12:59So the only way to ever get their billions of Bitcoins worth is to get both of those metal plates together. Somebody out there should write a nice Ocean's Eleven style heist film about something like that. So we've written down our secret recovery phrase, and now we're going to hit next. And we need to now confirm. Oh, God. This is where we're going to have a bit of an issue. Reveal secret recovery phrase. All right, I'm going to do what you are not supposed to do just for the sake of expediency. Hold on one second.

13:43And then we're going to hit next. All right, we're going to confirm this is panic, a very apt word this is silver and then we have leader this is making me so uncomfortable nika i know you i whenever i elaine and i will occasionally help each other troubleshoot with weird questions um and whenever i screen share my ledger to elaine elaine just absolutely loses her mind as if i've somehow revealed like the nuclear football secrets You just have to go all ninja and tackle you off the screen. I know. The things we do for you, visionaries. Oh, yes. Oh, yes. So we've created our wallet successfully.

14:28We're going to hit got it. We're going to hit next because we're going to complete the installation. And now all of a sudden we are all set. So up here we can always access MetaMask exactly like this. This is sometimes how you'll see it as a pop-out, But for the sake of legibility, we're going to go here and look at it on full screen. So first things first, if we look up here on my accounts, we can connect a hardware wallet, as you see. We're not going to go through this this time, but we very much recommend connecting a hardware wallet. Chris and Elaine go through in the ProCrypto series why you should be doing that.

15:07But we'll save that for there. So one of the first things I like to do, Elaine, and I'm not sure about you, but is rename all of my accounts so that I can know what is what. Alrighty. And then we're going to go here. Hold on, Elaine. Where do we rename them again? Account details. There we go. So one of the things I loved from Chris, your talk with Chris Elaine, was the way in which he has set up three different wallets for trading and for selling and buying, let's say. He then set up another one for his vault and then another one for minting. Oh, wait, hold on. I need to save that. So we'll call this one minting to start.

15:59Now, when Chris does this, he does this all through his connected accounts on Ledger, which would pop up here once you connect your hardware wallet or whatever cold slash hardware wallet you're using. But for the sake of this tutorial, let's just add some other hot wallet accounts. So we're going to go to here and create accounts. Let's call this one the vault. We're going to hit create. and now we'll see we have two separate accounts here on our hot wallet with two separate um addresses so right here this very long string which you can copy is the wallet address for minting and up here do it for the culture nico call it the dgen wallet the dgen wallet okay we'll add one more create account ggen for life let's call it that hit create and we got the life one here now elaine i'm not sure how much you mess with other chains besides ethereum but i thought we might as well show what else we can do so we can add another network here for example by going up to here where it says ethereum name net you just click this hit add network and here are all the options that you can see that can be automatically added let's add the polygon.

17:19Just for fun, we're going to add polygon. We're going to hit approve. And then we're going to switch to the polygon mainnet. Now, one of the things that you have to keep in mind is you cannot send ETH to this polygon address. What will happen, Elaine, if you send ETH to that polygon address? Oh, you would be. Bye-bye. Yeah, you'll never see that. It just doesn't work that way. So always make sure that when you're looking at the various networks that you're on the right network. So we're back here with ETH. And believe it or not, it's really that simple. You know, we can go over here and open up a new tab.

18:00Go to OpenSea if you want to get your DGEN on. We can hit Connect Wallet right here. Hit MetaMask. um elaine are you seeing the pop-up or no yeah this is you know once i get to the stage where i teach everyone to install you know a wallet and look at those various types of wallets that you can actually uh download so you have metamask wallet coinbase wallet phantom wallet and you know there are so many different types of digital wallets out there obviously the the giant in the space is metamask but yeah i can see the drop down and this is so important right just to go back that tiny step is when people download um the plugin they're like oh well how do i see my nft and i think the easiest route is literally going to openc and like i said a little bit before that it does prompt you to connect a wallet this is exactly the the route that i'm talking about it's It's a step that people ask before they get there.

19:05So you've got to buy a mass wallet, go to OpenSea, it'll naturally prompt you. It's such a basic thing that we don't even think about it. But when I've noticed a lot of people who are actually installing wallets, this is the step that they're missing. And they're like, well, how do I see my wallet and NFTs? Exactly. Exactly. So as you can see, unbelievably easy to set up all things considered and connect. Like Elaine said, if you go to OpenSea, it will automatically prompt you to sign in with your MetaMask. Same if you go to Uniswap or any of the other type of exchanges in that regard. Elaine, before we check possible viewer questions and all of that, anything else you wanted to add?

19:48I think why are we doing this, right? Like why have a MetaMask wallet? It's important to mention that it's just a place to secure storage for your cryptocurrencies and tokens. just like you have a physical wallet where you put your notes and your coins. People do have coins in their wallets in this day and age. You are a wild bunch of people. I think we've got to remember, it's easy access to decentralize applications and different various blockchains, as you saw. And, you know, it simplifies the DAP access without multiple accounts. You've got convenient management on Ethereum-based tokens or whatever blockchain network that you put into MetaMask.

20:31And, you know, it's got privacy and control over data and transactions. I think that's worth an important thing to mention as you download MetaMask wallet and enter the different ecosystems. You can tell there's compatibility across browsers and mobile devices. I don't still use MetaMask on my mobile. I think it's just way too clunky. but you know this is even if you don't ramp on fiat into crypto i just think for anyone who wants to start learning about this whole digital asset ecosystem this is a free plugin that we're just asking people to have a play around with and just show a bit of you know momentum towards active community and support a web3 ecosystem this is the very basic step of how you would It's not a learn about cryptocurrencies.

21:22It really is. Absolutely. And this is also the one thing I forgot we should say to Elaine is that let's say you bought some ETH on Coinbase and wanted to send it to your Metamask. This is, and we wanted to send it to DGEM for life. You copy this, your wallet address right here. And that is the address you would then put in on Coinbase to send a transaction. So pretty simple. But, you know, if there's any questions, please let us know. The other thing I want to say, too, is as we do more of these asking for our friends on Fridays, if there's any particular application, topic, theme that you want us to see break down further, let us know in the comments.

22:03We are absolutely open to whatever conversations you guys may want us to partake. I'm not sure we should be going full degen and showing everybody how to buy Pepe, but you let us know, audience. We're here to serve you guys. Elaine, any final thoughts? Hey, everyone. We're going to take another quick break and hear a word from our partners. We'll be right back to the Real Vision Crypto Daily Briefing.

22:33I can talk about the differences between Coldwall and Hot wallets. I see on the platform, Peter, Ralph, I'm just joining in the chat with the viewers, basically. Ralph is like, user experience sucks in Web3. why don't I know it well said uh why don't oh yeah cyber security is definitely an issue Ralph um wait hold on sorry uh the degen I'm getting sidetracked with the platform chat because I love I would say is uh I think that's just another great plug to check out uh the the mini series you and Chris Bullock did aka BlastoPlast because not only do you guys go through these basics like MetaMask and setting up your cold wallet and all of that.

23:18But Chris also does an amazing job of just basically securing your general identity online and on your computer, what two-factor authentifications you should and should not be using. I can tell you that when we were making it, me and the technical director who was live switching it, we're slacking each other being like holy shit i did not know i was that vulnerable um so please do check that out it's a remarkable series that you and uh chris did alain yeah so i'm gonna quickly just touch on the differences between a cold and a hot wallet i think that's important too because a lot of things like don't panic about how many stuff we're throwing at you the fact that you've already tried to download a wallet linked it to a metamask that's huge kudos you'll probably walk the next 20 steps by yourself but the hot wallet is just very quickly because i think that's what you're intrigued to learn about next is hot wallets are connected to the internet for quick asset access and convenience they're used for day-to-day transactions and interacting with different currencies cryptocurrencies it's access through web interfaces and mobile apps or browser extensions it's more success i can't say that word it's okay it's friday we've all sold more success more susceptible did I say that right?

24:40susceptible? thank you vulnerable it's more vulnerable to potential security risk compared to offline cold wallets right and requires proper security measures and adherence the best practices for safe usage so it's just live connected on the internet all times cold wallets and I swear to god one day well I think you've actually done it where we literally will put a wallet in a fridge to show you how cold it can actually get well we did that on the episode of Idiots in the D-Gen, Nick Correa, our quote-unquote idiot, was a good sport and played along with a very silly idea I had that someone might think a cold wallet lives in a freezer.

25:20Yo, Nico, some Gen Z has done that on the internet, I'm sure. And for our efforts to replicate that, that's how important that we think this is to tell you about cold wallets and how it works. It's offline storage solution, right, for cryptocurrencies, is ensuring maximum security. It's not connected to the internet, which means it's reducing the risk of hacking or unauthorized access. It typically takes the form of a hardware device such as a USB wallet or specialized devices. And it's used for long-term storage, I think, for cryptocurrencies. It's protecting them from online threats. And it requires physical access to the device for managing and signing transactions, basically adding an extra layer of security.

26:01So that's just a little bit, I don't know, know, hot and cold. If that sort of makes sense to you, take your time with it, Google and learn about it. There's a wealth of information out there. And I swear to God, I don't want to make this up, but there are probably crypto exchanges that it's learned to earn or something. If you go through some of those modules, you'll probably earn 0.00000 of an Ethereum. yes yes absolutely and coinbase also has some great um learn to earn um little courses as well so i recommend him go check those out nick korea enters the chat in our platform and he types the he's shit posting us he goes

26:47oh lord just classic nick um i can't click on the youtube link fyi peter rook i think he's giving a smart and this is why i love about this community the most you guys are cross-referencing peter i can't click on that youtube link ralph i won't be talking about brc20 that's just too complicated in another show and if you're not careful i'll ask you to host one of these shows yes very well said um elaine before we do our um classic friday goodbyes anything you want to um leave the audience with heading into the weekend crypto non-crypto related you're always so good at balancing uh you know this crazy crypto life and you know this is it this one it's gone by too quick um no look i think it's it's very kind of you to have me on the show today obviously ash is well deserved probably watching this show i can't wait to actually come on camera with him again but look just for people you know obviously crypto daily briefing is truly some of the most um wonderful knowledge that we put out there for absolutely free on real vision but we also understand there is so much more to do and something when we hear mass adoption it's not something we take lightly we know that the legality is a hot mess we know that the onboard is difficult.

28:03We know Web3 applications are difficult to use. So we do have to take every now and again to take a step back and be like, well, is this the video that you need to share it to someone else? The most important thing is I got, you know, when you try to tell people how to start playing with the whole Web3 ecosystem, you know, Nico, sometimes I read the hot mess that's outside on the Twitter timeline. Even I get a bit disheartened about like, what is this? What is it that I'm trying to tell? And what is it that I'm trying to do when I'm reporting on this stuff every day. You know, driving back from the airport in San Francisco, I saw massive billboards with Web3 Messenger apps being advertised.

28:39And that just, yeah, I just sort of look at the billboard and think, wow, Web3 is actually still very serious and alive. You know, the whole point of getting these digital wallets onto your browser, it democratizes access to financial services, right? It's fostering decentralization and ownership, something that you guys can't stop talking about when you're introducing a new normie into the space. It promotes privacy and security. It empowers individuals to engage in the Web3 ecosystem and reshapes the way people interact and transact and collaborate on the Internet, creating endless of possibilities for a brighter and more inclusive digital world, which definitely is why I wake up to work every day, Nico.

29:22Well, I can't think of a better place to end it, Elaine. That was truly poetic. You are such an amazing champion for the space, and it's always so much fun to be on camera with you. So that's it for this week, everybody. Remember to sign up for Real Vision Crypto. It's free. Go to realvision.com backslash crypto. Join us again next week. We'll have guests from CoinFund, Deloitte, Polygon, and Solidus Labs. We'll see you Monday at 9 a.m. Pacific Time, Noon Eastern, or 5 p.m. London Time. And don't forget to let us know what you want to see covered in future episodes of Asking for a Friend. Thank you for watching, everybody.