S0 E8: What is a Crypto Wallet? & Best Practices for Storing Your Crypto (Carolyn Reckhow)

12/15/21 • 39 min

1 Listener

In this episode of DAOn the Rabbit Hole, we’re talking to Carolyn Reckhow, Head of Business Development and Strategy at Thesis, a Web 3.0 wallet. We’re going to talk all about crypto wallets, the various types, and everything you should know about them.

Carolyn talks about getting into blockchain from her background as a social scientist and therapist, with a particular interest in how blockchain could impact civil society. She explains what crypto is on a basic level, and how wallets work.

Does every crypto wallet support every cryptocurrency, or do you need specific wallets for different coins? Carolyn dives into this, along with the difference between public and private keys, custodial and non-custodial wallets, and private keys and seed phrases.

Carolyn also gives some guidance for newcomers to crypto on how to choose a wallet and get started with it. Is it best to use multiple accounts for security? Is a hardware wallet better than a hot wallet? We also explore some of the different privacy options on blockchains.

Carolyn shares her thoughts on the biggest challenges in blockchain today and who is solving them. Finally, she walks through the easiest ways to get started with your own blockchain wallet.

To continue this conversation and stay up to date on all things DAOn the Rabbit Hole, you can follow Diana on Twitter @ddwchen and RabbitHole @rabbithole_gg. You can follow our guest, Carolyn Reckhow, on Twitter @CReckhow

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TIMESTAMPS:

1:49 Carolyn's background and how she fell down the crypto rabbit hole
4:41 What is cryptocurrency?
5:23 What is a crypto wallet?
6:28 Do you need a different crypto wallet to buy different cryptocurrencies?
8:39 Public key vs private key vs seed phrase
12:56 Custodial vs non-custodial wallets
17:30 Best practices for storing crypto
23:19 How to maintain privacy on a public blockchain
25:38 What are some of the main problems with crypto wallets today?
34:40 Which crypto wallet should I get?
36:14 Follow Carolyn!

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If you enjoyed this episode, please rate, subscribe, and share with your friends and family so we can keep taking you down the rabbit hole with us.

Carolyn shares her thoughts on the biggest challenges in blockchain today and who is solving them. Finally, she walks through the easiest ways to get started with your own blockchain wallet.

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TIMESTAMPS:

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If you enjoyed this episode, please rate, subscribe, and share with your friends and family so we can keep taking you down the rabbit hole with us.

Previous Episode

S0 E7: What Is DeFi? (DeFi Dad)

In this episode of DAOn the Rabbit Hole, we’re talking to DeFi Dad, a DeFi super-user and investor at Fourth Revolution Capital. We’re going to dig into the basics of decentralized finance in an easy to understand way.

DeFi Dad tells us how he got into crypto from a background in chemistry, and all about his YouTube channel and how it educates viewers on all things crypto and DeFi.

We dive into some basic concepts like stable coins, crypto, and DeFi, and what they mean for the internet and finance in general. Why should people switch to DeFi, and what benefits does it offer over the current financial system?

DeFi Dad talks about what people are using DeFi for right now, including some of the limitations facing the space currently, like regulations and scalability. Finally, DeFi Dad shares his predictions on where the DeFi space will be in 10 years.

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Next Episode

S0 E9: How Does Blockchain Work & Why Is Gas so Expensive? (Hashoshi)

Hashoshi is a crypto content creator and YouTuber educator who has been involved in crypto and blockchain pretty much since the Bitcoin whitepaper came out. He’s here to break down some of the more technical aspects of blockchain.

We cover some fundamental concepts like what blockchains are and how they differ from each other, how blocks work, and where the technology “lives” in the real world.

Hashoshi dives into the scalability challenges for blockchains. He also explains programmability and how it’s possible to build things other than cryptocurrencies on blockchains, along with the difference between ERC-20 tokens and other types like ERC-721s (NFTs).

We talk about how blockchain has evolved since the early days and some of the current challenges facing it such as gas and the associated fees. We also explore layer-one and layer-two solutions and how they can help solve blockchain’s scalability problems.

Finally, Hashoshi shares his thoughts on where blockchain is headed within the next decade, and how it could transform various aspects of our lives.

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If you enjoyed this episode, please rate, subscribe, and share with your friends and family so we can keep taking you down the rabbit hole with us.