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Been posting a lot about #bitcoin 
lately, but I’m going to begin to wind that down. There are many voices more qualified than mine. However, I said I would do a mini FAQ on how to venture into this space for the totally uninitiated. I’ll do this in the thread below.
lately, but I’m going to begin to wind that down. There are many voices more qualified than mine. However, I said I would do a mini FAQ on how to venture into this space for the totally uninitiated. I’ll do this in the thread below.
I’m also going to add a number of tweets at the end of this thread on accounts that must be Followed in order to stay current on $BTC.
I have learned a lot from the bigger brains in the space and Following the right people will give you more value-add than my tweets.
I have learned a lot from the bigger brains in the space and Following the right people will give you more value-add than my tweets.
So, on to the “FAQ” (note: these have been bucketed into the larger categories of questions):
“HOW DO I BUY?”
I am going to keep this very simple because I think HOW one acquires $BTC is less important than actually getting it.
-Coinbase
-CashApp
-Gemini
Are just a few.
“HOW DO I BUY?”I am going to keep this very simple because I think HOW one acquires $BTC is less important than actually getting it.
-Coinbase
-CashApp
-Gemini
Are just a few.
Please understand that due to KYC/AML you are going to need to divulge personal information/account info in order to transact on these platforms.
While this should not come as any surprise, this thread is going to assume an enormous amount of naiveté from the reader.
While this should not come as any surprise, this thread is going to assume an enormous amount of naiveté from the reader.
“ONCE I BUY SOME, NOW WHAT?”First off, these are some insanely complex questions and each reader really needs to do a TON of research on this to understand what is really happening when you take control of your own money via $BTC.
There are no simple answers here...
so I will speak in broad strokes.
Principle #1: GET YOUR MONEY OFF THE EXCHANGES.
“Not your keys, not your Coins” is a euphemism used commonly in the space. What this means is: you need to have control of your own private keys. Coins that sit on exchanges are not “yours”
Principle #1: GET YOUR MONEY OFF THE EXCHANGES.
“Not your keys, not your Coins” is a euphemism used commonly in the space. What this means is: you need to have control of your own private keys. Coins that sit on exchanges are not “yours”
From there you can transfer to a software wallet or a hardware wallet.
(Reminder: there are MANY options for any of this, but I am trying to explain things for the COMPLETE neophyte so please try not to be critical of anything I’m saying here if you are more experienced).
(Reminder: there are MANY options for any of this, but I am trying to explain things for the COMPLETE neophyte so please try not to be critical of anything I’m saying here if you are more experienced).
Software wallets (aka: soft wallets) live on digital devices and can be a place to store smaller amounts (or as a way station) between ultimate destination transfers. Since these live on digital devices (eg: your phone) they are connected to the internet and pose security risks.
Hardware wallets (aka: cold storage) are devices that can store $BTC and be air-gapped from the internet, thus providing greater resistance to hackers/attacks. These products are numerous and I won’t go into which, if any, should be looked at.
At the end of the thread, as previously mentioned, I will direct people to certain accounts that have great resources on storage/security and how you can best use them to secure your wealth.
It’s incredibly important at this stage to understand you are responsible for many things that you never have been before. And this is both exciting and fucking scary. Lose your device/passphrase and shit is gone. Send your $BTC to the wrong address... say goodbye.
This isn’t a VISA card where you can flip the card over, call 1-800 & ask for a reversal of a transaction. That’s not how the Blockchain works. The Nodes verify the transaction, the $BTC moves and the network chugs-on. KNOW THIS. Financial independence carries huge responsibility
“WHAT ARE PRIVATE KEYS?”“Public-key cryptography is a cryptographic system which uses pairs of keys: public keys & private keys. The generation of such key pairs depends on cryptographic algorithms which are based on mathematical problems termed one-way functions.”
Look, this is just a definition scraped off Google. You’re going to want to know something about cryptography, but you don’t need to master it or anything in order to be a HODLer.
A basic understanding is essential as you now have control over an asset so security is paramount.
A basic understanding is essential as you now have control over an asset so security is paramount.
The main point here is: how you choose to store. There are even paper wallets where you can generate keys and print them out and bury them in a coffee can in the backyard. Learn this stuff BEFORE you buy any significant stake. I mean that. We’ve all heard horror stories.
“WHAT IS A PASSPHRASE?”I think we all know this, but should be discussed.
“A passphrase is a string of words that must be used to gain access to a computer system or service.”
When using hardware wallets you will generate a series of words or other for recovery. Huge.
What I tell family or friends who want to get into this is: “GET A LITTLE”
Just get a token amount to start. Something you don’t care about if you lost it. 50 bucks. 100 bucks. Whatever. There is nothing that will teach you more about $BTC than actually holding it on your own.
Just get a token amount to start. Something you don’t care about if you lost it. 50 bucks. 100 bucks. Whatever. There is nothing that will teach you more about $BTC than actually holding it on your own.
$BTC is divisible thus can be purchased in increments. I used to use .1 $BTC as my base unit. As price has soared you will find your own unit you are comfortable transacting in. You’ll also need to learn about sending/receiving, but this is fairly intuitive. Again: Start small.
Having covered some of these basics (that I wish had been spoon fed to me when I first started) let’s move on to some other topics.
“WHAT ABOUT REGULATION?”
“WILL GOVERNMENT BAN IT?”
“CAN’T THE FED KILL IT?”
This is a basket of serious, fundamental questions of survival.
“WHAT ABOUT REGULATION?”
“WILL GOVERNMENT BAN IT?”
“CAN’T THE FED KILL IT?”
This is a basket of serious, fundamental questions of survival.
Do your own research on this. Certain governments or entities may decide to try and ban $BTC (and already have). This will probably only serve to keep their people down while others flourish. I am willing to accept the risks associated with the above. Ask yourself if you are.
I think that’s enough for one day. I’ll add to this at some point with the Follows who have helped me greatly in learning what I have thus far. These resources are all Champions of $BTC in some way and all contribute to the success we have witnessed. Good luck to all and be safe.
Lastly, I’m far from perfect, so I’m sure I’ve messed up something in here. Feel free to add a comment to help people. I think younger, more tech-savvy people truly take it for granted how scary and daunting it can be for older people to try their hand at this. We should nurture.
