I’m just starting to wake up from the trust of the dollar, I know I’m late into the game, but what’s the best way to understand what #crypto and #bitcoin is and how can I get me some? #newbie
I need to catch up
Discussion
first of all: dont trust but verify. Second. Bitcoin is the only legitimate cryptographically secured valuta there is. All others are not decentralized or secure or are straight up useless
Bitcoin uses a blockchain. The usecase of a blockchain has to be financial. All other use cases will break when at a large scale. Even legitimate crypto projects are bound to fail because of network effects and trust.
In what content do you mean don’t trust but verify?
Thanks for helping out
In bitcoin, it is important to verify the security of the economical distributed record. otherwise you do not know if a transaction happened andother important stuff.
The other way is to trust someone else to not lie, which you cannot be sure of, proven by the many crypto failures and scams, asswell as the financial system of the dollar itself.
this is why the saying applies to many aspects in society.
Thanks for your wealth of knowledge and your advice
Some general rules: use a hardware wallet to store your keys offline out of reach of attackers. Example is foundation passport device or trezor or coldcard or any other. Only opensource though.
never give away your seed phrase. This is a list of words. 24 generally.
dont look to much at the price of bitcoin: why would you wanna know the price compared to a stupid paper inflation manipulated currency...
bitcoin is the only morally good choice for "crypto" as it is really difficult to be sustainable being so big while also staying neutral. Bitcoin was designed for it. The others weren't. They also wont tell about all the things required to stay decentralized.
So just buy a certain amount of bitcoin, let’s say weekly, no mater if it’s up or down right because the point is to start stacking? One I’ve heard about is Coinbase, any good?
try to be as private as possible. Coinbase is not preferred for storing your bitcoins, but if you set up an independ hardware wallet and send all bitcoin from coinbase to that hardware wallet, it is okay to do because I want coinbase to lose all their bitcoin.
Well to buy #bitcoin? Not store, I understand I need a wallet now to keep it