Four pillars of Bitcoin:
Ledger, mechanism, risk, reward.
1. Ledger (Blockchain) - Distributed, decentralised, synchronised database.
2. Mechanism (Proof-of-work) - Open-source, decentralised, cryptographic consensus algorithm.
3. Risk (Difficulty) - Thermodynamic requirement for the extrinsic commitment of energy, providing computational immutability.
4. Reward (Bitcoin) - Native, intrinsic asset, rewarded during game-theoretical competition.
Would anyone add, remove, or change anything here?
Congratulations nostr:npub16e3vzr7dk2uepjcnl85nfare3kdapxge08gr42s99n9kg7xs8xhs90y9v6 you've won a Domino One Bitcoin backup plate.
I'll DM you for shipping details. 👍
Thanks everyone for the zaps!
I think there are at least 3x more people in the world sliding down the Bitcoin rabbit hole. ⚡
I'm currently explaining Bitcoin and Nostr to my visiting (sceptical) relatives. 😬
Please could you all help me highlight the current adoption of these tools by zapping me 1 sat. ⚡
If I reach 100 sats, I'll give away one Domino seed backup plate to one of the senders. 👍
Thank you 🙏
Self-custodied Bitcoin is more bulletproof than Bitcoin held on exchanges. 😎
Not your keys, not your coins.
Pass it on.
#Bitcoin
I'm trying to link a Lightning address to my Nostr client, but it doesn't seem to work.
Could someone please send me a couple of test sats. 🙏
Bitcoin is the only asset that comes with built-in 'plausible deniability'.
1. Keep a small amount of sacrificial Bitcoin in a wallet created with ONLY seed words.
2. Keep your main funds secure in a secret wallet created with seed words + passphrase (must store separately).
When considering the different types of Bitcoin backup devices, it is best to choose a single solid piece of 316L (marine-grade) stainless steel.
"Simpler is better - more pieces means more potential points of failure.“ - Jameson Lopp
bitplates.com
If you do nothing else today, dedicate some time to learn about Bitcoin self-custody.
Don't put it off until next week, or the week after, or the week after...
My hodling can remain irrational longer than spammers can remain solvent.
#Bitcoin
Your Bitcoin isn't backed up until you’ve checked that your backup works...
1) Create a wallet
2) Send small amount of 'test' sats
3) Delete the wallet
4) Restore it with backup words
5) View sats if backed up correctly
6) Lose sats if not
7) Repeat with more care if necessary
I admit that this is an extreme example, but for the sake of $100, you could store your Bitcoin backup seed words onto something specially designed to be corrosion-resistant.
This is why Domino plates are made from 316L (marine-grade) stainless steel.
But why not titanium?
Titanium has a similar strength to stainless steel, at almost half the weight (an advantage for aircraft); however, titanium is more brittle. Furthermore, a UC Berkeley study found that titanium becomes even more brittle with just a few extra atoms of oxygen... “[it] is like poison to titanium" ...not a good quality for long-lasting, robust storage plates: https://news.berkeley.edu/2015/02/05/oxygen-titanium/
316L stainless steel performs better than titanium at extreme changes in temperature (ie. cold water sprayed onto a house fire), and is also why Elon Musk chose stainless steel for the SpaceX rockets: https://www.labroots.com/trending/space/17708/why-spacex-using-heavy-stainless-steel-starship
Why split Bitcoin backup 24 seed words into two parts (words 1-12 + 13-24), & store in separate locations?
This eliminates the risk of catastrophic loss that could occur if all 24 words are kept together.
24 seed words = 256-bit security
12 seed words = 128-bit security
or...
Using seed words + passphrase, offers superior two-factor security than just splitting seed words.
The advantage is that each separated part can also open valid Bitcoin wallets (with a few sacrificial sats), hiding the very existence of hidden wallets.
I think the solution will be that most wallet software will make it easier/default to scan all possible derivation paths when recovering from a backup.
If you create/manage a Bitcoin wallet with a hardware signing device, you should be aware that each device manufacturer might use different derivation paths, or redeem scripts.
This is a great reference if wallet recovery is done on a different device:
walletsrecovery.org
