aidan on Nostr: In #Bitcoin, Great Power Comes With Great Responsibility!!! Not Your Keys, Not Your ...
In #Bitcoin, Great Power Comes With Great Responsibility!!!
Not Your Keys, Not Your Coins. Access Is Not Ownership.
Read on below for a short thread on the importance of #selfcustody from Bitcoin Basics
🧵🧵
1. Use a hardware wallet. A hardware wallet is a device that stores your private keys offline, away from hackers and malware. It also allows you to sign transactions without exposing your keys to the internet. Hardware wallets are easy to use and offer a high level of security.
2. Backup your seed phrase. Your seed phrase is a set of 12 or 24 words that can restore your wallet in case you lose or damage your hardware device. You should write it down on a piece of paper or metal and store it in a safe place, preferably in multiple locations.
3. Use a passphrase. A passphrase is an optional extra layer of security that you can add to your seed phrase. It is a word or a sentence that you have to enter every time you access your wallet. It acts as a 25th word in your seed phrase, making it harder for anyone to guess
4. Use a multi-signature wallet which requires multiple signatures to authorize a transaction. It can help you protect your bitcoins from theft or coercion. For example, you can set up a 2 of 3 multisig wallet, where you need two out of three keys to spend your coins.
5. Stay updated and educated. Bitcoin is constantly evolving and improving, and so are the tools and techniques for self custody. You should always keep your hardware wallet firmware and software updated, and follow the best practices recommended by the developers and the community
If you enjoyed this read and want to help spread the message, share this note to help support the post
#btc #plebchain #nostr #introductions #selfcustody #hardwarewallet
Check out this thread in video form on my youtube channel
https://youtu.be/qonPnOI48y4?si=HcNy3wmc73jabf4G
Not Your Keys, Not Your Coins. Access Is Not Ownership.
Read on below for a short thread on the importance of #selfcustody from Bitcoin Basics
🧵🧵
1. Use a hardware wallet. A hardware wallet is a device that stores your private keys offline, away from hackers and malware. It also allows you to sign transactions without exposing your keys to the internet. Hardware wallets are easy to use and offer a high level of security.
2. Backup your seed phrase. Your seed phrase is a set of 12 or 24 words that can restore your wallet in case you lose or damage your hardware device. You should write it down on a piece of paper or metal and store it in a safe place, preferably in multiple locations.
3. Use a passphrase. A passphrase is an optional extra layer of security that you can add to your seed phrase. It is a word or a sentence that you have to enter every time you access your wallet. It acts as a 25th word in your seed phrase, making it harder for anyone to guess
4. Use a multi-signature wallet which requires multiple signatures to authorize a transaction. It can help you protect your bitcoins from theft or coercion. For example, you can set up a 2 of 3 multisig wallet, where you need two out of three keys to spend your coins.
5. Stay updated and educated. Bitcoin is constantly evolving and improving, and so are the tools and techniques for self custody. You should always keep your hardware wallet firmware and software updated, and follow the best practices recommended by the developers and the community
If you enjoyed this read and want to help spread the message, share this note to help support the post
#btc #plebchain #nostr #introductions #selfcustody #hardwarewallet
Check out this thread in video form on my youtube channel
https://youtu.be/qonPnOI48y4?si=HcNy3wmc73jabf4G