When it comes to crypto, only private keys really matter! Learn how to make a copy of and store your private keys, so that even if you lose your device or your web wallet provider goes down, your funds are still claim-able by you and only you.
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The REAL "private key" you need, is the signal you need to be online. Don't worry about cyber security if you have no signal. . . It is still early days, but one thing is certain. The government and financial institutions are already on red alert regarding all crypto currencies. If anybody think they are going to give up their power to control society, along with the power to milk them for profits, they are in for a surprise. Everyone seem to think they are untouchable in this "online virtual world", but they forget that government has control over, or can gain power over the signal you require to be online. Once the threat becomes to strong and they lose too much money, they will simply cut you off from utilizing the network. Already everyone that is on the Apple platform can be switched off by flicking a switch. You cant use your iPhone if they don't switch it on. . . .and you cant do nothing if they decide to switch it off . . . .all the millions In crypto currencies will be useless to you if you cant access it. . . . like I said, early days. . . I no the crypto enthusiast will remain optimistic, but lets also be realistic . . . .we all know what's going on behind the scenes where the power struggles for world domination is taking place . . . .Money is power so they will put up a fight to retain it. . . just saying, but all the best
Of course the government can shut it down easily. Say if the US govt decided to ban bitcoin transaction in the country, people will start selling like mad and bitcoin price will plummet. It may still survive elsewhere but won't be a considerable factor. That's why bitcoin lives on the sunk cost premise that since people has invested so much in it, they may as well keep supporting it or risk financial crisis. With more people joining and supporting the network, it is easier to put pressure on the government to put away extreme measures.
i understand the video on how to backup. what i don't understand is,
if more money goes into my wallet, i would have to back it up again to update it right. keep backing it up to reflect the new amount. What if i back it up to 2 seperate hard drives, wouldn't that give me double the money? its kinda confusing.
You have the keys. The key gives you acess to your bitcoins or altcoin in the network. You never have the bitcoins on your computer/phone/usb, you only have the keys to acess them.
So if you make multiple backup, you don't clone your coins, you just clone the keys that gives you acess to your coins online.
As an archivist:
If you do a paper backup of your seed using word... use good quality paper and ink. Not all papers are equal in quality: journal paper=really bad. Some ink decay quickly under uv light other could last century.
Hey Amanda, what was the episode where you announced this community from Chile that is building a sort of independent community by the beach and you can buy a house and participate in this project? thanks!
+ausPPC Although... There's a work-around for Mist (/Wallet/geth) - I generate my own private key strings and import them rather than allow Mist to create accounts that it then prevents me from knowing the private keys to...
+Chris Moore Take it 6 words at a time. It's all about repetition. You need to say those 6 words over and over until you really have them.
If you repeat the words often enough, you won't be able to forget them. And if you have enough money stored with that seed, you may be motivated like me to check your memory every so often. At first, I checked my memory everyday. Now I may do it a few times per week, depending on how often I have bitcoin on my mind.
This approach may not be for everyone, but it doesn't hurt to have an extra backup. Hopefully you'll never need to use one.
+eliterminator00 That's fine then. Do you have any advice for how to write 24 random words to brain memory? I find myself unable to do it reliably. I had a hard enough time trying to memory a Mycelium backup password, and that's only something like 16 random letters. I managed to remember it for a short time by making up a mnemonic (like how you remember the order of the planets from the sun as "My Very Enthusiastic Mother Just Sent Us Nine (Pizzas)") - but when I don't even get to pick the words, and it's just a string of nouns I find nothing to grab onto.
+eliterminator00 Probably not a good idea to rely solely on wetware memory for any seed. It's easy to forget random words, especially if we're not using them regularly. And there's always the possibility of damaging your grey matter in an accident. It would suck to lose access to your coins just when you need them to pay for medical care.
How to become bitcoin trader? Exactly like Bitcoin, multiple digital currencies exist in the marketplace. So if you prefer to buy a few other currencies which aren`t available on Indian Exchange than you can utilize Bittrex. All you have to do is locate an exchange that you favor. Cryptocurrency exchanges have a massive potential to modify peoples minds and opinions concerning cryptocurrencies generally speaking and their application in actual life. So even in the event the exchange is attacked, its still true that you have your money. Furthermore, the exchanges prepare each and every industry for Bitcoin expansion. Existing stock exchanges will also compete to be able to fulfill the users configuration requirements. Sooner or later later on, the prices will grow more equal, meeting somewhere in the middleyour profit is equivalent to the quantity of convergence. No matter how far it is from Kijun, it is likely to return and test that level at some point. The amount of bitcoin is perpetually changing. In the US, it is 1000 USD. Whats even better, seek the services of a seasoned lawyer or at least ask for an in depth consultation. So youve read the newspaper about the meteoric growth of crypto currencies including Bitcoin or Ripple. Then coming up with 1000s of exchange rates simply to go out and get groceries is nearly impossible. Many cities around the world provide a bitcoin ATM where you are able to trade cash for bitcoin. The cryptocurrency world isn`t efficient.