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08-20 00:35 - 'Bitcoin uses cryptographic key "pairs" / There is a public address and a private key (long string of letters and numbers for each) / A simple way to understand it is a username(public address) and a password to allow s...' by /u/UncleBitcoinJones removed from /r/Bitcoin within 7-17min
''' Bitcoin uses cryptographic key "pairs" There is a public address and a private key (long string of letters and numbers for each) A simple way to understand it is a username(public address) and a password to allow sending money from that address(Private key do not share) That is basically the gist right there. Remember Bitcoin is a network so there are many many options from hundreds of vendors and open source projects to simplify the process and access the Bitcoin for you. These are called wallets. They manage your key pairs for you. To back up a wallet you write down a 24 word seed phrase(private do not share) this will allow you the leisure of not storing every single address you own and let the wallet store them for you. If your wallet is destroyed or lost this seed phrase is how you recover your coins. Only use trusted wallets that this sub can recommend you, use the search bar. You can get Bitcoin by earning it. ORRR trading from an exchange. Depending on your country and local laws this could be various different places. But generally Kraken, Gemini, and Binance are the most popular. Remember however, if your Bitcoin is not in your wallet or you do not have the key pairs it is in, then you do not own the Bitcoin. Keeping your Bitcoin on an exchange or another 3rd party is highly risky and vulnerable to hacks or the exchange just straight up stealing your funds or even government stealing your funds. So: Not your keys not your coins. Plus: Don't use Bitcoin "Doublers" or anyone claiming if you send them bitcoin they will send you back double. Plus: Don't buy altcoins, ICOs, or get involved with defi. Recap: [link]1 ''' Context Link Go1dfish undelete link unreddit undelete link Author: UncleBitcoinJones 1: you*u*be/*szOt**OjXU Unknown links are censored to prevent spreading illicit content.
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“Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.” – Pieter Wui (66 points, 14 comments)
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