The Phoenix Crypto Coach Blog
2009Jan03 - Rules for Using Bitcoin.
The banking cartel has made you lazy. Their motto is "Trust Us" and they've repeatedly stolen and devalued your hard-earned money. Bitcoin fixes this, but at a price. The price is that YOU are completely responsible for the safety and security of your bitcoin. This takes work on your part.
So, when using bitcoin you MUST write down and SECURE:
- Your wallet mnemonic(12 or 24 words), which is the Master Private Key. With this key, ALL your bitcoin can be recovered.
- The Derivation Path which looks like this: (m/XX'/0'/X'/x/x).
- ANY passphrases you use to encrypt your accounts/wallets.
- ANY passwords or PIN's used to secure your wallet software.
Remember, there is no recourse for you to recover your bitcoin. YOUR keys, YOUR coin! - NOT YOUR KEYS, NOT YOUR COIN!
If you have any questions or concerns about Bitcoin, that's what we're here for. Sign up for one of our classes, or if you prefer individual instruction, give us a call.
2020Jan19 - Who Would'a Thunk Bitcoin Was So Hard?
Via Twitter: A "Gold Expert/BTC Naysayer" who shall remain nameless reported that "his BTC wallet had lost the password to decrypt itself" and his BTC was irretrievably lost, and proceeded to announce to the world that because of this, Bitcoin was unusable.
A little digging and I found out that he was using an iPhone along with the Blockchain(.com) wallet which someone else had set up for him. Now, having used this Android wallet in the past, I know that I received a 12 word mnemonic which I securely stored, so, IF he didn't do the same, well, he just might be SOL.
This is why we harp on everyone to secure your private keys, passwords, passphrases, and derivation paths! Say it with me, "Not your keys, NOT your coin!"
2019Dec26 - Bitcoin In Your Portfolio?
Wondering if Bitcoin isn't ready for the mainstream or if you should hold Bitcoin in your portfolio?
Watch this excellent response on the YouTube channel, Venture Coinist, with guest Anthony Pompliano who explains how bitcoin can be a valuable addition to your portfolio.
Anthony appeared on the YouTube channel: Venture Coinist