Row 48795

Row ID: 48795 | Dataset Entry | Axioma AXP Content Repository

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Bitcoin isn't really my thing, so I'm not current with specific wallet recommendations, but Im sure the Bitcoin community can help. All cryptos work in generally similar ways though, which is why I can tell you the concept.

Let me try and give you an intro to the self custody. When you have some cash in your pocket wallet, it's your cash, you are in custody of it. If you get robbed on the street, bad luck. But the upside is you can spend cash with no-ones permission. If you put your cash in the bank, technically it's no longer yours, the bank give you an IOU, which you hope they are good for. If you want to spend your bank funds, you have to ask the bank to transfer the money, and they can choose not to do that, you need their permission (even if it doesn't feel like it, that's technically what's happening).

Now the cryptocurrency exchange is a bit like a bank for your Bitcoins, while they are in the exchange, they actually aren't yours, you just get an IOU. A wallet, is what it sounds like, it's analogous to your pocket wallet. The whole concept of crypto is when it's in your wallet it becomes permission-less, you can spend it without anyone's say-so, just like cash. Of course Bitcoins are not physical, so the wallet is just a piece of software that links to the Bitcoin network.

Now, how is it that only you can spend your Bitcoins, if it's all just software that can be copied from one computer to another, why can't I spend your Bitcoins? Well, there is a long technical answer, but the basics is you have a private key, that only you know, and that unlocks your Bitcoins for spending. It is this private key, that is absolutely essential that only you retain a copy of, and you must not lose it, or let anyone else see it. In more modern wallets, private keys are represented by a string of 12 or 24 "seed words", this is much simpler to deal with than a real private key which is a long string of 1s and 0s.

So self custody really comes down to securely storing some words. The words need to be kept off of networked computers, and you might want to keep several copies in places where people can't find them. The more money is at risk, the more elaborate your arrangements might need to be.

Good luck.

FieldValue
text Bitcoin isn't really my thing, so I'm not current with specific wallet recommendations, but Im sure the Bitcoin community can help. All cryptos work in generally similar ways though, which is why I can tell you the concept. Let me try and give you an intro to the self custody. When you have some cash in your pocket wallet, it's your cash, you are in custody of it. If you get robbed on the street, bad luck. But the upside is you can spend cash with no-ones permission. If you put your cash i…
label r/cryptocurrency
dataType comment
communityName r/CryptoCurrency
datetime 2024-05-22
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  "text": "Bitcoin isn't really my thing, so I'm not current with specific wallet recommendations, but Im sure the Bitcoin community can help.  All cryptos work in generally similar ways though, which is why I can tell you the concept.\n\nLet me try and give you an intro to the self custody.  When you have some cash in your pocket wallet, it's your cash, you are in custody of it.  If you get robbed on the street, bad luck.  But the upside is you can spend cash with no-ones permission.  If you put your cash in the bank, technically it's no longer yours, the bank give you an IOU, which you hope they are good for.  If you want to spend your bank funds, you have to ask the bank to transfer the money, and they can choose not to do that, you need their permission (even if it doesn't feel like it, that's technically what's happening).\n\nNow the cryptocurrency exchange is a bit like a bank for your Bitcoins, while they are in the exchange, they actually aren't yours, you just get an IOU.  A wallet, is what it sounds like, it's analogous to your pocket wallet.  The whole concept of crypto is when it's in your wallet it becomes permission-less, you can spend it without anyone's say-so, just like cash.  Of course Bitcoins are not physical, so the wallet is just a piece of software that links to the Bitcoin network.\n\nNow, how is it that only you can spend your Bitcoins, if it's all just software that can be copied from one computer to another, why can't I spend your Bitcoins?  Well, there is a long technical answer, but the basics is you have a private key, that only you know, and that unlocks your Bitcoins for spending.  It is this private key, that is absolutely essential that only you retain a copy of, and you must not lose it, or let anyone else see it.  In more modern wallets, private keys are represented by a string of 12 or 24 \"seed words\", this is much simpler to deal with than a real private key which is a long string of 1s and 0s.\n\nSo self custody really comes down to securely storing some words.  The words need to be kept off of networked computers, and you might want to keep several copies in places where people can't find them.  The more money is at risk, the more elaborate your arrangements might need to be.\n\nGood luck.",
  "label": "r/cryptocurrency",
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  "datetime": "2024-05-22",
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