Some of you may have noticed that I'm sporting a new tag in my screen name. It's not just a fad though, allow me to explain in this lil ol' #thread:
1/ As you (should) know, january 3rd marks the actual birthday of #Bitcoin, as it was the day that Satoshi mined the first blocks and hence set the Bitcoin story into motion. Upcoming jan 3rd will be the 10th anniversary and this would be an obvious time for celebrations.
2/ @TraceMayer took the initiative of a call-to-arms for all HODLers-of-last-resort, to join him and quite a few other prominent bitcoiners like @giacomozucco, @theonevortex and @CaitlinLong_, just to name some, and also sport the same tag in their screen name.
3/ This is obviously more than just a matter of tags in screen names. The point of it, as explained on proofofkeys.com, is to be fully aware of #Bitcoin's reason of existance, being personal financial independence, and showing your support of this cause to the world.
4/ In short, what's being asked is that, on the 3rd of january you take full control of your funds in crypto (read: #Bitcoin) by moving your funds away from online wallets, exchanges and what not, into a wallet of which YOU are in full control, by possession of the keys.
5/ The point of this exercise is to show the world that you are in control of your funds and will not allow third parties to meddle with your finances by means of taxes, ridiculous service fees and other despicable practices. This is not why we bought into this sphere.
6/ This is why I'm extending the call-to-arms to my fellow #Bitcoin #maximalist friends and followers to follow my lead and subscribe to this social movement.
HOWEVER!!!!!!! And this is a big but: there are counter arguments that should not be overlooked:
HOWEVER!!!!!!! And this is a big but: there are counter arguments that should not be overlooked:
7/ @brian_trollz makes excellent arguments that the concentration of such movements of funds may cause issues on exchanges or even overload the bitcoin network, causing fees to go up drastically or even loss of funds, in the case that unexperienced #Bitcoin users make mistakes.
8/ This is being discussed at length in ep 146 of @blockdigest (). I urge you to listen to this podcast episode, or at least the first 36 min of it, which adhere to this very subject and nothing else. This is VERY important to be aware of! Go listen NOW!!!
9/ I must say, I do agree with @brian_trollz on the risks of it all. As a convinced #Bitcoin HODLer, I want to express my beliefs that each and every human being should have the basic right of financial sovereignty, but I would never suggest actions that risk losing it all.
10/ Therefor I would follow up on Brian's suggestion to not wait for that particular day (01/03) to move your funds into your own full control, but to already start moving funds prior to that date and above all, inform yourself on the best practices for storing and securing funds
12/ If you do have funds in an exchange wallet that you don't need on there (e.g. no trades), please move them to a self-controlled wallet of your choice. There is a plethora of options already available for every use-case, each with its own pros and cons, depending on your needs
13/ I would like to conclude with a list of suggestions for holding funds in secure ways, though I must admit that I'm running short in time right now. I will try to update this thread asap with solutions that are known to provide the services you need, but please inform yourself
14/ Do take care, of yourself, your health, your loved ones and everything needed to do so. Don't #REKT yourself by not knowing what you are getting into before you get into it!
Life is hard enough as it is without needless complications!
Not sure? ASK!!!!!
Life is hard enough as it is without needless complications!
Not sure? ASK!!!!!
15/ As promised, my suggested list of self-sovereignty-enabling wallets and key storage mediums :
Please note that each options has its own set of trade-offs of security vs usability #DYOR
Please note that each options has its own set of trade-offs of security vs usability #DYOR
16/ Cold storage:
The paper wallet - en.bitcoin.it/wiki/Paper_wal…
The seed phrase - en.bitcoin.it/wiki/Seed_phra…
Overview: en.bitcoin.it/wiki/Cold_stor…
The paper wallet - en.bitcoin.it/wiki/Paper_wal…
The seed phrase - en.bitcoin.it/wiki/Seed_phra…
Overview: en.bitcoin.it/wiki/Cold_stor…
17/ Hardware wallets:
trezor.io
keepkey.com
opendime.com
ledgerwallet.com
Each of these products and their subcategories have their own properties, advantages and drawbacks. Make sure to get one that fits your needs best! #DYOR
trezor.io
keepkey.com
opendime.com
ledgerwallet.com
Each of these products and their subcategories have their own properties, advantages and drawbacks. Make sure to get one that fits your needs best! #DYOR
18/ Lukewarm storage:
Is what I call it, because it is in fact 'hot storage' (ref below) that you purposefully keep offline, in order to cut out the primary attack surface.
It's a full bitcoin node that has no internet connection and does not contribute to the network security.
Is what I call it, because it is in fact 'hot storage' (ref below) that you purposefully keep offline, in order to cut out the primary attack surface.
It's a full bitcoin node that has no internet connection and does not contribute to the network security.
19/ Hot storage:
bitcoincore.org - the daddy of bitcoin full nodes
bitcoinarmory.com - full node implementation often used as cold (lukewarm) storage with multisig support
bitcoincore.org - the daddy of bitcoin full nodes
bitcoinarmory.com - full node implementation often used as cold (lukewarm) storage with multisig support
20/ I am not going to review any android/iOS wallets, because they mostly lend themselves to day-to-day use and temporary storage of small amounts of #bitcoin.
However, truth be told, some mobile developments are very much worth mentioning:
However, truth be told, some mobile developments are very much worth mentioning:
21/ If you have chosen one of the provided solutions above, with all measures in place to secure your coins, it can be annoying to not know the state of your funds. Imagine running a donation fund in cold storage and wanting to know how much you've collected...
Have no fear:
Have no fear:
22/ The developers of the excellent @SamouraiWallet have come up with an android app called 'Sentinel', which allows you to track funds in specified adresses, without the ability to move these funds. Do pay them a visit, give them a cheer, because they do great work in #bitcoin
23/ To conclude what I believe to be my longest thread ever: by now you have to know that the primary reason for my rant is Security. I cannot sail passed this subject without mentioning @lopp, a security power house and hardcore bitcoiner/maximalist.
24/ Do visit his extensive repo of #bitcoin related resources at lopp.net/bitcoin.html
If you want to learn about bitcoin, it is THE place to start!
Be in control of your future, do it securely!
If you want to learn about bitcoin, it is THE place to start!
Be in control of your future, do it securely!
