1. Use it air gapped. 2. Download and verify latest firmware (use firmware from a few months ago if you don't review the updates yourself). 3. Generate seed using dice rolls.
4. Store seed on @blockplate. 5. Export your "watch only" wallet to microusb. 6. Import your "watch only" into software wallets (I like @ElectrumWallet and @bluewalletio). 7. Make sure the receiving addresses match the receiving addresses visibly on your Coldcard.
8. Send a small amount of Bitcoin ($5) and view the confirmed transactions on your software wallet. 9. Wipe your Coldcard device's seed. 10. Use the same device or a completely different air gapped Coldcard to recover your seed.
11. Send your small amount of Bitcoin (from your software wallet), and use your fresh Coldcard to sign the transaction. 12. Broadcast the transaction on your software wallet. 13. Verify the transaction has been sent and confirmed on the blockchain.
Now you can be certain that this seed was generated entirely through dice rolls, has never touched a device connected to the internet, and was backed up successfully on steel that is both fire-proof and water-proof.
Additional IMPORTANT rule:
NEVER type your seed phrase into a computer. Your seed phrase should only be recovered into Coldcard devices themselves running verified firmware.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
1/ Introducing my new series: INSIDE THE EVENT HORIZON with @MimesisCapital
THREAD #1
Why is One Bitcoin Worth $18,000?
2/ $330,000,000,000 (330 BILLION DOLLARS)
That’s the total current value stored on the Bitcoin network, and it is likely undervalued by 200x-1000x (or more).
3/ In 2009, not a single Bitcoin existed. Today, over 18 Million of them exist and each one is worth $18,000 (18.5 million x 18,000 = 330 Billion Dollars of Value).
2/ First, if someone is presenting this argument, they've conceded that Bitcoin is the world's most valuable monetary good ever discovered.
They understand that Bitcoin will become so incredibly valuable that it may threaten government itself.
3/ Many reference that private gold ownership was banned in the US in 1933.
BUT, people forget that the reason private gold ownership was banned is because the USD was redeemable for a fixed amount of gold. They needed to break the peg to expand credit (to stimulate).
As we enter #Bitcoin's next parabolic bull run from $3,000 to $1,000,000 and beyond, I'm compiling a thread (below) of all major Twitter threads written to help YOU understand what is happening.
Bitcoin is NOT a bubble. It's the world's best form of money.
1/ It's intuitive for smart people to see Bitcoin as a ponzi/bubble at first.
Why?
Because MONETARY VALUE is DEPENDENT on OTHER HUMANS. If you are trapped on a island alone, monetary goods (dollars, gold, bitcoin) serve no use for you.
2/ However, a fishing pole is valuable whether you're alone or not.
Like most goods, it isn't dependent on other humans to be useful.
It's a tool that will help you obtain food whether you're alone or with billions of other people.
3/ But just because Bitcoin's value is DEPENDENT on OTHER HUMANS doesn't mean it's simply a ponzi based on a "collective hallucination".
1/ The Bitcoin stock to flow model by @100trillionUSD describes that the price of bitcoin can mostly be explained by its ever increasing SCARCITY.
Today I will explain how this is rational.
$1+ Million Bitcoin is inevitable.
2/ Bitcoin is a good. A toothbrush is also a good. Certain properties make some goods better than other goods for specific use cases. A toothbrush needs to have an appropriate size, a secure handle, and soft bristles (if you plan on using it to brush your teeth).
3/ Certain goods are well suited for brushing teeth (like a toothbrush), and some goods are well suited for being used as money.
Goods that are well suited to be used as money have the following properties: durable, divisible, transactable, fungible, portable, and SCARCE.