If you're a seasoned bitcoiner who knows their way around hardware wallets, you can set up a #multisig vault on our platform yourself. Three resources you need to get started below...
This guide explains how to physically secure your hardware wallets and seed phrase backups, securing your multisig configuration file, and vault maintenance.
1/ There are lots of hardware wallets available—@coldcardwallet, @trezor, and @ledger to name a few. But what is a hardware wallet, exactly? Here we discuss what hardware wallets do, what they don't do, and some things you should consider before you start using them. 🧵
@COLDCARDwallet@Trezor@Ledger 2/ A bitcoin hardware wallet is a compact, dedicated device that generates and safely stores your bitcoin keys offline. Your keys are what allow you spend your bitcoin, and keeping them offline minimizes the risk of remote attacks and malware stealing your funds.
3/ One common misconception is that hardware wallets store bitcoin inside the device itself. In reality, no bitcoin wallet—software or hardware—stores bitcoin inside it. Instead, all bitcoin lives on the blockchain—wallets just store the keys!
1/ Whenever you send or receive self-custody bitcoin, there are small choices involved that could have a significant impact on your privacy. If you’ve been hesitant to dive into the complex topic of #bitcoin privacy, this thread is your opportunity to learn some of the basics! 🧵
2/ Bitcoin is an intentionally transparent system, enabling you to verify all of the protocol rules are being followed (such as the 21M supply limit). The blockchain serves as a public ledger, permanently recording every transaction and every address that has ever held bitcoin.
3/ Which wallets (and which people) those addresses belong to are *not* made public on the blockchain. Your wallet’s public key(s) are needed to know all of your addresses and associate them. This means you can still use bitcoin quite privately.
1/ You’re not alone if you’re tempted to shy away from learning about something called a “UTXO”... and it probably doesn’t help that UTXO is an abbreviation for “unspent transaction output.” In this thread, we’ll walk through what #bitcoin UTXOs are and why they matter 🧵
2/ The world of traditional finance can provide us with great analogies for understanding how bitcoin operates. To help explain the role that UTXOs play, let’s start with two different mental models for storing cash: a bank account and a piggy bank.
3/ A bank mixes your cash with their other customers' cash, and you can withdraw cash in any denomination you choose from that larger pile. However, when you put cash in a piggy bank, the bills remain in specific denominations. When you withdraw, you have to choose your bills.
0/ This thread is a recap of the third installment of the Gradually, Then Suddenly essay series by @parkeralewis (originally published Aug 9, 2019).
It covers why criticism of bitcoin’s price volatility is short-sighted and ignores the bigger picture unfolding before our eyes.
1/ The list of bitcoin skeptics is long and distinguished.
A common refrain among them is that bitcoin is too volatile to be a store of value, medium of exchange, or unit of account.
2/ The principal use case for bitcoin today is not as a payments rail but instead as a store of value.
0/ This is the second installment in @parkeralewis's essay series Gradually, then Suddenly (originally published 2 Aug 2019).
Parker covers why #bitcoin cannot be replicated and why those attempting to do so have not understood the problem they’re required to solve.
1/ As kids, we all learn that money doesn’t grow on trees.
As a society, on the other hand, we have become conditioned to believe that it’s not only possible but that it’s a normal, necessary, and productive function of our economy.
2/ Before bitcoin, this privilege was reserved for global central banks.
Post bitcoin, every Tom, Dick & Harry seems to think that they can create money too.
0/This is the first of a series of threads, each based on one of @parkeralewis' 'Gradually, Then Suddenly' essays.
"Education is a critical aspect of #bitcoin. I hope that by distilling my own thoughts I can help others accelerate their path in understanding a complex subject."
1/ "I've titled the series Gradually, Then Suddenly.
As Hemingway penned the process of going bankrupt, it’s also the way that government-backed currencies hyper-inflate and often how people come to understand bitcoin (gradually, then suddenly)."
2/ "Bitcoin is money. Or rather, Bitcoin has become money (to me).
It was a slow process that involved unlocking a number of mental blocks along the way but it began with asking the question, what is money?