(click to tweet)
Don’t let crypto wallets intimidate you.
They are just part of the process and can quickly be demystified. Owning cryptocurrency is unlike any other type of ownership because it requires storage inside a public/private key-based wallet. These can be online or physical, and hold the proof of ownership, so you can buy/sell Bitcoin.
On today’s episode of The Bitcoin Crypto Mentor Mastermind show, we are joined by Amith Nirgunarthy, the Founder and CEO of the cryptocurrency research institution Blockstreet. He is also the former Director of Marketing of Bitcoin IRA. Amith specializes in understanding all things cryptocurrency, so today we take a moment to hear his insights on crypto wallets.
This is a snippet from the Tai Lopez’ paid Bitcoin Mentor Mastermind program. To sign up, go to tailopez.com. And don’t forget! You can also listen to The Bitcoin Crypto Mentor Mastermind Show on Spotify! Click “Follow” and let me know what you think!
“This is why Bitcoin is here. So we don’t need third parties, we don’t need government, we don’t need authority.” - Amith Nirgunarthy(click to tweet)
Points to Keep In Mind- Paper wallet is synonymous with cold storage/offline
- The key distinction with wallets is: you can either control or not control your private key
- If you have a large sum of money, move it into wallets that you can control your private key
- There’s a public key (shorter) and private key (longer)
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- Both are sequences of letters (uppercase and lowercase) + numbers
- Sometimes represented as QR codes for easier admission
- Don’t ever show this to another person
- With Coinbase, you do not control your private key, meaning the government could take away your Bitcoin if they wanted to
- Some predict Bitcoin will be $1 million by 2024