SNBC - Intro to Bitcoin - Day 3
One coin to rule them all
Today's readings start with a comprehensive guide from a Stacker named Natalia, who has documented what it would be like for her to re-learn everything about Bitcoin from scratch. Her guide contains great advice for the novice. Secondly, Expatriotic has put together a lexicon of Bitcoin wallets, containing links to further resources to get your started.
The purpose of these first two readings is for you to have a taste for the different software that you will use to interact with Bitcoin. These articles give you a good jumping off point, but I would encourage you to keep digging until you are feeling confident and know your way around the software. Each of these resources contains plenty of external links, which I encourage you to further explore.
The rabbit hole awaits...
The last reading today I have included as a warning about what to look out for while venturing into the unknown. Stay vigilant and beware the shitcoins.
Learning Objectives
🎯 To gain a beginner level understanding of the software required for transacting on the Bitcoin/Lightning network
🎯 To grok the difference between cold and hot wallets
🎯 To familiarize yourself with the advantages people have experienced by using bitcoin and to discover ways that you can start earning/saving with bitcoin
🎯 To read a first-person testimony of what it feels like to touch the stove of shitcoinery
🎯 To humble yourself before the vast expanse of learning that stands before you
Stacker News Readings
⚡️ What If You Need to Relearn Bitcoin from Scratch Again? 🤔, by @Natalia
⚡️ A Lexicon of Bitcoin Wallets, by @expatriotic
⚡️ I was a well-paid blockchain / web3 dev for years, but became disillusioned., by @Michelson_Morley
Reflection questions:
👉 Natalia's guide highlights some of her experience using Bitcoin/Lightning and also some of the other stackers' stories about their own bitcoin use. Would any of these practices be possible for you?
👉 Through your reading you will have come across some software that is free and open source. What are the advantages to this approach to software development?
👉 A bitcoin seed phrase represents your ability to spend your bitcoin. If you lose your seed phrase backup or someone else gets access to it, the gig is up - your stack is compromised. However, there is more than one way to skin a cat, and this applies to storing your seed as well. View the three additional articles below for three ways you can secure your 12 or 24 word seed phrase so you don't lose your stack! Which approach best suits you?
For further study
⚡️ How To NOT Make An Experimental Mushroom Seed, by OT
⚡️ Seed Phrases are Sharp Edges, by Max Guise
⚡️ How to MAKE your own Cold Wallet 🕶️, by @Natalia
⚡️ Reminder to Check Your Bitcoin Setups (Seedphrases, Backups, HWWs, Passphrases), by @denlillaapan
⚡️ Living on Bitcoin in El Salvador,, by Ioni Appleberg
Never stop learning
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⚡️On to Day 4⚡️This post (SNBC - Intro to Bitcoin - Day 3) was last edited 4 months, 3 weeks ago.