TD₿: Recovery Seed, PIN and Passphrase by SatoshiLabs
TL;DR Understanding the basics of self-custody will help people feel comfortable withdrawing their Bitcoin from exchanges and taking self-custody of their sats.
Hey Bitcoiners,
An area of Bitcoin that still remains very confusing for beginners is self-custody and private key management.
It can be daunting for newcomers to learn about how to take self-sovereignty of their bitcoin and, unfortunately, the consequences of making a mistake are extraordinarily high.
The Swan team often gets peppered with all kinds of questions about self-custody like, “Should I use this hot or cold wallet, and what’s the difference?”, “Does this mean my bitcoins are stored on this device now?”, and “What the hell do these 24 words mean?!”.
SatoshiLabs wrote this quality blog post that provides an overview of the differences between recovery seed phrases, passphrases, and PINs (08/12/2016).
It’s vital that we continue to teach the basics of self-custody to beginners so they feel comfortable withdrawing their bitcoin from exchanges and taking ownership of their bitcoin.
Every time a newcomer takes self-custody, another sovereign individual is born.
Tick tock next block,
Cory Klippsten
Sign up for Swan and receive $10 in free Bitcoin today.
Quote of the Day
“If enough people take self-custody of their Bitcoin we win no matter what they try to do.” - Nico, Host of Simply Bitcoin
Meme of the Day
