A Beginners Guide to Bitcoin and Cryptocurrencies by Acquilia Adams

Author:Acquilia Adams [Acquilia Adams]
Language: eng
Format: epub
Publisher: Acquilia Adams
Published: 2021-01-16T00:00:00+00:00

https: //pro.coinbase.com/

Make sure that you don’t buy garbage coins like BCH (Bitcoin Cash) or BSV (Bitcoin Satoshi’s Vision). These are both failed offshoots (“forks”) of Bitcoin (BTC) and will never make you any money. The correct ticker will have BTC in it. If you are buying Bitcoin (BTC) using US dollars in Coinbase Pro, the ticker is BTC-USD.

My favorite hardware wallet is the Trezor Model T (I’m not affiliated with or being compensated in any way by Trezor). It’s not cheap at $170, but it might make sense if you are holding any significant amount of Bitcoin. Even if the value of your Bitcoin is relatively small right now, think about how you will feel if Bitcoin goes up from here. Will you still be comfortable storing your Bitcoin with a third-party custodian or on a hot wallet?

The Trezor wallet is open-source, which means that there are many eyes scanning the code worldwide and looking for possible bugs or other attack vectors. The Ledger hardware wallet is closed source, so I do not like it. Ledger also has a history of having its customer database hacked and spilled onto the internet, complete with home addresses! I like the ColdCard hardware wallet as well, but it is not as easy to set up as the Trezor.

Never buy a used hardware wallet, or buy a Trezor from a third-party source. If you do, the seller may have loaded some malware onto the Trezor that will allow him to remotely steal your Bitcoin. The fewer middlemen, the better for security.

When your Trezor comes in the mail, make sure that the package has not been opened, and that the tamper-evident holographic seal is still in place on the Trezor itself. When you first connect your Trezor to a USB port on your laptop or desktop, it will install the latest firmware. If it does not prompt you to do this installation, something may be wrong. An attacker may have already installed their own malware onto the Trezor. If this happens, contact Trezor support immediately.

Make sure that you are using the Chrome browser and that you go to this page before you plug in your Trezor:

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