Cryptocurrencies simply explained - by TenX Co-Founder Dr. Julian Hosp: Bitcoin, Ethereum, Blockchain, ICOs, Decentralization, Mining & Co by Dr. Julian Hosp

Author:Dr. Julian Hosp [Hosp, Dr. Julian]
Language: eng
Format: epub
ISBN: 9789881485083
Publisher: Dr. Julian Hosp
Published: 2017-12-05T23:00:00+00:00

IMPORTANT

You can NEVER LOSE your coins. Coins can NEVER get lost. They always stay on the blockchain. You can lose the private key that gives you access to these coins. If you have written down the private key as a paper-wallet as well, you can just buy a new hardware wallet and enter the private key, and you have access to all your funds again.

What if you do NOT control the private key:

It is very important to understand that if you are using services where you do not know your private key, you are not actually in control of your money. The company you entrust your private keys with is. In return, they provide a typical “login-password” user interface that makes it easy for people to send cryptocurrencies to other people, since this is what they are used to from sites like PayPal, etc. If you do this out of convenience, like on an exchange, etc. then it is okay, as long as you know what you are getting into. Here are some examples:

Exchanges (where you can change cryptocurrencies among each other or into fiat currencies)

Private-wallets from companies

3rd party providers that facilitate the access to cryptocurrencies by offering a “PayPal-like experience”

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