Bitcoin Basics: A Beginner's Guide to Bitcoin and Blockchain by Gordon Marc
Author:Gordon, Marc [Gordon, Marc]
Language: eng
Format: epub
Published: 2020-05-10T16:00:00+00:00
The most important advice I have to offer in this entire book is the famous quote below:
“If you don’t hold the private keys, it’s not your bitcoin.”
Or a shorter version of this, “not your keys, not your coins.”
If you think your bitcoins are safe in an exchange or being held by a third party, think again. A common way to think about bitcoins is to think about controlling rights. You never truly hold a bitcoin, but you can hold a key to control its movement.
That control of a bitcoin’s movement is the closest thing you will ever get to ownership of it. Sure we have the ability to move money from our bank to another bank, until they decided to arbitrarily freeze our account for no reason.
In this sense Bitcoin is a lot more real than your bank account balance is or ever has been. If you and only you hold the keys, nobody can take that Bitcoin away from you. How’s that for digital financial freedom?
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