Episode notes
“You should really try to dive into this stuff and see all the benefits that you can get out of bitcoin, besides just watching your account balance in Coinbase be worth more and more money every day.”
— Shinobi
Location: Remotely
Date: Tuesday 23rd March
Company: Block Digest
Role: Host
With Bitcoin, if you don't control your private keys, you don't own your bitcoin. That means the first thing you should do once you have bought bitcoin is to move it to a wallet you control.
Bitcoin wallets come in all shapes and sizes and offer different use cases depending on the amount of bitcoin you have and how you intend to use it:
For smaller amounts of bitcoin, mobile and desktop wallets are convenient and often simple to use. However, by operating on your device, they are constantly connected to the internet and more vulnerable to attack.
For more significant bitcoin holdings, hardware wallets separate your keys from an internet connection and offer a far greater level of security.
Another option for securing large amounts of bitcoin is multi-signature wallets. A multi-signature wallet requires multiple keys to sign a transaction; this means you can geographically distribute these keys and have no single point of failure.
In this interview, I talk to Shinobi, the host of Block Digest. We discuss the tradeoffs between different wallets, how wallets work, and how you should secure your bitcoin.
This episode’s sponsors:
Kraken - The best place to buy, sell & trade Bitcoin
BlockFi - The future of Bitcoin financial services
Sportsbet.io - Online sportsbook & casino that accepts Bitcoin
Casa - The leading provider of Bitcoin multisig key security.
Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.
Ledger - State of the art Bitcoin hardware wallet
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WBD325 - Show Notes
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