3 Must-Have Bitcoin Products💥
In order to achieve the full potential of bitcoin, you're going to need a handful of things.
Bitcoin is much more than buying it on an exchange and waiting for the price to go so you can cash out with a profit. Bitcoin is a bank in cyberspace that lets you do whatever you want with your wealth at any time without possibility of your funds being confiscated. I've been using bitcoin for the past 5+ years and found these 4 things helpful.
Combining these 3 things will allow you to use Bitcoin with the necessary security, privacy, and insurance.
Thing #1: Self Custody Wallet
Getting your own bitcoin cold storage wallet gives you possession of your bitcoin.
If you leave your bitcoin on an exchange, you really do not own that bitcoin. Think of it as an IOU. The holy grail of bitcoin security is a Coldcard Mk4 wallet set up in a multi-sig with Sparrow desktop software. For those just starting out in bitcoin, there are beginner wallets to use such as the Ledger Nano S or Trezor Model One.
Thing #2: Seed Metal Backup
A seed metal backup is insurance against your wallet being lost, stolen, or broken.
After you get a physical wallet and some bitcoin transferred to it, invest in a steel backup plate that keeps your wallets seed words safe in case of an emergency. If there is a fire or flood inside your house, there's a great chance the steel backup can protect you from losing your bitcoin stack. I like the Billfodl or Cryptosteel.
Thing #3: A Bitcoin Node
Running a Bitcoin node allows you to interact with the Bitcoin network more privately and securely while proving ownership of your bitcoin.
A Bitcoin node can be any old computer you have lying around that runs a version of Bitcoin software. Running a node improves your security by eliminating the possibility of exposing your private keys to the internet. A node lets you broadcast your own transactions which helps to not compromise your private information. Check out MyNode for more information.
Implementing these 3 things allow you to take full ownership of your bitcoin with the necessary security, privacy, and insurance to use this form of money to its greatest potential!
Happy Friday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter: @epodrulz
Disclaimer: This should go without saying: This is not financial advice. This is not investment advice. I write this newsletter for education and entertainment. Act accordingly.
