How should I prevent myself from being tempted to spend or sell my bitcion savings? Should I store my keys in a place that is far away or difficult to access? Should I give them to a trusted relative for safe-keeping? Should I use timelocks? Are there any good alternatives?
These questions are from the August monthly patron session, which took place on August 24th 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in Bitcoin. He is the author of “Mastering Bitcoin,” “The Internet of Money” series, and “Mastering Ethereum.”
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Need you to step up andreas
2 comments:
1 – bitcoin must always remain backwards compatible otherwise Sathosi's coins would be rendered useless considering they have not moved and considering he was the creator!
2 – time lock is beyond stupid. Suppose you fall on hard times and need to access your coins…..you're screwed. Suppose the price suddenly soars to 10 million per btc. If you have 2 BTC and you wanted to sell one because you don't know where the price will be in a year – YOU'RE REALLY SCREWED. NEVER —- EVER — GIVE UP YOUR ABILITY TO ACCESS YOUR COINS! Doing so is as dumb as it gets!
Just trust yourself not to spend the btc. Get a ledger and get it of an exchange and if you spend it you can only blame yourself.
With bitcoin, where there is potentially a drop as experienced lately, it should be seen as a potential to buy. The current correction in reality is long overdue and should be seen as a thing of joy as the dump is very temporal and also provides a unique time to grow your portfolio. I remember how last year at the peak of the bearish market when people where losing hope, my colleague was steadily cashing out and eventually introduced me to a trader, Rodney Howard whose system is so reliable, I saw my bitcoin portfolio grow by over 300% when others where selling their stash out of fear. Now same thing is happening and I am unfazed because I still trade using Rodney’s signals which have been confirmed to be among the most accurate among other providers in the space today. It’s a time to be smart and take advantage of a seemingly bad situation. Rodney can be reach by * Email (Rodneyhoward07@gmailcom) or via Whatsapp: +19083642121 and * Telegram @ Rodney07 * for an insight into his trade system
@aantonop — Could you do a tutorial on multisig?
Nice advice. Here's one for you: try to improve audio quality. There are really good microphones for just $40 or even less.
Props to Andreas for admitting he'd be "too scared to use time locks for fear of messing it up". He is smart enough to know that mistakes happen and he is not perfect. Timelocks *lock* your BTC, and permanently locking your coins forever is very easy. There is no undo in Bitcoin.
Andreas thanks for the education you provide. You're my absolute role model and I follow you everywhere. I hope we can sit down for a chat when you come to Nairobi, Kenya – the home of Mpesa. Whatsapp +254 722 803 061 By the way, that talk you gave to the Senate of Canada in 2014 is my very favorite video. You were confident, articulate and a great educator. The senators were so impressed, they applauded you at the end! Your predictions 5 years later are coming true!
dear developers, if Andreas is scared to use time locks there's your opportunity to make them easier
Lack of texture on sheetrock?
short answer – grow up and learn to control your stupid urges
@aatonop concrete is the solution, concrete a bottle with the keys inside his house, safer than most safes – and it will take a lot of work to recover.
I lock to 2022. In ledger nano s
How do you things ?
Always very informative while keeping the humor, Thanks Andreas!!!
Bitcoin introduces personal responsibility for your money. It is now your responsibility to safely store your funds. Liberating and a bit scary, but essential.
I wish there were different kind of crypto youtubers. The standard model of looking at coinmarketcap, acknowledging the daily winners and losers, looking at the chart, drawing a couple of triangles, and getting to the news–it just doesn't work. That's for a very specific niche of people–gamblers. I bet there are lots of people even in the developed world who want to use BTC as a checking/savings account. Sure, it doesn't sound sexy but neither does "leverage trading using Mac D RSI strategy" whatever the hell that is. Kids nowadays…
One option would be some kind of multisig with different key-custodians that you trust
Maybe someone comes up with a time lock service rather than time lock software, that way if u do mess up you have an out.
One idea is to put in a safe in another country or give a relative only part of the seed or password for accessing your wallet. You keep the first part and you put away the other half.
Can you please speak of safety of Bitcoin IRA that uses a triple key system (through Bitgo), cold storage…?
Get well Andreas ❤️ fighting through that cold like a champ
I think @andreas got the question wrong when I listen to his first answer. The viewer asked about "keeping the bitcoin safe from himself", so putting the keys somewhere difficult to get, is an idea that would work if the viewer remember where he put them. Also, do not work well for inheritance.
I should have never asked this question. Andreas destroyed me and my self esteem just went back to 14 years old levels:)
Thank you for this teaching
What's is multisign
What is time lock
topical
if the bank's go down so will bitcoin, btc needs the banks to turn your bitcoin to cash, so if the banks shut there doors how would we get cash for our bitcoins?
Thanks Ustad.
how to buy & sell bitcoin if you have no bank account?