Your Bitcoin is NOT inside your wallet app (and why that saves you)

[KingsDen]

It can't be blamed that most beginners don't have a good understanding of Bitcoin. This is because most of them are focused on making a quick profit and skip the process of learning how Bitcoin actually works. They often jump straight into investing, hoping to make money as quickly as possible, without understanding what Bitcoin actually is or how to keep it secure. That's why it's important for beginners to understand what Bitcoin is and the key aspects involved. Having a good grasp of this can help them gain a better understanding of Bitcoin and avoid mistakes that could cost them a lot in the long run.

This can be said of newbies not in the forum, but every newbie in the forum, they might not be interested in the things of bitcoin, but in as much as they are in the forum, they will be subconsciously be learning about bitcoin. The threads we read everyday, teach about bitcoin, so anyone who has been around here for a while will have some basic knowledge of bitcoin. Unless it's someone who blatantly refuses to learn.

What Op taught about is basic, but sometimes confusing for people who are not attentive. The wallet is just an interface that enables us to interact with the Blockchain in managing our bitcoin.

[SilverCryptoBullet]

This can be said of newbies not in the forum, but every newbie in the forum, they might not be interested in the things of bitcoin, but in as much as they are in the forum, they will be subconsciously be learning about bitcoin. The threads we read everyday, teach about bitcoin, so anyone who has been around here for a while will have some basic knowledge of bitcoin. Unless it's someone who blatantly refuses to learn.

If people can use their time in meaningful ways, they will be ready to learn about Bitcoin, and they can learn about Bitcoin quite well. It's not too much more difficult than how to receive or send money with bank transfer and bank account. With Bitcoin, users must understand difference between custodial wallets and non custodial wallets, then choose non custodial wallets to use.

Steps for receiving and sending bitcoins are not too hard to understand and practice.

Secure Bitcoin wallet tips.

[Franklyn-wood]

It can't be blamed that most beginners don't have a good understanding of Bitcoin. This is because most of them are focused on making a quick profit and skip the process of learning how Bitcoin actually works. They often jump straight into investing, hoping to make money as quickly as possible, without understanding what Bitcoin actually is or how to keep it secure. That's why it's important for beginners to understand what Bitcoin is and the key aspects involved. Having a good grasp of this can help them gain a better understanding of Bitcoin and avoid mistakes that could cost them a lot in the long run.

This can be said of newbies not in the forum, but every newbie in the forum, they might not be interested in the things of bitcoin, but in as much as they are in the forum, they will be subconsciously be learning about bitcoin. The threads we read everyday, teach about bitcoin, so anyone who has been around here for a while will have some basic knowledge of bitcoin. Unless it's someone who blatantly refuses to learn.

What Op taught about is basic, but sometimes confusing for people who are not attentive. The wallet is just an interface that enables us to interact with the Blockchain in managing our bitcoin.

Sure that's true about some newbies who think it's a waste of time to start learning Bitcoin and follow the protocol involved for a clearer understand of what Bitcoin all about.
The wallet serves like a password or account number that through which funds can be sent to an account that can be access anywhere onec the keys are correctly inputted. Knowing all of this makes it easier for newbies at the earliest stage to understand the system  or pattern Bitcoin uses.

[Die_empty]

This can be said of newbies not in the forum, but every newbie in the forum, they might not be interested in the things of bitcoin, but in as much as they are in the forum, they will be subconsciously be learning about bitcoin. The threads we read everyday, teach about bitcoin, so anyone who has been around here for a while will have some basic knowledge of bitcoin. Unless it's someone who blatantly refuses to learn.

What Op taught about is basic, but sometimes confusing for people who are not attentive. The wallet is just an interface that enables us to interact with the Blockchain in managing our bitcoin.

Knowing about Bitcoin is essential to have healthy interactions is essential. Bitcoin is an asset worth having, so I expect most members to be knowledgeable about the basics of Bitcoin.

However, people come into the forum for several reasons. Some come here because of trading, gambling,  politics, and economics. They might not be interested in learning about Bitcoin since they have other interests. If you go to the collectibles section and follow some art competitions, it will be obvious that people are here for different reasons.

But just as you said, as they read threads about Bitcoin and receive prize money or payments with it, they gain knowledge.

[Sobz]

Sure that's true about some newbies who think it's a waste of time to start learning Bitcoin and follow the protocol involved for a clearer understand of what Bitcoin all about.
The wallet serves like a password or account number that through which funds can be sent to an account that can be access anywhere onec the keys are correctly inputted. Knowing all of this makes it easier for newbies at the earliest stage to understand the system  or pattern Bitcoin uses.

I have come to understand that when it comes to wallet many newbies are not even interested to learn the basic to have the understanding and this is why newbies normally have challenges that has to do with wallet. Their are a lot of persons that are doing a major investment hodling and it is in an exchange wallet,  and this is not good for investment because it is not safe but newbies and beginners are unbothered about it. People are very interested of making some profits frok their bitcoin investment and they haven't come to think it if they are securing their bitcoin investment in right way.

[Wiwo]

Sure that's true about some newbies who think it's a waste of time to start learning Bitcoin and follow the protocol involved for a clearer understand of what Bitcoin all about.
The wallet serves like a password or account number that through which funds can be sent to an account that can be access anywhere onec the keys are correctly inputted. Knowing all of this makes it easier for newbies at the earliest stage to understand the system  or pattern Bitcoin uses.

I have come to understand that when it comes to wallet many newbies are not even interested to learn the basic to have the understanding and this is why newbies normally have challenges that has to do with wallet. Their are a lot of persons that are doing a major investment hodling and it is in an exchange wallet,  and this is not good for investment because it is not safe but newbies and beginners are unbothered about it. People are very interested of making some profits frok their bitcoin investment and they haven't come to think it if they are securing their bitcoin investment in right way.

Basically some newbies are just into the business for the profits, infact some of them are not even interested in any wallet aside from the exchange wallets where they can easily buy and sell their Bitcoin and other cryptocurrency assets, without minding the risks that comes with Centralised services like exchange.

Keeping your wallet seedphrass safe is important so back it up as much as you can and keep it offline and privately where you can get access to at any point in time.

Your wallet app on your phone is a power house and gateway to your Bitcoin their are the custodial of your Bitcoin don't be deceive that because Bitcoin is stored in the blockchain to means your wallet app on phone holds no power.

[BlackBoss_]

Keeping your wallet seedphrass safe is important so back it up as much as you can and keep it offline and privately where you can get access to at any point in time.

More advice of backing up a wallet seed phrase.
How to back up a seed phrase?

Your wallet app on your phone is a power house and gateway to your Bitcoin their are the custodial of your Bitcoin don't be deceive that because Bitcoin is stored in the blockchain to means your wallet app on phone holds no power.

It depends on a wallet app/software you are using. If it is a wallet app/software of a non custodial wallet, it is good to use but if it is the one of a custodial service like a centralizedexchange, it is not good. It is better to store your big Bitcoin fund in non custodial wallet and offline (air gapped).

[Awaklara]

Sure that's true about some newbies who think it's a waste of time to start learning Bitcoin and follow the protocol involved for a clearer understand of what Bitcoin all about.
The wallet serves like a password or account number that through which funds can be sent to an account that can be access anywhere onec the keys are correctly inputted. Knowing all of this makes it easier for newbies at the earliest stage to understand the system  or pattern Bitcoin uses.

The initial interest of people in Bitcoin was simply to own Bitcoin. So I think it is only natural that they are not interested in learning more about the use of Bitcoin and wallets. But I am convinced that the longer they invest in Bitcoin, that awareness will eventually continue to grow, making users ultimately more concerned about the Bitcoin they own.

[Taskford]

Sure that's true about some newbies who think it's a waste of time to start learning Bitcoin and follow the protocol involved for a clearer understand of what Bitcoin all about.
The wallet serves like a password or account number that through which funds can be sent to an account that can be access anywhere onec the keys are correctly inputted. Knowing all of this makes it easier for newbies at the earliest stage to understand the system  or pattern Bitcoin uses.

The initial interest of people in Bitcoin was simply to own Bitcoin. So I think it is only natural that they are not interested in learning more about the use of Bitcoin and wallets. But I am convinced that the longer they invest in Bitcoin, that awareness will eventually continue to grow, making users ultimately more concerned about the Bitcoin they own.

Initial interest is to earn with Bitcoin, owning for the sake of using for daily transactions will be less for people.

Maybe learning technical aspects, including the best wallet to use might came later on. Particularly when they heard about cases like wallet has been hacked and many people experience a big problem for losing money.

Yeah awareness also interest to use much secured wallet would eventually came. Especially if their holdings starts to grow and they are also consistent with their accumulation.

[The Cryptovator]

The initial interest of people in Bitcoin was simply to own Bitcoin. So I think it is only natural that they are not interested in learning more about the use of Bitcoin and wallets. But I am convinced that the longer they invest in Bitcoin, that awareness will eventually continue to grow, making users ultimately more concerned about the Bitcoin they own.

You know this is the biggest concern for Bitcoin investment? A lot of investors ended up hacking wallets or getting scammed. Owning Bitcoin and investing in Bitcoin won't be the same, and we have to understand the difference between owning Bitcoin and investing in Bitcoin. You can invest in Bitcoin on Binance, purchase there, and trade.

But when the question comes to owning Bitcoin, then you have to own your Bitcoin by a wallet that you have full control of. In a single word, a true noncustodial wallet is either a Bitcoin Core wallet or any other software hardware wallet. Although Bitcoin exists on the blockchain, but control by the wallet seed or private keys.

[348Judah]

You know this is the biggest concern for Bitcoin investment? A lot of investors ended up hacking wallets or getting scammed. Owning Bitcoin and investing in Bitcoin won't be the same, and we have to understand the difference between owning Bitcoin and investing in Bitcoin. You can invest in Bitcoin on Binance, purchase there, and trade.

The moment you realize the difference between a custodial storage and a non-custodial storage then you will know which said did you fall under, some are already making serious mistake they don't even know the consequences to the steps they are taking, the moment you invest your coins and leave it on an exchange, you are only an investor to that particular exchange and you don't own Bitcoin, except you are that investor that is mindful of using a non-custodial wallet and have full control over your coins, by this you can own your Bitcoin.

[Patikno]

• Never type your seed words into any website, search bar, or form given to you in a Direct Message. No genuine support staff will ever ask for them.

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Now to you all, what was the biggest misconception you had about wallet backups when you first started out?

This is also the most important thing to note. Because, this seemingly trivial thing can actually become a big problem; if ignored. The bottom line is, never expose your wallet phrase, and you should never give it to anyone, or leave it open to disclosure. There iss a case of this happening; a streamer carelessly leaked his wallet key, and he lost a lot of money because of it. You can see this by simply searching for the Ivan Bianco case on Google.

Now to you all, what was the biggest misconception you had about wallet backups when you first started out?

I think many newbies have misconceptions about wallet backups, especially regarding how to handle them. Personally, I used to think that backing up and restoring a wallet required using the same wallet, but that is not necessarily the case.