GET YOUR COINS OFF EXCHANGE!

You bought some bitcoin?

Great.

Next step is to get your coins off exchange!



This should be your top priority now.

Why?

Because you don't own any Bitcoin.

Why?

Glad you asked.

Coins on an exchange are IOUs.

Or in other words:

The exchange owes you bitcoin.



Not you keys, not your coins.

Let's fix that.

First, get a hardware wallet.

A hardware wallet is a "signing device", a small dedicated computer for you bitcoin operations.

Here are my two recommendations:

COLDCARD® Mk4 by Coinkite
Use coupon code "TEACHIN" for a 5% discount.

– or –

Passport by Foundation Devices

Don't buy hardware wallets from 3rd parties.
For safety reasons, always buy directly from the actual manufacturer from their official website.

Do I really need a hardware wallet?

In case your balance is below USD 1000, or so, an alternative option would be to utilize a mobile wallet, such as BlueWallet.

Second, you should definitely use a backup system for your recovery seed words.

A solid system, that withstands the elements like fire, water, and the test of time, is essential for reliability and longevity.

I recommend getting a Cryptosteel Capsule (or a Cryptosteel Cassette) as long-term and long-lasting storage solution.
Use coupon code "TEACH_ME_BITCOIN_SON_CS10" for a 10% discount.



So, as soon as you receive your hardware wallet, set it up.

If you decide to use a COLDCARD®, here is a quick start guide.

If you decide to go with the Passport, follow this setup guide.

Use this guide to create a mobile wallet using BlueWallet.

Please don't hesitate to reach out via direct message on Twitter if you have any questions.



My setup process looks like this:

1. Create a seed on your (first) wallet.
Use dice rolls if you are using BlueWallet or COLDCARD®.

2. Backup your seed words using a Cryptosteel Capsule.
There are also other steel backup solutions out there.
If you have to rely on a paper backups, consider creating multiple copies and store them on different locations.

3. Receive a small mount on your (first) wallet.

That's it?

Not yet. Now we have to test everything!

4. Destroy the seed from the wallet and restore it using the recovery seed words.

That's it?

Yes, but "Two is one and one is none."

I like redundancy and use two hardware wallets plus one metal backup for each seed.

But that is just me.

For more security use a passphrase, or multiple passphrases.


And if you are using passphrases, you should secure them too.

Why?

Not your keys, not your coins.



For even more security, you could use multisig, but that is a topic for another discussion.