Bitcoin Tech #3 - Wallets with Shinobi - WBD325
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 24 March 2021
⏱️ 84 minutes
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Summary
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:
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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.
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For more significant bitcoin holdings, hardware wallets separate your keys from an internet connection and offer a far greater level of security.
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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.
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Transcript
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| 0:00.0 | You should really try to dive into this stuff and see all the benefits that you can get out of |
| 0:08.0 | Bitcoin besides just watching your account balance in coin-based be worth more and more money every day. |
| 0:15.0 | Hello there from Bedford in the United Kingdom. |
| 0:19.0 | As you know, it's the Bitcoin Capital of the world. |
| 0:21.0 | How are you all doing? I've just woken up to a very interesting |
| 0:25.3 | tweet from Elon Musk discussing how Tesla are running their own nodes, how they're |
| 0:29.6 | going to be accepting Bitcoin and how they're not going to be converting that back into Fiat. |
| 0:34.4 | It's a pretty bullish start to the day. |
| 0:36.9 | Amazing stuff. Anyway, welcome to what Bitcoin did podcast, which is brought to you by the |
| 0:41.6 | mighty Cracken, the best place to buy, sell and trade |
| 0:44.3 | Bitcoin. I'm your host Peter McCormack and today I've got another tech update with |
| 0:48.7 | Shinobe and this time we're going to be getting into wallets. But before that I do have a message from my show sponsors. |
| 0:54.8 | And first off today we're going to kick off with a wallet. So Exodus wallet. Now as some of you know I've been |
| 1:00.6 | having some banking difficulties. My bank, Lloyds, wrote to me and gave me |
| 1:05.1 | 65 days notice and said, Pete, we're closing down your bank accounts. They don't like what |
| 1:09.9 | I'm doing. I suspect it's because of Bitcoin. So because of that, I've had to rethink a lot about the way I operate my business. |
| 1:16.0 | And one of those things is that I am increasingly accepting Bitcoin. I'm increasingly holding |
| 1:21.0 | Bitcoin and I'm increasingly paying people with Bitcoin. |
| 1:24.0 | And my accountant at the end of each month was getting a bit annoyed with me. |
| 1:27.6 | She was like, Pete, I need an audit of your transactions, who you're sending it to, |
| 1:32.1 | who you're receiving it from, when's it happening, and I was pretty |
| 1:35.1 | shitty in my recordkeeping. |
... |
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