Overcoming dependency on the behaviour of others

Another common type of “mis-blink” we can easily fall into during times of change is called ‘dependency’. This arises when we know what we want to do but will only do it depending on (or conditional…

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Bitcoin Wallets

For when you don’t want to wait 10 days to sync the entire Bitcoin network.

A Bitcoin wallet is the first step to using Bitcoin, but before we begin…

Just like in your real life, your funds and wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. These features also come with great security concerns. So always be on guard. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.

A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. You can think of a wallet as your personal user interface to the Bitcoin network of nodes, similar to how your online bank account is an interface to the regular monetary system.

Bitcoin wallets contain private keys; secret codes that allow you to spend your bitcoins. In reality, it’s not bitcoins that need to be stored and secured, but the private keys that give you access to them.

In short, a Bitcoin wallet is simply an app, website, or device that manages Bitcoin private keys for you.

In our case, we’ll start with a desktop wallet, Electrum, which does not use a lot of resources, and allows you to recover your wallet from a secret phrase. We’ll use mobile wallets for Android and iOS later in the course.

2. Install electrum and create your personal wallet

name it something useful
create a new seed
Choose a standard seed type
now re-type it to verify you wrote it down correctly
choose a password to encrypt your keys. you can always generate these keys again using your seed, but if you do not encrypt your private keys, your wallet is easily stolen.

If you would like to receive Bitcoin (who doesn’t!?) then you need to provide the sender with your wallet address. Electrum can (and does) generate many public wallet addresses

Next, you can provide the sender with either the QR code, or the wallet address directl. In this case:12VQ3LWwDrUmB3rounmZAfLFLBaLf11DvZ

Electrum will show these transactions as pending until the bitcoin network confirms that bitcoin was sent to the address.

Electrum will notify you immediately once it sees funds have been sent (but they will be unconfirmed until at least the next block is mined -between 0 and 10 minutes).

This transaction has not been confirmed yet by the bitcoin network

To send bitcoin, you first need a balance in the wallet.

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