Researching Crypto - BTC ETH XRP SHIB AGS AUS with free bitcoin
Overview:
Many people hold their entire crypto exposure in accounts offered by Crypto Exchange platforms such as:
• CoinSpot - https://www.coinspot.com.au/join/REFKP4P5P
• CoinBase - https://coinbase.com/join/VS2N0Q?src=referral-link
• Binance
The issue being, that these exchanges operate under a custodial model of ownership, meaning that your account balance with these platforms is essentially like a bank account where it is merely a “promise” to pay you your amount of a given crypto coin at a point in time when you go to withdraw or send it somewhere.
Recently (Nov/Dec 2022) a high profile failure and fraud at the platform FTX led to almost all customers losing their entitlement to their crypto holdings as they simply didn't exist anymore, and hence counterparty risk had reared its head.
This is a great intro video to crypto -
https://www.youtube.com/watch?v=AQO7KePXUEQ&ab_channel=CryptoCasey
Coins and Token:
There are quite literally thousands of coins and token in the crypto space, but no doubt most people have heard about the main crypto coins:
bitcoin BTC
ethereum ETH
Ripple XRP
it is strongly suggested to research the background of each coin, what the coin represents in terms of its functional purpose and the levels of acceptance and maturity of the coin versus the more recenlty created "meme coins"
Stable coins on the other hand are an intersting concept where the coin or tokan is pegged to something of value, and two such relevant and easy to understandones are token backed by Ainslie Bullion for Gold (AUS) and Silver (AGS) where each token represents 1 gram of physically backed and vaulted precious metal. This is particularly interesting when after a sufficient balance of each token has been accumulated, that the holder of the tokens can even seek to redeem those tokens for the underlying physical metal. for more on that this is the Ainslie bUllion website for those tokens https://goldsilverstandard.com/ (disclosure we are so fascinated with this, we bought some AGS ourselves and hold alongside other precious metals investments too)
Private Wallets:
Private wallets are quite similar to the ASX CHESS sponsored holding or HIN, with one major difference being that you are the only party outside of the distributed blockchain workings who has access to your private wallet pass-phrase key (password).
Private wallets can be either:
• HOT wallet – connected to the internet via an app that facilitates transacting with the blockchain
• COLD wallet – stored onto a purpose designed and secure device only connected to the internet when being transacted
Initially CoinBase was used via the CoinBase Wallet app to create the private wallets, but also the Exodus app suite looks good for a pure non-custodial hot wallet approach
For cold wallets, some brands include Ledger, Trezor and SafePal :
You can get started with some free bitcoin for simply opening an account, with these referral code links:
CoinSpot - https://www.coinspot.com.au/join/REFKP4P5P
Pass Phrase:
!! Lose your pass-phrase and you’ll have lost access to you crypto account and the coins within it !!
There is no centralised helpdesk, so retaining and secure storage of the pass-phrase itself is of utmost importance. Anyone who has your pass-phrase can connect to your Private Wallet very simply and transfer your crypto out.
this template might help to ensure important information is kept in a safe place, but please only even hand write these details and store them in a safe and secure place.
you can of course have as many crypto wallets as you desire, so as long as you're organised and have a safe storage place, no doubt you'll adapt the below suggestion to suit (except the 12 word pass-phrase !!)
{Wallet Reference} Setup as at yyyy-mm-dd hh:mm
FirstName LastName ({wallet name / reference}):
These are the 12 recovery words the Blockchain said to keep
word1 word2 word3 word4 word5 word6 word7 word8 word9 word10 word11 word12
for App reference only: Unlock code: {PIN Code} as of yyyy-mm-dd
Exodus / Trust live balances with pass-phrase on FirstName LastName phone (yyyy-mm-dd)
Exodus / Trust live balances with pass-phrase on FirstName LastName tablet (yyyy-mm-dd)
Exodus / Trust live balances with pass-phrase on FirstName LastName laptop (yyyy-mm-dd)
Exodus / Trust live balances with pass-phrase on FirstName LastName computer (yyyy-mm-dd)
We hope your get off to a real head start and enjoy the research we've shared.
Also don't forget to claim your free bitcoin
CoinSpot - https://www.coinspot.com.au/join/REFKP4P5P