Understanding Blockchain Freedom — Episode 004: Get Your Bitcoin Off of Coinbase
Episode 004: Get Your Bitcoin Off of Coinbase
This video comes at an important time in the history of the Bitcoin network where a future fork has the plausible potential to create multiple versions of Bitcoin. Yes, BIP91 is now locked in and less than 20 blocks away from Segwit being active, but there's still potential for something to happen in the future.
This is why it's so very important to remember rule number 1 in cryptocurrency:
If you don't own and control the private key, you don't own the cryptocurrency.
In this video, I walk you through how to get your bitcoin off of Coinbase and send it to either a Paper Wallet or Breadwallet. I explain how to create a paper wallet and how to set up your first mobile wallet via Breadwallet. This is an introductory video for those who only used Coinbase to buy bitcoin but haven't yet transferred it anywhere else. Please be sure to review the last episode where we talked about safety and security.
Websites mentioned:
To view the behind-the-scenes making of this video, check it out here:
Behind the Scenes of UBF Episode 004: My Video Studio
To support my work via donations:
SBD/STEEM: @lukestokes
Bitcoin: https://onename.com/lukestokes
BitShares: luke-stokes
Ethereum: lukestokes.eth
Previous Episodes:
Follow @ubf where I'll be resteeming these videos.
Thank you for supporting this project. I hope it's useful to you, your friends, and your family. I appreciate you resteeming these episodes as well as sharing understandingblockchainfreedom.com on your social media outlets so we can educate more people about the decentralized future.
As a programmer and Steemit witness, I want to help bridge the gap between technology and understanding. I'm constantly working to improve my communication skills to help others. If you have a witness vote available, I would certainly appreciate a vote for @lukestokes.mhth
I just saw this medium post and thought it was another important reminder to control your private keys!
It looks like a hardfork may be coming on August 1st even though BIP91 is locked in.
Bitcoin Cash: What You Need to Know
(Yes, I'm upvoting my own comment to bring awareness to this issue)
Coinbase just reconfirmed they will not be supporting BitCoin Cash: Update for customers with bitcoin stored on Coinbase.
wonderful video and yes am a coinbase.com and the info provided yo keep doing your thing splendid work
Awesome video, Luke. This is great content. Out of curiosity, do you mind if I use the information you provided on creating a paper wallet for a bitcoin.com article?
Thanks Sterlin! No, I don't mind at all. Go for it! Spread the love, spread the knowledge.
Great, easy to follow video of how to set up a paper wallet. This is extremely useful information for all the new members and those new to crypto. Re-Steemed
Thanks for spreading the word!
Right now, Coinbase is the WORST place to keep your bitcoin because they have even came out and said that they weren't going to honor coins from any other forks - basically stealing them from their customers.
https://steemit.com/bitcoin/@ancap47/prediction-coinbase-will-start-limiting-withdrawals-get-your-coins-out-now
If we do end up with multiple versions of Bitcoin, that's certainly how people will view it.
very great info upvoteed
I use Coinbase to buy the coins and transfer them out. Didn't know they have so much problems.
Well, some people don't mind them so much. Others have horror stories. All centralized exchanges come with risk, some more than others. I've heard too many stories of accounts being frozen or trades being delayed for no reason.
Thanks. Will definitely keep my eyes on it. Thanks for sharing.
This is great information, and now I need to act on it. Thank you!!
That's the key, right there! :)
very useful as i am yet to make my first investment and transaction on bitcoin
Good luck!
I already always paper wallet to hold BTC! It's more safe.
Thanks for sharing this is great information my friend. Now I'm following you.
Upvoted and resteemed :)
Excellent, thank you! Paper wallets are my favorite way to go as well.
I have said this before, but blockchain is the MAJOR reason that bitcoin is able to preform so well and compete as a global currency. Although i still do think that it has the potential to be denied by countries that want to control and manipulate it more. However; if there is a chance to play the system then somebody somewhere will always take that opportunity.
Yes, the potential for abuse always exists. The key, for me, is decentralizing the risk and governance models so the points of failure and corruption are less critical or systemic.
But in reality, a country not embracing BTC at this time is akin to saying we don't want U.S. Dollars as the world currency so were not going to accept dollars. Pure stupid.
It is pure stupid, by that's what governments do: protect monopolies with violent force. They would (will?) become largely irrelevant if they no longer had a monopoly on currency creation. The USD world reserve currency status is largely in place because of history (there have been many before us, Bretton Woods agreement, Nixon Shock, etc, etc) and because the US bombs and overthrows countries which get out of line. It's probably why our military budget is so insane. Team world police and all that. So sad.
Look at Russia, Iran, North Korea. China wants to. The dollar is back off of oil. Oil is backed off the dollar. The dollar is backed off oil.... see where im getting at... it is backed by nothing at all
Great post.
I could have used this 2 years ago when I had to try and figure it all out by myself.
I will definitely share this with others who are looking into bitcoin. I won't lie, I sometimes talk people out of crypto because I know they dont have the computer know how. You do a great job of simplifying things so people with basic computer / app knowledge would be able to follow.
Darryl
Ps. I love the Steemit shirt but black on black background may not have been optimal!
Thanks Darryl! Yeah, I agree, the black on black didn't come out well. Always more to improve!
I read the behind the scenes afterwards and saw that you struggled with it.
I do admit it turned out very well and had a finished professional look compared to the previous ones.
Darryl
Thanks man! I do think it's a big improvement. I hope it will continue to get better.