In this course, you will learn what you need to know about getting started with cryptocurrencies. This step-by-step online video course is aimed at the absolute beginner in Bitcoin & Cryptocurrency. Cryptocurrency is the future and this course can help you navigate the world of Cryptocurrency so you can get started down the road to financial freedom. To really understand what is special about Bitcoin, you have to first understand how it works at a technical level. After this course, you’ll know everything you need to know to be able to separate fact from fiction when reading claims about Bitcoin and other cryptocurrencies.
In the pursuit of better technology, things get a little messy along the way. While the way Bitcoin addresses are formatted has changed quite a lot, it really isn’t something the average person needs to care about. Bitcoin has used different standards over the years leaving a few standards in use at the same time, making the complex string of character even more intimidating than it needs to be.
We use the ColdTi.com Titanium plate for our crypto seed storage. Instead of buying and using a punch set, we purchased a Dremel Electric Engraver model 290-01 120-Volt model. It’s much easier and you will always have other things you can engrave. Also, instead of etching our seed words onto the plate, for extra security we use the corresponding number from the BIP39 word list. Which you can find at Github: BIP39 Wordlist in different languages or one from kryptodots that is easier to print.
Why you should use a metal plate wallet to store your recovery seed phrase:
1. Offline: safe from hardware failure, no third-party trust required, safe from online hackers
2. Rugged and Durable: fireproof, waterproof, rust and corrosion resistant (for stainless steel and titanium plates)
3. Transferable: can be given to your loved ones or heirs, your coins are always recoverable with the seed key
We bought the titanium plate and engraver from Amazon for around $35.
Being that Bitcoin is decentralized, there is no standard, nor governing body, to dictate what notation should be used for it. Nonetheless, “BTC” has been the generally accepted abbreviation for Bitcoin stemming from the early days of Bitcoin.
“XBT” is a new abbreviation for Bitcoin that is starting to come into use and reflects its growing legitimacy as an international currency.
The abbreviation “XBT” comes from the International Standards Organization (ISO) that maintains a list of internationally recognized currencies. The standard dictates that if a currency is not associated with a particular country, it should begin with an “X”, hence “XBT”. Another example of this is the abbreviation for gold, “XAU”.