Cryptocurrency All-in-One For Dummies
by Kiana Danial, Tiana Laurence, Peter Kent, Tyler Bain, Michael G. Solomon
Chapter 3
Taking Control of Your Wallet (and Hodling Your Bitcoin)
IN THIS CHAPTER
Understanding wallets and what they do
The different types of wallets, from brains to metal
Where to find a wallet
Working with BlueWallet
Using the Lightning Network
We show you how to buy and sell Bitcoin using other peoples’ wallets — the custodial wallets of the exchanges — in Chapter 2 of this minibook. Here we show you how to manage your own wallet. Before we jump in, though, we start by talking about what a wallet actually is (because it’s not entirely clear even to most Bitcoin owners).
Bitcoin purists believe that unless you manage your own wallet, you don’t truly own your Bitcoin. Legally you do own Bitcoin that you buy from an exchange, for instance, even if it’s held by the exchange and you use a custodial wallet provided by the exchange. That hasn’t helped all the people who have had their Bitcoin stolen from exchanges! To really understand Bitcoin, and have total control over your Bitcoin, ...
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