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BACKUP your Wallet!

There was an issue in my close circle that I need addressed IMMEDIATELY here…
when using any type of wallet to hold your cryptocurrencies you must save your wallets private key, password, and 12 word phrase.

Full node desktop wallets will prompt you immediately to save your 12 word phrase, and will even ask you to re-type it before moving on…. when using an extension wallet you must go and find your phrase and back up your wallet yourself. They will tell you once, make sure you back up your wallet, but they will not show you without you taking the proper steps to find it.

This is the most important thing to realize when we use third party services like Jaxx, Coinbase, Etherdelta and so on…they are still in control of our funds… I realized this week when I moved my BTC from Jaxx, they wouldn’t allow me to take out all of my BTC… they said I needed to keep about $3 in there in order to have gas for transactions.

This has me realizing that by using these 3rd party services…I am allowing them to be the custodian of my $, and I am taking the beneficiary role.

We need to put ourselves into a situation where our finances are SELF-DIRECTED.

Doing so means to download full node desktop wallets like Electrum BTC, Electrum LTC, Ethereum Desktop wallet, or a hardware wallet such as a Trezor, or Ledger. While keeping your information backed up in multiple locations and in multiple ways.

We are learning as we go… we learn from our own mistakes and the mistakes of those around us. That’s what this community is for… we trust each other and are here for each other through it all, learning and growing together.

Do not let the fear hold you back…
We’ve all lost money before, we’ve all made mistakes, we’ve all given our power away… but now is the time for us to get through these trials and learn how to be in total control of ourselves.

 

If you haven’t backed up your wallets and
written down your private key, password and secret phrase…
do so now

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Creating an Ether Wallet… step by step video

Ethereum plays a huge part in the current and upcoming digital world.

The vision is that ethereum would enable this same functionality to people anywhere around the world, enabling them to compete to offer services on top of this infrastructure.

Scrolling through a typical app store, for example, you’ll see a variety of colorful squares representing everything from banking to fitness to messaging apps. These apps rely on the company (or another third-party service) to store your credit card information, purchasing history and other personal data – somewhere, generally in servers controlled by third-parties.

Your choice of apps is of course also governed by third parties, as Apple and Google maintain and curate (or in some cases, censor) the specific apps you’re able to download.

 

The idea is that one entity will no longer have control over your notes and that no one could suddenly ban the app itself, temporarily taking all of your notebooks offline. Only the user can make changes, not any other entity.

Coindesk

Ether can be used to underpin any sort of computer application you can imagine. The use cases for the ethereum network are only limited by the imaginations of application developers. For example, people are developing apps for energy distributiondigital advertising, and a digital marketplace for unused computing power.

The main selling point of decentralized applications, or dapps, on the ethereum network is that they can be run without a central authority facilitating the transactions.

Dapps, because they’re based on smart contracts, also allow for a relatively easy model of collective ownership and even governance using what are known as “tokens” or ICOs.

The key to the Ethereum blockchain is that communities can create ecosystems that support one another through collective ownership.  Entrepreneurs can create tokens to exchange their goods and services with one another through these ecosystems. This is real self sovereignty.

With that being said, creating an ether wallet is your first step.

I recently uploaded my first video on YouTube that walks you through creating an ether wallet, check it out below.

Migwetch <3

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Will Power

Will power… the power to act upon your will.

I will to create
I will to paint
I will to teach
I will to facilitate
I will to share
I will to love
unconditionally

What is your will?

Donate ETH: 0x869C02bAF1cE395f434FEE34f5650e5bB62a42Ab
Donate BTC: 1GyAhFLq531occEzEkfSrxsuFrva1UqSMp

 

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Cryptocurrency Wallets

Now that you’ve purchased some BTC and ETH on Coinbase it’s time to get a private wallet.

See when you purchase your currency on Coinbase, they hold your wallet information. If something were to occur with the site, your wallets could be compromised. So that’s why we have private wallets.

There are a few types of private wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.

  • Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
  • Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
  • Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
  • Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
  • Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.

I have experience with using:

Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network.

Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. If your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful! You are solely responsible.

  • Backup your wallet. Store only small amounts of currency for everyday use online, on your computer or mobile, keeping the vast majority of your funds in a high security environment. Cold or offline storage options for backup like Ledger Nano or paper or USB will protect you against computer failures and allow you to recover your wallet should it be lost or stolen. It will not, however, protect you against eager hackers. The reality is, if you choose to use an online wallet there are inherent risks that can’t always be protected against.
  • Add extra security layers. The more layers of security, the better. Setting long and complex passwords and ensuring any withdrawal of funds requires a password is a start. Use wallets that have a good reputation and provide extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened.

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Crypto News

There were many news stories about cryptocurrency lately… Coinbase was ordered to release the names of 14,000 people to the IRS. Some people have voiced their concerns with getting involved in cryptos due to the news.

I think it is C.E.E.Q.E.R time…

After reading some articles, and knowing about the court hearing that began a year ago… I have a few things to say…

First of all, the 14,355 names and information being asked for by the IRS are people who have received $20,000 or more in Crypto currencies from 2013 to 2015. This makes up 3% of the number of customers on Coinbase.

What do we learn from this?

  1. That the IRS is going to tax cryptos
  2. That 30% of the money generated from the gains people have made, will now be going to the government.

Question:  does the GOP tax bill have anything about cryptocurrency written in it?

I did some exploring and I found out that Nevada and Delaware are two states which have put bills in place that say no local government can tax block-chain technology.

I also read that the IRS was requiring everyone who has mined or bought cryptos and then sold or used to pay for goods or services.

So when we begin getting into Cryptocurrencies we must find all perspectives to understand it from… it’s not just about buying and selling, it’s not just about making money. It’s also about a whole new system about to take over.

This is important information… this is about being aware of what is going on, and be open to learning the new way now rather than later. Being at the beginning of the bell curve and taking advantage of this opportunity to stand in our own power and be self sovereign.

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Cryptocurrencies

For the past few months I have been intensely learning all I can about cryptocurrencies. If you have no idea what I’m talking about, you might have heard of Bitcoin sometime in the past few years and a lot more recently.

Most people hear the word Bitcoin and automatically have an anxious feeling, or have no idea what it is. When I share what I’ve learned with some close friends I get questions like… What is Bitcoin? Is digital currency safe? Whats the point?

So I decided to share my experiences and what I’ve learned so far. Through a number of blog posts I will be discussing what cryptocurrencies are, how they are used and what it means for each of us.

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
“decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation”
Basically… what makes bitcoin so revolutionary is the technology itself… not so much the coin. Though the coin is valuable as well, to me its the block-chain and smart contract technology that make it so.
Block Geeks explain Blockchain technology really well…
blockchain
I urge you to look into block-chain and cryptocurrencies.  Our financial future will not look the same in 10 years, what better time to get started then now.
In order to purchase some cryptocurrencies you will want to create an account with an exchange depending on where you live…
For example, in Europe, you can use:
  • Bitcoin.de
  • Kraken

USA

Asia

  • OKCoin
  • BTCChina
  • BitFlyer
You can use this link to set up a Coinbase account. Begin investing with a top performing currency like Bitcoin or Ethereum first… and then just breathe… it can feel a little overwhelming and scary at first, however you got this. You have the ability to stand in your full power as a self sovereign individual.
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