Self-Custody Terms every new Bitcoiner should know!
WaykiChain Governance Coin
**Wallet:** a digital wallet used to send and receive bitcoin. While bitcoin is held on the blockchain, bitcoin wallets contain the private keys needed to sign transactions. **Seed words:** a sequence of 12 or 24 randomly generated words. These words are a wallet’s backup. **Passphrase:** an additional word or phrase that adds an extra layer of security to your backup. Always store this separate from your seed words. **Private key:** a secret alphanumeric password/number auto generated when you make a new wallet. A private key proves ownership. **Public key:** used in a transaction to verify that the owner of the corresponding private key has created a valid signature as proof of ownership of funds. **Extended public key (Xpub):** a master view into your bitcoin wallet. Anyone with your Xpub can derive all of your public keys (see every past and future transaction that you make). Best options for self-custody Mobile: Samourai Wallet Desktop: Sparrow Wallet Hardware: Passport Wallet
Bitcoin & El Salvador discussed at 29:05: "Bukele took central bankers from 44 countries to Bitcoin Beach, a local economy running on bitcoin. These 3rd-world countries currently base their economy on the USD, but they only see the negative effects when we print. An alternative is needed."