Even though I don’t understand how Bitcoin works, Tiago Reis, founder of Suno, has always been a strong critic of the largest cryptocurrency on the market. After Israeli police on Tuesday (10) froze Hamas accounts at cryptocurrency brokers and banks, the investor spoke again about the issue but was slaughtered on his social networks.
“The statement that ‘Bitcoin is a protection in a war scenario’ is being tested”, He wrote Kings on freezing funds.
In the comments, several followers noticed that the cryptocurrencies were listed with a broker and tried to explain the difference to Reis.
“Whoever has money on Binance does not have Bitcoin, they have credit on Binance, having Bitcoin is something else”remarked George Huxcley.
“Good evening Tiago, are you okay? There is a big difference between owning BTC and having a BTC balance with a broker, just like having gold in the vault and investing in gold. One of BTC’s most important ideas is to exclude intermediaries, so this reasoning is not coherent.”said Ishmael Zanchi.
“Tiago, cool, I might take some time to study bitcoin and cryptocurrencies in general, or at least bitcoin. Even if not as an investment thesis, but at least stop talking so much nonsense. This is a basic concept for anyone investing. Not your keys, not your coins”said Silas Aleixo.
Despite several educational attempts, Tiago Reis did not recognize that he was wrong and tried to bring more empty arguments into the conversation.
“Many people say “now (sic) your keys, not your coins”. Let’s be honest: the vast majority of people don’t even know what that is. Invest through exchanges as they have really improved the user experience”Reis replied in another tweet.
“And they were the ones doing the ‘invest in Bitcoin’ marketing. Without them, Bitcoin demand would be much lower and the price lower. “Now (sic) your keys, not your coins” is an argument that ignores the fact that most people don’t even know how to transfer custody. In other words, these people will not benefit from any of the few benefits of Bitcoin.”
Many people say: “now your keys, not your coins”.
Let’s be honest: the vast majority of people don’t even know what that is. They invest through exchanges because they have really improved the user experience.
And they were the ones doing the “invest in Bitcoin” marketing.
If… https://t.co/ITmyCXSRlm
— Tiago Guitian Reis (@Tiagogreis) October 11, 2023
How to Choose a Bitcoin Wallet
Using a Bitcoin wallet is a simple process and choosing one of the many wallets available takes less than 5 minutes. A good place to start is Bitcoin.org’s section “choose your wallet” It comes with an easy-to-understand step-by-step guide.
The first screen highlights the difference between mobile, PC and physical wallets, each with its positives and negatives.
In the next step the site asks if you are a new or experienced user, we choose the first option, this is the case with Tiago Reis.
On the next screen, the tutorial will ask you what you’re looking for in a wallet, asking you to select options such as control, transparency, and other items.
“Control: Some wallets give you complete control over your bitcoins. This means that third parties cannot freeze or take your money. However, you are still responsible for the safety of your wallet.”
After the fourth step, Bitcoin.org presents 3 options that should meet the expectations of Reis or any other novice investor. In this case we selected wallets for Android, but there are good options for all operating systems.
How to securely store your private keys
After choosing the wallet, the user only has to go through a few more screens before having full access to Bitcoin. However, it’s worth emphasizing how important it is to keep a safe backup of your opening sentence, usually a set of 12 or 24 words.
If you miss these words, you will lose your money. If anyone else has access to your words, you lose your money. Therefore, this is the most important step in the entire process.
Although the wallet itself stores a file on your device (mobile phone/PC), there is a risk of damaging your mobile phone/computer. Therefore, one of the methods most commonly used by investors is to write down these words on a piece of paper, which can be kept, for example, in a safe or other safe place and imported into another device if necessary.
Another tip is to have multiple copies of these words, but this increases the risk of a third party having access to them. In other words, you need another five minutes to think about how to keep this “password” safe, nothing impossible.
Physical wallets, also called hardware wallets, are an even better option for those who value security. They can be purchased on sites like KriptoBr and provide malware protection despite the cost because they operate in a secure environment.
Finally the sentence “In short, you just want”, spoken by one of Reis’s followers without his profile, describes how easy it is to understand and use Bitcoin. For other cryptocurrencies there are also other wallets that work in the same way.
We hope that Reis goes through this experience to understand the basics of Bitcoin. Even if this doesn’t convince you of the benefits of digital currencies, we’re at least taking this conversation to the next level.
“What I find most interesting about the remaining investors in Bitcoin is their willingness to convince you that you are wrong.”
What I find most interesting about the remaining Bitcoin investors is their willingness to convince you that you are wrong.
If I buy a share of Petrobras and someone tells me I’m wrong, I listen to the arguments. And that’s it. Spending time trying…
— Tiago Guitian Reis (@Tiagogreis) October 11, 2023
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
