Week Recap

Two weeks ago, Bitcoin was still largely an idea.

This week, it became something more concrete. Here’s what’s now in your toolkit:

Exchanges are where most people buy Bitcoin. They’re not where serious holders store it. The exchange holds the Bitcoin — you hold a claim against their balance.

Wallets hold your private key, not your Bitcoin. Bitcoin never leaves the blockchain. The wallet is just the tool that lets you prove ownership and authorise transactions.

Hot wallets are connected to the internet — convenient, fine for smaller amounts. Cold wallets are offline — more secure, better for larger amounts you’re holding long-term.

Custodial wallets rely on a company to hold your key. Self-custodial wallets mean you hold it yourself. Not your keys, not your coins.

Your seed phrase is everything. 12 or 24 words that can reconstruct your wallet on any device, anywhere. Write it down. Keep it safe. Never share it.

Receiving Bitcoin is simple — share your address. Sending Bitcoin requires care — transactions are irreversible, and addresses should always be double-checked.

Most people who’ve been through this process describe the same thing: the first time it actually works — the first time Bitcoin moves from an exchange into a wallet they control — something clicks. The concept becomes real.

The next 11 days cover the things that go wrong — common mistakes, what to watch out for, and how to protect what you’ve built.

Tomorrow: the mistake that costs people Bitcoin more than any other.

— The Daily Bit