A (30:00)
Yeah. So one thing that I'm. I'm not going to dive deep into it, but one thing that sometime oftentimes comes up for people when they first get into the bitcoin realm is there are distractions out there. Right. There's all these other coins and things that people will try to market to you and sell to you as this is the next bitcoin. This is worth your time and your blood, sweat and tears and, you know, the fruits of your labor. And while I won't, I'm sure there's plenty of material out there regarding why specifically bitcoin. I will, just for the newcomers watching this, please tread with caution. Over many years, after dabbling in different things, I coalesced on just bitcoin and it took time to understand. If you get in the proper kind of stream of consciousness and you start listening to the right types of content and, you know, here with Walker, you're going to be led down that path. Absolutely. Especially with the prior guests in this series as well, you can begin to understand why that is. So I'm not going to dive into that, but let's chat maybe about the, the practical, you know, what do you actually need to do? What are, what are the main skills that you should probably focus on? So it's important to note that bitcoin is very much like cash or like a physical asset in that you. The. The best way to deal with it is taking full Custody, full control of it yourself, rather than leaving it with a third party. And so you, where we grow up thinking, oh, I got to be responsible for, you know, this, that and the other thing, you know, watch after my passport, keep track of, you know, all my important documents and all that. But the, the glaring hole in that is everybody's like, yeah, but don't you dare try to take care of your own money. No, leave that with the experts over here and they'll do some magic in the background. Don't worry, don't look behind the curtain, but leave your money with us. It'll be safe. And bitcoin is the antithesis of that. Leaving your bitcoin with somebody else is just about the worst thing that you can do it. You know, not only was bitcoin built in and around the premise of, of personal responsibility and removing trusted third parties, but the, the risk is greater there. And what I mean is we've seen many times where exchanges that hold people's bitcoin have blown up either through hacks or internal malicious intent or a host of other reasons. But at the end of the day, mistakes happen and people, real people, lose real money. And it's heartbreaking when that happens. Now some of you may think, well, yeah, but I, you know, if I take control of my bitcoin, what if I make mistakes? And my counter to that is if everybody on exchanges like FTX had self custody, some of them, yes, may have made mistakes, but the people that were on ftx, all of them lost their money, every single one. And so if you can learn the tools and you can learn a few basic concepts and skills, you can very effectively secure your money. And so what are, what are those skills? One, you need to be able to obtain Bitcoin. Where are you going to get it? There's lots and lots of options depending on your jurisdiction. And so, you know, I'm sure, Walker, I'm sure you talk about many different places that you can get bitcoin. So I kind of defer to, you know, places that you've talked about on the show before. But, you know, look locally, what's available for you to be able to purchase bitcoin. Number two is just getting familiar with a regular bitcoin wallet, like a hot wallet on your phone. There's tons of options for this. You know, if you're, if you're on a phone, then some, there's, there's lots of simple options. There's things like Blue Wallet and Aqua Wallet and you know, I like things like Phoenix and, you know, there's a lot of point being there's lots of different options. I've done videos on lots of different wallets on your phone. But this is your initial pathway to understanding what a bitcoin wallet is. Now, the interesting thing about a bitcoin wallet is even though I say you're taking control of your own money, you're holding your own money. Technically speaking, a bitcoin wallet, it. It doesn't hold your money. It doesn't have bitcoin in it. It has something else. And so what I mean is bitcoin is just a big ledger of who owns what. Kind of like a bank would have a record. Okay, this person has this much, this person, this much. That's what the bitcoin blockchain is. It's just a copy of where's all the money? And even though there aren't names specifically attached, there are a record. There is a record of every single sat on on the bitcoin blockchain and what addresses it sits in. And so when you have a bitcoin wallet, what you actually have is the keys to your money. You have a key, a digital key, and it sits on your phone. And when you create that wallet, you take that key, which is information, and you make a spare key. And that spare key, what it looks like is just a copy of, typically 12 words, sometimes 24, but 12 English words maybe written on a piece of paper. Some people go as far as stamping it into steel so that doesn't get burned up in a fire, but nonetheless, it's a piece of information. It's on your phone, and then it's written down in case you smash your phone or you delete the app. And so that's kind of the first major hurdle of learning bitcoin. How do I get a wallet? How do I back it up? How do I recover it if I do something wrong? And so if you can write down 12 words and keep them in a safe spot, which I'm certain many people can, if you have important documents that you've kept safe, you are qualified if you know how to download an application on your phone, you are qualified if you have children and you've managed to keep them, those children, safe and alive and thriving, you are indeed overqualified. So we do many important things. There's no reason to fear writing down 12 words and keeping them safe. So step one, where are you going to get your Bitcoin? Step two, learn a basic bitcoin wallet on your phone. And then I would say the third and final step for your average person is going to be let's get in something a little bit more secure. You can get a specialized device to secure your Bitcoin, often referred to as a hardware wallet. And this just keeps the keys to your money instead of on your phone. It keeps them on a special security device that's totally offline. And so if you can do those three things, get bitcoin, learn about bitcoin wallets and then graduate to a hardware wallet, you're nailing it in the bitcoin realm.