The Mark Moss Show Jan 03, 2022

Go ahead and set a reminder for this on your phone if you're not driving. If you are, why don't you wait till you pull over. But we are talking about bitcoin and it is big. It is the biggest movement. And so each and every week I try to bring to you. I don't try, I do bring to you the information, the education, the up to the minute news that you need in order to succeed in this digital revolution, this decentralized revolution that's happening. And so thank you for

joining me. I'm gonna make sure that it is the most profitable part of your week, the most important part of your week. This is the information that you need to know. Now Here, we are finishing out the end of it's always that time where we can just seem to, you know, look back on the year that just happened and ask ourselves, what the heck did happen? Uh, And then we kind of have like this blank slate to

make the next year the best it can be. Uh. You know a lot of people set these New Year's resolutions, and you want to make more money, and you want to lose weight, and you want to have better relationships, and on and on and on. Um. There's an old Chinese proverb that says that the best time to plant a tree it was twenty years ago. The second best

time to plan a tree is today. And so we don't have to wait until New Year's in order to make these big changes, but for some reason, psychologically we do. And so UM, you know, I think Um, last week we talked about some of these things that you can do. We talked about tax lost harvesting, which is a good thing to do. UM. But I want to talk about something else today that is Ah, it's a big issue for everyone listening. It's super important and you need to

make sure that you handle this properly. Um. And here at the end of the year, going into two twenty two. It's a perfect time to level up your game. All right, now, what am I talking about? Well, to set the kind of preface, what I want to explain to you today is one of my really good friends. And I hate to say that he's one of my good friends, because it shouldn't have happened to somebody that's one of my good friends. But it's happened to me as well, one

of my good friends. I talked to him this last week and he lost over a million dollars of bitcoin from his coin base account. And I don't want anybody to lose a dollar, much less a million dollars out of their coin Base account, which you would think should be one of the safest places to keep your bitcoin or your cryptocurrency or whatever you have. Now, I made a video on YouTube. I think it was July this year.

You can go back and find it on my YouTube channel, and it's you know how I lost two million dollars worth of bitcoin. So it's happened to me, it happened to one of my one of my good friends, and it can certainly happened to you. Happens to thousands of thousands of people, and and this year finishing that this year. You have a little bit of time off right now you have next year set your New Year's resolutions. I

want you to level up your game. I do not want you to lose a single dollar, much less ten thousand, hundred thousand or a million, like my good friend. And like I said, I hate to say that he's my good friend because I should. I should have talked to him better. I'm not his coach. I haven't been coaching him through this. He's been buying on his own. Um. But I need to do a better job reaching out to everybody I know personally and making sure the leveling

up their game. But I'm starting with you. You're hearing it first because you're listening to the Marketmas Show. So a couple of things we're gonna talk about, UM one, the revolution, what is revolutionary to We're gonna talk about custody wife should because in the three we're gonna talk about options that you have. Four we're gonna talk about what he did wrong, even trusting coin bait coin based

like the best, the safest place to keep it. You would think we're talking about ways that you can fix that, all right, Because I don't want you to lose to the money. That's important. It's it's your money. Imagine losing a million dollars. Imagine how sick to your stomach you would be. Now, I said, like I said, I made a video. I lost two million dollars. Luckily for me, I didn't. Well, I don't know. It's it's the same either way. Um, at the time of loss, it wasn't

two million dollars. At the time of loss. I have multiple losses because I've lost a lot lost bitcoin and other cryptocurrencies multiple ways. I'll explain that to you. At the time, I think if I total it all up, it was probably less than three hundred thousand dollars of loss at the time of loss. But today, adjusted for today's prices and cryptocurrencies, it would be about two million dollars.

So a little bit of purpose, I didn't lose two million at once, even though it's about the same, because I don't sell. Most of you guys know, I'm never selling my bitcoin. My great grandkids are gonna own my bitcoin. I'm gonna make sure that's in some sort of a trust that they can't even sell it. Um. But so it is effectively like losing two million and in a couple of years it will be like losing five million, and eventually it'll be like losing twenty million. Um, So

it's going to continue to haunt me. But I didn't lose I didn't lose a million dollars at that time. I mean imagine that. So anyway, let's talk about this. So the first thing I want to do is I want to talk about, um, the revolution. All right now, you're listening to the Markma Show. We're talking about bitcoin and this decentralized revolution. And part of this revolution is the fact that I can take custody of my cryptocurrency,

I can take custody of my property. All right. Now, the oldest problem that mankind has had has been how do I hold my property without it being stolen? So from the beginning of time, the oldest problem was, you know, someone's gonna come kill me and take my chickens, steal my goats, right, um. And so me and my neighbor get together and we formed this group and we try to protect to this property. And then we have villages, and then we have kingdoms, and then we have nations.

And the role of the government isn't to tell you what you can and can't do with your health, or what you can and can't do with your business. The role of the government is to protect your private property. That's it. That's the whole point of the whole purpose of the government in the first place, to protect your private property. And of course now they're infringing on our private property. The most sacred of which our private property is our own body. But that's a whole another subject

that we're not going to get into. But the oldest problem that mankind has had, the entire reason we have a government is to protect private property. Of course, whiles Marxist doctrination that's coming in and they think that owning private property is evil. Of course, the World Economic Forum says, by you will own nothing and you'll be happy. Well, I ain't gonna be happy about that, and I want to make sure you keep your bitcoin. So let's go ahead and get into this. So the revolution is how

do I secure my private property? And Bitcoin fixed it and fixed it. So think about this, right, like, how do I keep someone from stealing my chickens and my goats? Um, if I were to store up my wealth for five thousand years, we stored our wealth, Well, there was shells. There was rocks, there was feathers. There's all types of things that were money. And how do I secure my rocks or my shells or my feathers so somebody doesn't

steal them right or counterfeit them. And then eventually, um, you know, all these things were tried for money, and eventually gold was settled to be the best money because it keeps all the main attributes of money, which are divisible, portable, durable, um, saleable, lots of people recognize it, etcetera. And so um, a cow doesn't work really good because it's not it's not divisible. Somebody doesn't want my whole cow out on a deal, and it's not very portable. It's hard to move a

cow around, etcetera. So gold gold emerged as that form of money. But the problem is the more gold that I have, the harder it is for me to secure it. Think about that, right, if I had a little bit. You remember like the old days of of the gold rush in California and people were moving to California and you heard stories, we're seeing pictures of you know, a map and there's a map to where I buried my treasure. And so that's what you would do, that's I would

you would secure it. I'd go hide, had a dig a hole in the ground and cover it up, and I'd make myself a map. But what happens if I were to lose that map? What happens if that map fell into somebody else's hands and they went and got it. So I had to secure my wealth in my gold, and then I had to go hide my gold, and I had to make a map, and then I had to make sure that that map didn't get lost or damaged or go, you know, get burned up in my

house fire, didn't get stolen, et cetera. And then the more gold that I had, then I had to protect it even more. So. For example, I had a lot of gold, and I might have to get a safe, I might have to get like arms security. Eventually I might have to just put it into a bank and the bank would guard my gold for me. Of course, that didn't work out too well for everybody, because by n thirty three, when all the gold was sitting in

the banks, the banks took it all. So you're trying to get your you're trying to protect your gold you put in the banks, and then the president of the United States makes it legal in three to own goal and they steal it all from you. So how do you protect your assets even from theft of the government. Well, that's what bitcoin fixes, all right, this is the revolution. I can now hold my bitcoin um with no cost. Now I'm gonna explain to you more how we do that.

You're listening to the Mark Moa Show. We're talking about bitcoin. We're talking about the decentralized revolution. We're talking about how you consider your security bitcoin. I just found out my buddy lost a million dollars worth a bitcoin, and I'm gonna tell you how to make sure that doesn't happen to you. I'll be right back. Don't go away, all right, Welcome back. You are listening to the markma Show, and

we're talking about bitcoin. Of course, each and every week we're talking about the decentralized revolution that is literally changing the world. And when I say changing the world, what I mean is that technological revolutions don't just make our lives and better. They don't improve our lives. They change the way humanity works. We're talking about automobiles, we're talking about electricity, we're talking about steam engines that they change the force of the projection of the future, of the

way mankind work. So we're talking about how to secure your bitcoin. My buddy I found out this week lost a million dollars worth a bitcoin from coin base. Tragic, absolutely tragic. I don't want you to lose a dollar. So let me tell you what he went, what he did wrong, and what you can make sure to do. So, Um, what I was talking about is them The oldest problem

that mankind has had is how do I secure my property? Um, We'd put it into gold, and I'd have to go bury that gold and have to make a treasure map. But I have to protect that treasure map if it doesn't burn up in my house or someone steals at etcetera, or I lose it, I forget it, etcetera. Um. So then, um, eventually, if you have more gold it take, you have to you have to spend more time and energy and resources to secure that gold. I may have to hire security

forces where I put it in the bank. And then eventually under A two the banks stole your gold. So you think you have to protect it from like robbers, and the governments there to help you protect your private property. But then the government stole your gold, so what can we do? So Bitcoin fixes this, so I can now take custody of my bitcoin, similar like I could take cusso of my goal. The problem is with my gold is I had to bury in the ground right where

I had to hire armed guards. With bitcoin, I can secure it cryptographically. So there's a cryptographic key. And as long as I secure that key, it costs me zero dollars to secure it. It takes no money, it takes no resources. I don't need any guards, I don't need any vault, I don't need any safe I don't need the government or banks to secure it for me. I

can do it myself. Now here's the problem. Just like if I buried my gold in the ground and I made a treasure map to go find my gold, because he's sure as heck wouldn't want to lose it, or if I died, my wife would have the map or something like that. Um bitcoin is also similar. I also need a treasure map for my bitcoin, and I don't need a treasure map. What I need is I need a key. I need a key, a cryptographic key to access my bitcoin. Now you've heard of there was a

story going around the news. I think a couple of months ago, some guy I think in New York or on the East coast somewhere, had mine a bunch of bitcoin and throwing his computer away, and he's actively trying to locate this computer in the in the dump, in the trash dumps because it's got I don't know, billions of dollars on it or something like that. Um. But what he what he needs is is key. It's not on the computer. What you need is the key, and

the key is kind of like that treasure map. I have to protect the key, just like I have to protect my treasure map. The good thing is it's much easier to do that. And we're gonna talk about that in a minute, all right. But there's there's two things that I want to I want to break apart for you. So one, just like gold, I could secure it myself. I can put it in my safe at my house. I could bury it in the ground and have a treasure map. Or I could give it to a bank

and let the bank secure it for me. The bank security is better than my security. And if I lose my map or my key, I could go to the bank and show them my ID and they would still let me in. I don't have to secure a map. The bank takes care of all of that for me. The problem is now I'm at risk of the bank stealing my gold or my bitcoin. And I know that sounds crazy, but it happened. Two They stole the book, they stole the gold. If the gold wasn't in the banks,

they wouldn't have been able to steal it. Imagine the move riding across the countryside, across the open plaine, going house to house to house with a nation armed with guns, and they're gonna take everyone's gold. And would it never worked because it was in the bank. Was easy. So these are the options with bitcoin. Do I secure myself or do I leave it on an exchange like coin base or Jim and I are cracking or whatever fill

in the blank. My buddy left it on coin Base, which by the way, is like I said, pretty safe. But he made a mistakes. So that's the problem. But I can so I can secure it myself and I don't have to worry about any counterparty risk, but now I'm responsible for security. Or I give it to coin base or the bank and I let them secure it for me, all right, So that my buddy chose coin Base. Those are the two options. He chose coin Base. But here's a couple of things that happened. Now, Uh, let

me let me So that's the pros and cons. Right, I can secure it myself, but now have to trust myself, um or I give someone else I trust them. So what happened? Okay? Well, like I said, there's there's plenty of risks that can happen with having somebody else in an exchange hold your bitcoin for As a matter of fact, UM, I haven't really talked about this publicly yet. UM give me next another month and I'm gonna name names here. Um. But I had twenty seven bitcoin taken out of my

my um my exchange account. So a lot of a lot of times people think I leave it on the exchange, whether it's like I said, cracking Gemini, cooin based bittricks whatever. Um. And and it's safe. But just like my buddy lost a million dollars with bitcoin, I lost twenty seven bitcoin at one time. It's about it's about a quarter million dollars at the time. Um, So it's it's not that safe, um like you think it is. Now coin Base they have like a vault. So oncoin base, that can secure

my account. I can put in a vault. But here's a couple of problems. The first thing is when I log into any account UM typically whether it's coin based or Gemini cracking, et cetera, bittricks UM, you can secure your account with what's called two factor authentication to f A. All right, and what that means is that when you log into your account, it UM sends you or asked you can put in a code from an authentication device. So most people use Google Authenticator. You can download it

for free in the app store. And then UM what you do is when you set up your coin based account or whatever exchange account you have, it shows you look your code. You open up the Google app, you scandy QR code. It creates a unique key, and so when I log in, it asked me for a second authentication. So it says, okay, you put in your using you're using name of password, email password, but now we need

this code from this device. Al right. Well, the first problem is, first off, don't reuse passwords, so always use a hard unique password. Every time I use something called last pass. Last pass gives me generates this this hard password, and I say it's hard. It's a minimum of eight characters, usually sixteen characters, and it's letters, numbers, caps, small caps, symbols, etcetera. So make sure one you have a unique password to it asked for that second factor authentication, So you want

to make sure you have that turned on. If you don't have that turned on, that's a big problem. Um. And so the third problem is that you should also be using a separate email. Use a separate email. So if you have a Gmail account or whatever email account you have, if your email gets hacked, they could also do this, all right, So those are three steps that you could do. One to f A to UM, use a hard password, and three use a separate email. Now here's where my buddy went wrong, and here's where most

people are going wrong. Two ways he went wrong. One he used his primary email address to log into his account. And two he used the to f A this two factor authentication app. The Google app was on his phone. It was on his phone, which of course everybody uses it on their phone. That's the whole point, right, Mark, You go on your iPhone, your app store, and you're doneload the app on your phone. That's how you use it, right, Well, that's how you're probably using it. That's how he was

using it. But that is the problem because what happens is these hackers they get into your phone and then not only do they have your email, but they also have your two f a device on your phone. So how do they do that, Well, there's any number of ways they do that, and one would be, you know, the old way, the fishing way. As you clicked on some link, so they sent you some email and it says, hey, there's a problem with your PayPal account or your um

whatever account. I don't know what your coin basic could be, whatever account it is, right, So you see some some email like that and um, hey you need you know, there's a problem. We sent you, an alert, was sent you, an update was sent you something you know, click here to log intor account. So you click on that link and what it does it puts some sort of malware or some sort of virus on your phone and then they can track your phone that way. So that's one

way it can happen. To another way that happened, and this happens a lot. Go ahead and google this. You'll find thousands and thousands of cases of This is what's called like a simswap attack. And so what they do is somebody will um call the phone company and then they'll, you know, give them some song and dance and get them to swap over your um. You're listening to the Markoll Show. We're talking about bitcoin. We're talking specifically on how to secure it. My friend just lost a million

dollars this week. I want to make sure you don't lose any money. I'm gonna give you the steps that you need to do secure it. Don't go away, We right back, all right, welcome back. You're listening to the Mark Moa Show. We're talking about bitcoin. Each and every week. We're talking about the decentralized revolution that's happening right before very eyes that we're living through. We're witnessing. It is

a revolution and it is going to be massive. And today we're talking about loss, but more importantly, we're talking about how to protect ourselves from loss, because I don't want to have lost. I told you, you know, I lost in today's dollars two million dollars worth a bitcoin. Eventually it will be a hundred million dollars for the bitcoin that I lost, and I don't want that to happen to you. My buddy just this week lost a million dollars a bitcoin, and so I'm explaining how to

secure that. So he was sitting on coin base, which you would think is pretty safe. Um, he relied on them for a security, but he had some problems. So the first thing is that, UM, when you log in, you need to have a separate hard password, unique password that you even't use anywhere. Um. And then the to f A, the second factor authentication, you need to have that turned on. But what you need to do is make sure that your to f A device is not on your primary phone. Okay, so what I do is, um,

I have an old Android phone. You can go to Walmart and buy one for fifty bucks and wipe it clean. I mean, if it's branding from Walmart, you don't have to my old phone. I just you know when of the settings and factory reset reset it. And I used that as my two f A device. So the reason why is it's not on my primary phone. So if my phone is hacked, which is the target, right, people are gonna try and attack my phone, they can't get

my two factor authentication. So with my buddy who lost a million dollars security and bitcoint it's all in coin based, is all good. But somebody hacked his phone. And I was explaining, so one way to do that as you click on a malicious link. You know. Um, So if you ever see an email it says, hey, there's an alert and update. We have something for you. Click here to log into your account, don't do it. Don't click

on that link. Um. If if you think, if you think it's legit, just go to the actual website, log into your account and then the message should be there. Don't click on the links. That's one Another way I was saying is that they do like the simswap attacks where they'll go to the phone company and they'll you know, I don't know, I don't know the story. They'll cry, they'll beg, they'll plead whatever. Um, you know, I I need to you know, get into my account and to

change my account whatever. Um, I don't know all the stories they tell. I haven't done it, but they'll get the phone company to give them access to your account. A T and T, Verizon, T Mobile, they're all being sued for this. It all happens, um. And So the point is is if somebody were to hack my phone, it wouldn't matter because my two f A device isn't on there. So this is most likely what happened to my buddy. Um, they got into his phone somehow. Um

they went to coin base. Uh, they probably they got into his phone. They got into his email. He was using MSN MSN email, so he's still to this day, it's been a couple of weeks now, Um, he hasn't been able to get his ms in email even recovered. So they got into his phone somehow. He doesn't know how. It's not The point is not to try to secure your phone. The point is to not make your phone the weak point. So I don't know how he got on his phone. Maybe he clicked on a link, maybe

they maybe they got into the phone company. Maybe there's somebody on the inside at one of these phone companies. I don't know. And the point is not to try to fix that. The point is not to make that a weak point. So they got into his phone, they found at his email. Um, they probably searched his email. They found you know, whatever crypto accounts he had. They probably found his coin based account, and now they have

his email to log in. But UM, and then they can they do a password reset which sends to his email, which they have access to his email right, and then they log in and goes to to f A. You know, they want the second factor authentication, but they have his phone, so then they just generate the key right on his phone and they logged into his account. So they locked

him out of his ms and account. So they logged into his ms AN account, locked him out, changed the password on that, UM, gained access to his coin base account, and most likely transferred all his bitcoin out of there, out of his account and into one of their accounts. And it's been a couple of weeks now and to this day he still hasn't got access to his coin Basse account either. So he hasn't got access to his ms AN account or his coin Base account even to

this day. So the point is, like I said, not to try to figure out how to secure your phone. The point is is not to make your phone a week point. And you do that by again one having a unique hard password. Use something like last pass to organize them too. UM. Do not use your primary phone as your second factor authentication, use a secondary device. Go spend fifty bucks at Walmart. Buy an old phone or use an old one and just factory reset it, UH

fifty bucks. Even if you have to spend five hundred dollars on a new phone, it's still cheaper than losing a million dollars a bit worn like my buddy did. Right, So get that secondary device. And then third, don't use an email that's your primary email. So I use an email from Proton Proton Mail. It's like a secure encrypted email. And the only reason I ever use that email address is to log into exchange accounts. That's it. Nobody knows it. I barely remember what it is. Um. I only use

that email to log in. So if somebody got access to my phone, they would never find out the email that I used to log into exchanges. Um, they wouldn't be able to find my password because it's a unique hard pass where everyone and even if they got all that, they wouldn't be able to do the to f A because I don't keep it on my phone. I keep it on another device. If he would have just done those things, he would have had a million dollars back,

or he wouldn't have lost his million dollars. That's saying, and so um, that's it. That's how you protect yourself from the SIM swap. It's how you protect yourself from getting hacked, etcetera. All right, but that's only part of it. That's only part of it, all right. So there's I'm gonna talk to you in stages, all right. Like I said, with gold, the more gold you have, the more UM lengths you have to go to to secure it. Right, If I have a couple hundred dollars worth, it's not

that big of a deal. If I have a couple of million dollars worth, it's a much bigger deal. If I have a few billion dollars worth, and it's it's a serious series problem. Right And so UM, that's that's the first step. Separate email, Separate to f a device, any card password, all right, Now, that takes care of it if you have it on exchange like a coin base or or something like that. UM. Also you can secure your accounts by one UM a lot of a lot of exchanges. UM will limit withdraw, So for example,

you can say only addresses that I white list. Can do that now. Of course, if they gain complete access to your account, they can white list their own accounts. UM. So also do that like secure, make sure noybody gets ext you account, but then also make sure they can't hack from within. And so one inside one of those exchange accounts, you would add the addresses that are only able to be white listed. UM. Coin Base has something

where it's um UM. They like a vault, so you can move stuff into a vault, and then you can set rules. So you could say, for example, UM, if if a transfer is initiated, it has to wait seventy two hours, and it has to send emails to these three different emails. UM. So even if they got control of one your primary email, it would still get notified

of these two or three other emails. Right, So you can set kind of rules like that, But the first thing is make sure they don't get access to your account, because if they got extras you account, thing will change those rules. So first make sure your account access secure to take the proper steps inside. Like I said, white list email addresses, use some of these time delayed things like that. That's good as well. But okay, so now that that's kind of framed up, that's if we want

to keep our bitcoin on an exchange. I don't want to remember the whole revolution of bitcoin is that I don't have to keep I can custody my own money. That's the whole thing, because when I keep my bitcoin or my cryptocurrency on an exchange, it introduces counterparty risk that now I'm at risk of them. Now, like I said, I believe their security is pretty good. Coin basis security is is is really good. Now didn't help my buddy

because he didn't do all the right steps. Of course they didn't teach you this, which is why I'm teaching you. But now you have to worry about the risk of coin base taking your So what could potentially happen with that? Well, like I said, three two, they seized all the gold UM. And we see today UM in the last this year specifically really heating up more in Europe, but even some regulators here in the US we've seen them starting to talk about UM limiting custody or or or not allowing

you to take custody of your own coin. So you know, potentially UM the government could take some action against one of these exchanges and say, hey, you're no longer allowed to let people withdraw their funds. They could say that, for example, no one can no one can withdraw anymore Um, there's countless stories of people going to you know, Cuba, logging into their coin based account from Cuba, the IP getting flagged and in their account it's locked. They can't

get in things like that. UM. So now I don't want to take the risk, the counter party risk of having them sees my money, um frees my account for some reason, unknown reason. UM So I want to take custody of it myself. That's that's the that's a chief decide. So if I want to take custody with myself, how do I do it? All? Right? Well, there's three main ways that you can do it. I want to walk you through those from the easiest way and then then this uh and the single most important step you have

to take. Regardless of which of these three routes you take, take it through the easiest way, the medium way, and the harder way. And like I said, level up your game in two And it depends on how much money you have. Um. If you have just a couple of bucks, um, you know now you don't worry about it. If you've got a couple of million bucks, you probably want to do the hardest the hardest way, because it's going to be worth it. You listen to the markmo Show. We're

talking about bitcoin, cryptocurrencies and the decentralized revolution. We're talking about how to secure your bitcoin, secure cryptocurrencies in two My buddy just lost a million dollars this week out of his coin base account. I don't want you to lose a single dollar, so don't go away. I'll be right back. All right, welcome back. You're listening to the markma Show. We're talking about bitcoin and cryptocurrencies and the

decentralized revolution that's happening. The revolution is lots of things, um, talk about them eat you every week. One of the most revolutionary things about this is that now I have a way to secure my property in a way that nobody can steal it. And not only do I have a way to do that, I have a way to do it that cost me no money, cost me no money, um, and it's portable. I can take it with me anywhere I want. It's pretty amazing. But the problem is that

now the responsibility lies on me to secure it. UM. I just went and saw the New Spider Man movie with my kids over the weekend, and uh, I think I saw the very first Spider Man and then I just seen this most recent one, and I think in both of them they said the same thing, which is as a spider man's uncle ben. I think in the new one it was maybe aunt May told him I forget anyway, But they said, hey, with great power comes

great responsibility. I think it's what they said something like that. Right, So the more power you have, the more responsibility. And that's kind of a bitcoin right. I have now great power to hold to custody my own assets in a way that nobody can steal them, but it now requires great responsibility on my part that I don't mess it up. And so my buddy lost a million dollars because he didn't get it figured out right. He thought he trusted the coin based to do it, but he didn't secure

his account properly. His phone was a week. But if you missed all that, go back and listen to it. I give you some good points. Now I covered why you wouldn't want to leave it on exchange. They could take it from me, they can see that, they could freeze it, all those things. Um So I personally like to custody it myself. And now there's three main ways that you can do this, and we'll take them from

easier to harder. So the first way is simple UM going to the app store and download any number of wallets, so there's no shortage of cryptocurrency wallets out there that you can use, and a couple of things that you want to do one UM download one of the one of the UM apps from the app store. If you're just using bitcoin, I like blue Wallet, blue Wallt's really good, and download the app. Now what you need to do, And this is where most people fail right off the bat.

As a matter of fact, again, another friend of mine, I feel bad about telling you this story. It was a couple of years ago, probably back in when bitcoin was in the you know, five figure range. I don't remember what it was at the time, a couple thousand bucks or whatever, and I was trying to get my it into bitcoin for a while, but he just wasn't

really interested. And we went on a trip together and I owed him some money, I think, and so I'm like, hey, I'm gonna pay you in bitcoin because I want you to have some skin in the games. I gave him like bitcoin at the time. I used to spend quite a bit of bitcoin back then, and now now I never spend bitcoin because in the future it's worth too

much money. So like a year ago, um, I think it was earlier this year, maybe like February March this year, and when bitcoin got up to and he's like, hey, hey, that that bitcoin you gave me, Like I still have it, it's I think it's worth now, um, but I don't don't remember how to get access to I don't remember what happened to it. I've had like three new phones since then, and I'm like, oh, man, like I didn't. I didn't. I didn't educate you properly. Uh So let

me educate you properly, all right. So you download the app on your phone and then you can transfer the bitcoin there. So from your coin based account or whatever you can, you can transfer it to the app on your phone. That's your wallet, all right. But the key thing year is that you need to back up the wallet. You need to generate a seed phrase, So go into the settings and create back up, and it's going to give you twelve words that are random like uncle, monkey, banana, wrench, ocean, whatever,

like twelve random words. You can do twenty four as well, and you want to write those down on a piece of paper. Don't put them on the internet, don't put them on your ever note, don't put them in Google docs. Put them on a physical piece of paper, And that is your key. If you if if you lose your phone,

if your phone gets stolen, um, whatever the case is. Um, you can just go get any new wallet, download any wallet you want, don't have to be the same one, and you can just say restore from back up and you put those twelve words in and you'll instantly have your key back. All right, So that those twelve words, that seed phrase is kind of like your treasure map to the gold that we were talking about before. You have to protect that just like a just like a gold.

You know, the person had to protect their gold, um the map. You know, they don't want to burn down their house. They don't want to fall into the wrong hands. You have to do the same thing with a key. Let you write down on paper as well. You might want to make a couple of copies. You can maybe put one at your parents house, put one and you're safe, you know, leave one at your office or wherever you can do that that they're safe. Alright. So that's step

number one. So like my buddy. He had gotten two or three new phones, and he didn't remember what phone it was on, and he didn't have a backup phrase, and he was just stuck. Now, the good news is he was able to go back. He didn't trade in his old phone. He actually had it in a drawer. He's able to find it, he's able to restore, and he's able to get access to it. So that's the good news. So he didn't lose it, luckily. But that's

the first thing. So downloading app on your phone, take cussing to yourself, and back up your key, all right, now, that's that's step on one. The problem with that is that you're it's still on your phone, and so if your phone gets hacked, like my buddy's phone got hacked, then they could still get access to that because it's on your phone. That's the problem. So the way that

I approach these, we call these like software wallets. We call them hot wallets, hot wallets because they're always connected to the internet. I look at those like I would look at my my wallet, my bitcoin, my my bill fold, or whatever you wanna call it, um, whatever money I have have in my wallet, Like I have some cash, I go to the a t M, I pull out a Hunter box, I'm walking around whatever. So I'm walking

around money. If I were to lose that wallet, um with a couple hunt a Hunter Bucks or whatever in it, it's not the end of the world, like I'm bombed. I don't want to lose money. You don't get me wrong, but it's like, it's not not my life savings. I'm not walking around with my life savings. So don't walk around with all your bitcoin in your hot wallet on your phone. Okay, so but you're walking around money in that like you would with your wallet, all right, So

what do you do with the rest? Well, the rest should go into what's called a hardware wallet or a cold wallet cold storage. So the hot remember it's always connect to the internet, that's on your computer or on your phone. The cold storage is something that's not connected to the internet. And so you can use a hardware wallet to do that. And uh, A couple of couple of easy ones are Treasure t e R, t t R, e z o R, dot Io, or a Ledger. I'm

not sponsored by any of them. I'm not not telling you which ones to use, but use this hard wallet and what that does is that secures your key. So my key sits. It's like a little USB device and um, when I want to sign a transaction, I plug it into my computer, it signs it with the key, and then I unplug it again so it's not connected to the computer, it's cold, and then I can put that

in my am I safe or whatever. Now, just like the hot wallet, the app on your phone, you do the same thing, which is when you transfer to it, you want to back it up. You want to create a seed phrase. Remember it's twelve or twenty four words. Obviously the twenty four words are gonna be safer and

more secure than twelve words. You have to decide your level of security that you want to use, all right, Um, And then if you want to take another step further, which is what I'm doing now, is then you create a multi signature set up. So instead of having one hardware wallet key, I have three. So what happens is now in order to get a transaction signed, instead of having um, just one key that could be stolen or

hacked or damaged or whatever, or I need three. Well, actually what I need is I need two of three, So I have three different keys at three different locations and then two of the three have to sign the transaction and that way, UM, if one of them gets damaged or lost or stolen or hacked, they can't get my account unless they get access to two of them at the same time. So that's the next step. And uh, some companies that can help you with that would be like, well,

one you can set up yourself. You can download like specter um on your computer and then you can just build your own multi signature I think Exodus wallet on your computer. You can do that. So there's a few softwares that you can build that out on your own UM, or you can use a company a service to help you with that. UM. The two kind of leaders in the space are COSA and unchained cap So there's a

couple of options for you on that as well. But regardless, even if you're using that multi sick, you're still using that hardware wallet, the cold wallet. You still want to back up that seed phrase. And even if you could back it up on the Harbor wallet and you could destroy it to hammer smash that put it inunder garbage supposed whatever you want to do. And all you need to know is those twelve words that is your treasure map that you have to protect. UM. The third and

final step or I don't know what. I don't know if it's it's probably fifth by now. The final step is that I do is that I also use a dedicated laptop. So I have a laptop that I bought a couple hundred bucks, and I use that laptop to do all my cryptocurrency stuff. I don't log in from my primary computer with my primary email. And I don't do that because if for some reason I got something on my computer, they could gain access to that. So

I only use I use this brand new computer. That the only thing it's ever done, it's never had email on it. It's never had I've never downloaded software, I've never listened to music, has never done anything. The only thing that laptop has ever done is logged onto my cryptocurrency accounts with my unique email address that I've only ever used for crypto accounts UM and my two f A device. It's on a separate device. And again that laptops four bucks. But again I lost two million dollars

in bitcoin. Though spending four hundred bucks is definitely worth it for me. What do you think I'd love to hear your feedback. Give me a shout out. You're listening to the Mark moa Schau talking about bitcoin. Thanks for listening.