Crypto help, and general info.

Pretty sure a "key" is the 12 or 24 word phrase?

And the string of letters n numbers is the address?

Anybody can chime in.

I'm learning as I go.

Thanks. I was going to sign up for your robinhood, but I'm weary on that.

Robin hood isn't too bad. Better for stocks then crypto. You can "buy" crypto, but it's more like betting on futures.

You don't own that crypto, as you can't move it anywhere if you wanted to.

It's not a bad way to get a feel for it tho.

No worries. I've been using it for a year, lost more then I've made, still working on my learning curve.

I just think of it as a savings account I can't take the money out of right away.

Eta:They do ask for S.S. number and what not, but that's for tax purposes if you actually do make money. Gov always has to get their share.

Last Edited by In Yer Neck on 02/01/2020 06:36 AM

The 12 or 24-word phrases are used for an emergency situation where you have lost/damaged a wallet.

For example, my Ledger Nano and Trezor hardware wallets have 24-word recovery phrases. If I lose or damage one, I can buy another new one, and recover it to the state of my lost/damaged wallet, using the appropriate 24 words.

Hopefully, you would never need to do this, and I haven't had to, so far.

Thank you. What would be a "key" then?
Would it be the 20 number and letter combo?

Buy Dash. You'll thank me later.

The keys are tied to wallet addresses. The keys can be derived from the 12 or 24 word pass phrase discussed earlier. There are two keys, a public and a private. The public is what you give others to send you Bitcoin. It's like an account number. The private key is what you use to access your funds and perform transactions.

I think you might be referring to crypto addresses?

Cryptos like BTC are protected by private/public key pair technology. You can hand out a public key to anybody, and receive BTC (or whatever coin) to that key (or "address.")

The corresponding private key is never divulged, as it controls access to your crypto assets held on the blockchain.

Hardware wallets, like Ledger Nano and Trezor, take care of key management for you, although you will have to set up a PIN to access the functions of the wallet.

As to paper wallets, I can't speak to them, having never used one.