pro tips
There’s lots to Bitcoin. Quality info helps.
Below are insights.
on volatility
Price goes up. Price goes down. It seems unstable. In terms of fiat.
Bitcoin’s value proposition: ownership.
Price ≠ value.
on info
“Don’t trust. Verify.”
This is key in the Information Age.
Quality info makes a difference.
Learn to discern.
transaction fees
When the network is busy, fees are high.
Some tips:
Wait for low traffic.
Send batch transactions.
Use another currency or the lightning network.
on privacy
Selectively revealing yourself, that’s privacy.
Privacy doesn’t always mean anonymity.
It’s a spectrum.
Keep building upon it.
on kyc/aml
“Know-Your-Customer.” “Anti-Money-Laundering.”
Meant to curb crime. Hurts the individual instead.
Bitcoin—acquired this way—removes privacy.
In person buys add privacy.
There are trade-offs. Know them.
run a node
Your node verifies transactions.
Lowers IP address leaks.
Adds more privacy.
It’s not hard to do.
multi-wallets
One wallet for saving. Another for spending. Others for processing.
Different wallets for different use-cases.
Helps to add privacy layers.
coin control
Bitcoin transactions are made up of UTXOs.
“Unspent Transaction Outputs.”
UTXOs are similar to fiat ntoes. Think cash. $1, $10, and $100 bills.
Label them.
Know where they came from. Know where they go.
Good wallets help.
taxes
Keep good records.
Dot your “i”s. Cross your “t”s.
Wallets can help.
Export spreadsheet and Quickbook files.
Give to your CPA.
op_sec
“Operational Security.”
Physically, don’t wear your wealth.
Digitally, secure your data.
Use quality tools.