Welcome to Bitcoin Cash, !
Bitcoin Cash (BCH) is a new world of monetary independence for you. We're here to get you up to speed.
Here are 3 Key Concepts to start with. The lessons you learn today can pay dividends in the future!
You don't have to get anyone's permission to use Bitcoin Cash. There are no forms to be filled out. You don't have to show your ID!
Bitcoin Cash is a new unit of currency and monetary system that was specifically constructed to work without a central regulating authority. Bitcoin Cash was made to give you monetary independence from third parties who want to invade your privacy and control how you use your money.
Your Bitcoin Cash wallet doesn't have dollars or any other fiat (government-controlled) currency. It has BCH coins. Bitcoin Cash tends to be volatile, so your $10 worth of BCH could be worth $8 tomorrow — or $12!
There is no central authority that controls the value and it is a completely independent monetary system uncontrolled by any government.
Bitcoin Cash is permissionless. It's yours to use as you see fit, without needing anyone's permission. Just go for it!
2. Secure your recovery phrase!
If you lose your bank card, you can take your ID to the bank and get access to your money again. This is because banks custody your money for you. This middleman position gives banks control over your money that can limit your growth, even though it is convenient from time to time.
To secure your Bitcoin Cash coins though, you need to secure your recovery phrase (or private key). This is because with BCH, there is no bank. There is no middleman. This means you get complete liberty. But it also means you bear responsibility for securing your funds.
Your recovery phrase, or private key, is your ID for the BCH blockchain. It alone controls your funds.
Secure your recovery phrase by
NOTE: If you delete your wallet from your phone without first securing your recovery phrase, you are going to lose access to your funds.
NOTE: If you let other people see your recovery phrase, they can use it to spend your funds. It is not possible to "undo" transactions in Bitcoin Cash. So keep your recovery phrase private!
Securely back up your recovery phrase right now! If you wait until you need it, it might be too late!!
3. Not your keys, not your coins.
To avoid having to custody their own funds, some people leave their coins on exchanges, such as Binance or Kraken. But this is where Key Concept #3 enters: "Not your keys, not your coins."
This means that if you don't self-custody the recovery phrase / private key for your coins, then those coins are not really yours!
This is true because if the exchange fails or is robbed, you could lose your coins. And once they are gone, they are gone.
Don't trust third parties to custody your Bitcoin Cash coins! Learn to take responsibility for your keys. This is the beginning a of a new crypto economy. You don't want to lose your stake due to a rookie error!
There will only ever be 21 million Bitcoin Cash coins. There is no government printing press that can make more if you lost yours. Bitcoin Cash is and always will be a scarce, limited-supply currency.
So don't take risks!
OK, there are those first 3 Key Concepts. What do you think? Let us know in the forum at forum.bitcoincash.site! And stay tuned for your next course email, coming soon, !
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