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RE: Understanding Blockchain Freedom — Episode 004: Get Your Bitcoin Off of Coinbase
I really appreciate this advice that you are giving! I'm extremely ignorant on most of this stuff, mostly because I'm so new at it. I have all my crypto in coinbase so it appears that it would behoove me to create a wallet and transfer everything to it. I'm actually nervous about doing this lol. I know that probably sounds silly but I'm just afraid of making a mistake and losing my money. Regardless though, thank you for the advice and I look forward to more of your videos!
Danny
It's good to be a little nervous. Everyone is their first time. :) Just double, triple check things and start with small amounts. Once you get used to it, it's pretty dang cool. Also, be sure to check my previous video. You might benefit form all of them, actually. When we understand something, we have less fear.
That was really cool of you to take the time to reply, thanks! After watching your video, I created a wallet and did everything I was supposed to. I even went old school and wrote down my key phrase with a pen and paper twice and put them in two different locations. Although, after I created my wallet, I can't send any crypto from coinbase to it. After I paste the address in and hit confirm, nothing happens. No error or pending messages or anything. It may be a time issue where the wallet is so new maybe? I can still transfer stuff over to steemit so I'm not sure what the deal is. Nevertheless, I greatly appreciate the reply and I will definitely check out your other material!
That is odd. Nothing happens at all? No error messages or anything? Did you put in an amount you want to transfer?
No messages or anything. I put in the address and the amount and confirm it, then the "loading circle" as I call it, starts to turn but disappears too soon. I have no clue but I'm sure it's probably an operator error lol.
That is quite odd. In situations like that, I'll check the developer console log in the browser to see if there are any JavaScript errors there.
Again, I really appreciate you spending your time with a rookie. I have just a couple of more questions just whenever you get a free moment.
Please dont laugh too hard, but is Bread Wallet for Bitcoins only? The reason why I ask is because when I copy the recieve money address, it specifically says "receive bitcoins at this address". I was thinking that the wallet would accept all crypto like Litecoin and Ether and thats what I've been trying to send.
Second question, there is a button that says "import private key". Now, I'm avoiding that button like it's going to launch a nuclear warhead or something. Can you elaborate some on what that means? Again, thank so much for your valuable time!
Please, please, don't just send crypto to an address before you fully understand how it works. Yes, Breadwallet is just a bitcoin wallet. It says so right on their web page. Did you lose your Ether and Litecoin? I hope not. Definitely spend some time learning about this stuff before you lose something valuable. :)
Import private key:
The way Bitcoin (and most cryptocurrencies) function is you have a public key of sorts (your public address) and you have a private key. The private key is what you own and control. That's how you own bitcoin. That import option is if you had a private key from a paper wallet or some other wallet and you wanted to import that private key to your Breadwallet app if you wanted to control the bitcoin at that public address and send it somewhere. It's also what you'd use if you needed to restore your Breadwallet from a backup.
Thank you so much for all the help. I feel like a total fool now. I didn't see the part about it being only for bitcoin, not sure why. I downloaded it from the play store but nevertheless, I understand everything a little more now, thanks!