Intro to Bitcoin Exchanges

Frank Calbro Jr. is my mentor and will train you on setting up your Bitcoin journey. There will be five main training videos.

Table of Contents

Intro to Bitcoin Exchanges

Direct Access to Video 3 – Click Here

HOMEWORK ASSIGNMENT

Open up (2) Exchange accounts from the list below:

(practice good record keeping and security)

More Bitcoin Exchange Choices

What is a Bitcoin exchange?

Centralized exchanges are governed by a central authority that functions much like a bank. They are the middleman between buyers and sellers. Fees are usually higher, as you are paying for features, flexibility, convenience, and customer support.

There are some advantages, and you will want to set up a few centralized accounts. On their approved list, they make it easy to buy and sell cryptocurrencies.

You can use credit/debit and also connect your bank account to the exchange. This makes it seamless when you turn cryptocurrency back into fiat currency and send the converted funds directly to your bank account.

Decentralized versus Centralized exchanges?

Decentralized versus Centralized exchanges. The difference between the two is very simple. You have control and ownership or you surrender control and ownership. Not your key, not your coins.

Decentralized exchange – also known as DEX, operates peer-to-peer through asking and bid prices on the open market. Fees are usually lower, and you retain control over your private cryptocurrency keys. A DEX is trustless as you retain privacy in directly trading one cryptocurrency for another.

Important!

You must come up with a system so that it is impossible for you to lose your recovery phase and passwords.

Tips:

Have 3 encrypted flash drive devices with your recovery phrase words (minimum)
Have 3 hard copies preferably laminated with your recovery phrase words (minimum)
Have 1 backup copy of your phrase words in a location outside of where you live (minimum)
You can also store your recovery phrase words on an encrypted external hard drive
Memorize your 12 or 24 word seed phrase

Do NOT take a photo and store on your phone

Do NOT store on a plugin flash drive

Do NOT store on your computer

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