If you would like to find out more about the COBO Tablet and other great COBO products, please use my affiliate link: http://bit.ly/2QQhykn I have also provided a time-mark table of contents below
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Table of contents
Store mnemonic seed phrase: 1:30
Explanation of seed phrase & BIP39 protocol: 1:53
How mnemonic seed phrases generate wallets private keys: 3:41
Why the COBO Tablet only needs 4 slots per word: 4:37
Why COBO Tablet is great to use for a mnemonic seed backup device: 6:07
Bip-39 tool for generating a random seed phrase. You can also learn about the BIP-39 protocol
Bip-39 Wordlist for Mnemonic phrases
The Github page for Mastering Bitcoin by Andreas Antonopoulos
Mastering Bitcoin – Second Edition by Andreas M. Antonopoulos LLC is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
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What is Bitcoin?
Bitcoin is a new technology that functions as a digital currency. It is a peer-based, decentralized way to hold, store, send, and receive value. It does this by maintaining a cryptographic “ledger” called the Blockchain. All of the bitcoins in existence are created and stored on the Blockchain.
Bitcoin with a capital “B” refers to the technology itself. Bitcoin spelled with a little “b” refers to the tokens that hold the value and can be exchanged with others.
Multiple copies of the Blockchain exist on thousands if not millions of computers worldwide. Each copy of the Blockchain “verifies” itself by connecting to the Internet and making sure it has the most up-to-date list of transactions. The Blockchain maintains its integrity by using strong, modern, encryption techniques. This makes it impossible for anyone to alter the ledger, create fake transaction or “double-spend” their bitcoins.
Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence, Bitcoin technology “cuts out the middleman”. Bitcoin is a decentralized, peer-to-peer monetary system that exists outside of the traditional, centralized, fiat-currency based financial system.