If you are new to Bitcoin and it all seems a little perplexing - I get it, I was once there. This website is essentially a collection of notes I made when I was researching. Because I was the only one in my friend group who was interested in it, I became the person everyone asked their questions - and it was fun, but not the part where I had to google charts and images to show them and draw my own over and over. So I put it all here on the website for easy access...
Read moreBelow are a few of the latest. If you are looking for the full list, all the notes are here.
A watch-only wallet has no private keys, can not spend bitcoin and can be used on a device that isn't very secure for easy monitoring and receiving of bitcoin.
Read morePSBT format enables easier air-gapped cold storage. An air-gapped device stores the private keys and signs transactions, and an online device has a watch-only wallet that prepares and broadcasts transactions.
Read moreKeep your seed phrase and private key private as they can restore your wallet or spend your bitcoin. Your public key and Bitcoin addresses can be shared safely.
Read moreWhen your transaction inputs are larger than the amount you intend to pay someone the difference is another transaction output, a new UTXO stored in your own wallet.
Read moreUTXO (Unspent Transaction Output) is a transaction output (really just a bunch of sats, resulting from a single transaction) that hasn't yet been spent in a later transaction. Understanding UTXOs helps you 1. reduce what you spend on transaction fees, and 2. maintain your privacy and security.
Read moreWhere you can store your bitcoin: exchanges, software wallets, hardware wallets. Important aspects of wallets: custodial vs. self-custodial, hot vs. cold, closed vs. open source.
Read moreUTXO consolidation is the process of turning a larger number of small UTXOs into fewer large UTXOs, in order to lower the fees of future transactions. At its simplest it is just sending the entire balance of your wallet to an address in that same wallet.
Read moreYour Bitcoin hardware wallet does not need to be connected to your computer or the Internet for you to receive bitcoin. It works a little like email: it arrives to a specified address whether you are at that time logged into your email account or not.
Read moreTwo kinds of Bitcoin wallets: software wallets(apps) and hardware wallets(physical devices). Although you can use a software wallet on its own, it's much safer to use it with a hardware wallet.
Read moreAlways open to constructive feedback. If you've found any issues with the website or just loved it and want a chat, feel free to connect via social media or send email to hello@littleorangenotebook.com
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