SAEA members discussed Engineer Kudssi’s recommendations on how to work effectively with blockchain technology and cryptocurrencies. Engineer Kudssi shared his knowledge and suggested the following:
-establish a relationship with a wallet (coinbase.com, crypto.com, CoinZoom)
-generate private and public keys
-public key allows receiving currency
-private key allows spending currency
-wallet stores private keys (not blockchain)
-if the wallet is lost it can’t be restored
-keys sign the transactions
The above tips will help you in getting started with receiving and spending cryptocurrency. This is not for the faint at heart so care should be exercised and educated decisions should be made before starting the use of cryptocurrencies.
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