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Do you know your Bitcoin history? If not, we've got you covered in the 12 part primer on Bitcoin.
Although the core idea and functionality of Bitcoin has remained the same since its inception, it has also received many improvements. In April 2012, one such major improvement goes live. It's called Paid to script hash or P2 S-H, which gives birth to addresses, starting with the number three.
These addresses allow the recipient to set any number of arbitrary conditions that need to be met in order to spend the funds like requiring the signature of more than one person, the famous Multisig wallet. Around the same time. Another improvement that made the life of users a lot easier was adopted. This is a mouthful.
Hierarchal deterministic wallets for otherwise simply known as HD wallets like Exodus, where a single master key not just for Bitcoin but for all assets, controls all the rest of the public and private keys in the wallet. To make matters even simpler, another improvement translates this master key to a number of words with which a user could use to restore all of their private keys and addresses in case of a mishap. This is the famous mnemonic phrase, also known as the 12 word secret phrase or wallet seed.
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This content is for educational and informational purposes and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction. Exodus cannot guarantee the performance of the third-party platforms shown in this video. Its products/services, the steps shown, and the information provided may not always be accurate and are subject to change.
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