Questions:
1) Is the above understanding correct?
2) If I am going for long-term investment, I should use a paper wallet. What's to stop me keeping my wallet address on one piece of paper and my private key somewhere else? So the two aren't kept together.
3) Can I choose my private key? For example, could I generate my private key from the first paragraph of my favourite book? That way I will never have to write it down nor store it with my wallet address. I will never forget it, provided I use the same method to recreate it each time I need it.
4) Does my wallet address ever change?
5) How do I create a wallet? Is the address allocated to me?
5) Living in the UK, where can I get my coins from in the first instance? I've heard bad things about Coinbase. What is this localbitcoins.com website? Is it safe to buy this way?
1. quite correct1) Is the above understanding correct?
2) If I am going for long-term investment, I should use a paper wallet. What's to stop me keeping my wallet address on one piece of paper and my private key somewhere else? So the two aren't kept together.
3) Can I choose my private key? For example, could I generate my private key from the first paragraph of my favourite book? That way I will never have to write it down nor store it with my wallet address. I will never forget it, provided I use the same method to recreate it each time I need it.
4) Does my wallet address ever change?
5) How do I create a wallet? Is the address allocated to me?
5) Living in the UK, where can I get my coins from in the first instance? I've heard bad things about Coinbase. What is this localbitcoins.com website? Is it safe to buy this way?
2. yes paper wallet is best free solution, there are hardware wallets but they are expensive for amount u want to invest
3. this is called vanity addresses, you choose public address tho not private key numbers/letters
4. no, u can use always same address
5. u can generate it online, in online wallet or in software wallet
6. localbitcoins u buy from person in real life, other exchanges like coinbase, poloniex, bitstamp, gemini, kraken itd. u buy online
np, welcome in bitcoin world
