Boss: Wallet mastery

What you get asked

1. Boss round. Your crypto is best described as…

   Coins live on the blockchain; wallets hold keys. The mailbox is on the street; you just carry the key.

2. A pop-up offers to "validate your wallet" if you type in your 12 words. You should…

   Seed phrase in a website = wallet emptied, often within minutes. No legitimate service ever asks: not support, not "validation", nobody.

3. Match each term to its role

   The whole unit on one card: keys own, addresses receive, words restore, exchanges promise, fees buy space.

4. Order the life of a transaction

   Sign → broadcast → included → final. Once finality lands, there's no undo button anywhere on Earth.

5. Anyone holding your ___ phrase controls every coin your wallet will ever derive.

   The words ARE the wallet. Offline, on paper or metal, seen by no one. That's the whole rulebook.

6. Why do traders still bring up Mt. Gox (2014) and FTX (2022)?

   Roughly 850,000 BTC gone at Mt. Gox, billions stuck at FTX. Those were custody failures, not blockchain failures. You've beaten the boss: you now know exactly where your coins live and who really holds them. 🐜

The rest of this unit

Keys, seed phrases, and custody: how to truly own your coins.

• Keys, not coins
• The seed phrase
• Custodial vs self-custody
• Anatomy of a transaction