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It's pretty old-world advice to not leave all of your money "in one basket". If you're going to store large amounts of BTC or any other digital store of value,
by 52-6F-62 9y ago
It's pretty old-world advice to not leave all of your money "in one basket".
If you're going to store large amounts of BTC or any other digital store of value, why would you do it on one device unless you trust it absolutely?
The currency is supposed to be trustless, ultimately. Should you really put all of your trust into one device, manufactured in bulk outside of your purview? Especially when it may (in some cases, but sadly not mine) contain hundreds of thousands of dollars, if not millions!
I tend to store in a few mediums (including a low-capacity SD card), in places I know, with backup seeds in other inconspicuous locations. It's not high tech, necessarily.
That said, I don't do much regular trading, so I don't need to plug my [hardware wallet] in and pipe funds around often. If I want to trade, I tend to wait until I can buy more and in the interim watch the goings on.
I really think that stuff is neat tech, but not useful unless you want to day trade, or use cryptocurrencies for regular purchases.
- pmorici 9y agoI wouldn't trust my crypto savings to any kind of flash memory device especially MicroSD cards those things, are super unreliable for long term storage. I don't trade at all buy and hold only.
- 52-6F-62 9y agoNo doubt. I don't condone leaving them as your sole source of storage at all. It's easy for short-term, however. And nearly as convenient as any USB option these days, but more compact. That's why I keep other backups in other forms as well. I operate the same way: buy and hold.