Oh God, I'm still such a merciless beginner when it comes to crypto. I still have a lot to learn before I order one of these dongles. My biggest problems are
1) For extremely stupid reasons, I trust myself to misplace any passwords
2) I have to find out how they work technically. (drivers and the like) I'm discreetly worried. That I'll unpack the thing after 10 years because my 0.1 hypothetical btc is worth a million and it won't run on a new operating system.
3) while I would worry about Mt. Gox on websites, I would have some crap not working on the dongles after I saved up 2 bitcoins.
Well, let's see first
1) For extremely stupid reasons, I trust myself to misplace any passwords
2) I have to find out how they work technically. (drivers and the like) I'm discreetly worried. That I'll unpack the thing after 10 years because my 0.1 hypothetical btc is worth a million and it won't run on a new operating system.
3) while I would worry about Mt. Gox on websites, I would have some crap not working on the dongles after I saved up 2 bitcoins.
Well, let's see first
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@SchlaubiSchlumpf I can understand that very well. Being your own bank is not that easy. For smaller amounts, you can leave the coins on trustworthy platforms such as Coinbase or Bison. Regarding your fears:
1) The seed phrase is important. This is 24-25 words that can be used to recover your account. I have written down the seed phrase several times, split each copy and kept each part in a physically different place. That way there are several hiding places I can remember. At the same time, it is of no use to an attacker if they only find one of the hiding places. Of course, not all copies should be in your own home in case there is a fire or something.
It's super time-consuming but also super secure. And of course it's only worth it if you're paranoid and have significant sums of money.
2) You don't really care about that. The only important thing is the seed phrase I just mentioned. If you have this, you can access your coins with almost any software or hardware wallet. A hardware wallet is practically just an extremely secure way to generate the seed phrase and use it for transactions, for example.
3) As long as you have the seed phrase, the dongle really doesn't matter at all. In the worst case scenario, you will have to spend 150 euros on a new dongle to get your million.
1) The seed phrase is important. This is 24-25 words that can be used to recover your account. I have written down the seed phrase several times, split each copy and kept each part in a physically different place. That way there are several hiding places I can remember. At the same time, it is of no use to an attacker if they only find one of the hiding places. Of course, not all copies should be in your own home in case there is a fire or something.
It's super time-consuming but also super secure. And of course it's only worth it if you're paranoid and have significant sums of money.
2) You don't really care about that. The only important thing is the seed phrase I just mentioned. If you have this, you can access your coins with almost any software or hardware wallet. A hardware wallet is practically just an extremely secure way to generate the seed phrase and use it for transactions, for example.
3) As long as you have the seed phrase, the dongle really doesn't matter at all. In the worst case scenario, you will have to spend 150 euros on a new dongle to get your million.
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•@DonkeyInvestor Thank you for the explanations. In itself it is attractive to have something like this. For example, you could store half of your seed phrase in a safe deposit box and the other half at home. The safe deposit box would be useful for things like copies of certificates, documents etc. anyway. I would find it very attractive. Even if I "only" have 5-10 percent of my portfolio in Bitcoin, it would be a lot of money at some point. Or whatever is left over. (I would find this even more attractive if bitcoin dies out contrary to expectations. What's left over after saving would not be a small amount for me in the long term either...
Last but not least, it would actually be a cool gimmick.
Thanks for your comments!
Last but not least, it would actually be a cool gimmick.
Thanks for your comments!
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•@SchlaubiSchlumpf just keep in mind that you will have a problem if your apartment burns down and you have no other way to reconstruct the seed phrase
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That's right. But I think you have quick solutions for that too 😁👍🏻 In any case, I would feel good if at least one item was either in a safe deposit box or a very thick safe.
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•@SchlaubiSchlumpf preferably both for redundancy. Of course, a large safe is only worthwhile from 10-20k.
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@SchlaubiSchlumpf Alternatively, there are also steel plates and such for the Seed Phrase. These are then fireproof
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