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Outsider looking in but doesn’t cold storage defeat the whole purpose of crypto currency.
Don’t get me wrong I understand the necessity with all the craziness going on.But one of the ideas behind crypto, is that you can easily transact over the Internet you can pay for things and invest in it.But if you have your bitcoin on a USB stick, in a trunk buried in your garden is not exactly fit for that purpose.Also it’s getting to the stage to anyone without a PhD in web security, would dare not put that USB stick in any computer attached to the Internet because there might be some new kind of attack with suck away all your funds.
You seem to have a misconception regarding the word “cold” storage.It doesn’t mean your funds are difficult to access or transfer or that it would take a lot of time to do so.It just means the wallet you use stores your private keys in a secure environment that never come in touch with an online environment.
When you make transactions the signing process that involves your private keys are also done in said secure environment.
Which make storing and transferring your funds tremendously secure.
[43 min.
ago]
Don’t forgot to download the Bitcoin wallet.How many GB is it up to?
[46 min.ago]
OMG.
The same conversations had years ago.Nothing has change.
You keep a hot wallet and a cold wallet.
Think of your hot wallet like the physical wallet in your back pocket or in your purse.You would keep some spending money (BTC) in your mobile app hot wallet for easy spending.
Then you keep the rest of your BTC in your cold storage wallet.Your cold storage wallet where you keep the rest of your BTC that you don’t plan on spending anytime soon.
And you don’t need to bury your hardware wallet or anything like that.
Your seed phrase is what you need to keep safe.
Bitcoin on a USB stick isn’t a thing.Anyway, it’s quite easy to spend coins from cold storage if you have a hardware wallet.
[…] PhD in web security
Actually, securing bitcoin is actually quite easy if you just stick to one rule.
“Never type in your seed on anything other than a hardware wallet.”
Web applications are much harder to secure actually than bitcoin.
No you’re confused.Peer to peer transactions do not require a 3rd party.
That’s the entire point.
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