When I started in Cryptos I wanted to get a really good Cold Storage Wallet. I invested in the KeepKey and thought wow this is going to be great!
Firstly, the thing only held Bitcoin and Litecoin at the beginning. That was fine for me at the time. Funnily I was sure I would never touch the "Alt" coins. Baha hahahaha - wrong!
Today I love several Coins that would have fit in that category in my mind a year ago!
Keep Key
Ok - don't want to badmouth any company as I know improvements happen all the time. I have started enough small businesses in my life to understand how things are always morphing.
But...
Once an impression is made... in a consumer's mind... well that's it, isn't it?
I found the technology wobbly at best. My KeepKey connection to the computer was always off and on... found I had to balance the thing quite carefully.
Also, sometimes my initial passcode would work and sometime it wouldn't.
I kept hearing about how "if you don't hold your private keys... you don't own your cryptos"
So... while investigating other "cold storage wallets" after my initial experience I was getting concerned. I mean who makes these things? Do I really want some other "third party" having control of my Cryptos?
At this time I was primarily storing my coins on Exodus. I didn't have much so it was ok. Honestly, I don't have much even now, but as time goes on... who knows.
Exodus
A beautiful system, although it is not considered a "cold storage" wallet. It is more of a "hot storage" method. It is still online and someone else could also have access to your "private keys".
So... am I just paranoid?
Yep...Paranoid!
I am an older single woman without any pension, maybe could depend on the Government for my future... but no way - have really looked at my life and realized that some of my experiences were mistakes. Yep that's life.
However, when I found out about Crypto and Bitcoin in particular, I recognized this as a future technology that should not be ignored. "Note to self... wake up!"
Back to subject at hand! Cold Storage!
I wasn't sure that I wanted anything to do with Trezor or Ledger Nano... I read a lot of articles about stuff, and while nothing was specifically bad, I realized that I was getting a feeling about these that made me want something more in my own control.
Paper Wallets
Are they Safe?
Well, I think that depends on how creative you are.
First of all you have to make sure that when you create your paper wallets that you are totally offline.
I asked myself and found out by "reading" ha ha ... that having a totally separate computer that has either never been online or one that will never be online again.
My choice was an old computer that was re-vamped... wiped clean and will never be online again. If I get rid of it someday... I should make sure that the innards are taken out.
Now, I had some trouble with printing it and heard that printers that were ever connected to the internet could also have malware junk on them. So, rather than taking the chance I decided I could keep a digital record of my public address, making my wallets easy to use.
However, I chose to hand-write the private keys. Many people say this is too easy to make a mistake with. Yes, that is correct.
My biggest chore is to re-write the private keys a few times and really check over and over... and make sure there is no error. Also, my private keys have to be hidden somewhere.
Keeping your private keys.
So.. you have to think. What if my abode burns to the ground while I am out?
What if someone steals my private keys?
Where could I hide my private keys?
This is where you will have to get creative. I am not telling you my solutions. But thinking is a good exercise... ha ha!
So... do I feel that Cold Storage Wallets are Dangerous?
Not necessarily, but as so much in life you have to follow your instincts. Let your intuition warning bells have their way. If you feel, after research, that the Cold Storage Wallets you can purchase make you feel comfortable, then go with that.
I had a creeping feeling that I didn't like them. So I investigated other ways to store your coins.
Hope this article helps with your planning and thinking.
Cheers to the future.
Wow. you seem to be very knowledgable about security in crypto space.
im glad you commented one of my posts.
Cheers
Piotr
Really? Wow I don't think of myself as knowledgeable...but been learning for a year now so I guess that's something.
Im glad to see that you're very responsive. Appreciate it a lot @granblock
i honestly wish to know that much about safety and security on blockchain. Im good with social media, adversiting and other bullshit. but being safe and secure is my weakness.
ps.
i believe your financial situation isnt the best. im sorry to hear that.
Yours,
Piotr