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RE: HODLers Beware Your Keys Are Becoming A Honey Pot

in LeoFinance3 years ago

As long as people aren't scared off from buying and hodl'ing.

You have to pay for security and encryption hardware to keep your crypto safe in cold storage.

But you also have to pay for an RFID blocking wallet to keep your credit and debit cards safe when you go shopping in the high street.

You have to hope that your wallet doesn't physically get lost or stolen and your cash and cards are taken.

You have to hope that your Dow/FTSE/Nasdaq/Nikkei share portfolio goes up, and not down. Or that companies you invested in go bust. Or there is a crash in the market.

You have to hope that your bank doesn't go bust (especially if you are over the FSCS protection value).

What I am trying to say is that people shouldn't be scared of cold storage of crypto. There is a risk to everything - even fiat currency and "normal" methods of investment - and you should balance your own risk.

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In all wealth there is risk for sure and you have to decide which ones you prefer, the personal responsibility kind or the third party kind. I prefer taking it on myself since theres more control, even if you lose or destory your hardware wallet you should have back ups, you should have a mutli-sig option and you should have duress wallets set up to protect as much of your wealth as possible.

If we compare bitcoin to any other asset, it's got the most security of anything out there