Quote:
Originally Posted by ithos
The Bitcoin maximalists hate the exchanges and all other crypto. They have to since the only way they can rationalize it as a store of value is that it can not be replicated. But of course it can because it is a virtual asset. There is no law or force of nature to prevent it unless you can convince all of mankind to think like you do.
But if you are a true believer then know that they are advocating keeping it on a cold wallet. So what does that entail?
Per CNBC
1. Plug your cold storage device into your computer.
2. Download the software provided with your cold storage wallet.
3. You’ll be given a seed phrase or backup code.
4. To access your device, you’ll have to set up a pin. Once you have a pin, you’ll be able to add your crypto to your cold storage wallet by clicking receive, which will show you your cold storage wallet’s address.
5. Keep your cold storage somewhere safe and remember, if you lose it along with your seed phrase, your money can’t be recovered.
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For reasons similar to why people don’t put all their cash under their mattress (or wherever in their home), most people holding crypto will not use cold storage devices. Inconvenient, risk of loss, etc.