That said, I have one and I wasn’t hacked, worked flawlessly. But I found it difficult to think of a way to store the seed backup. In the end I figured out some scheme with nested KeePass databases that nobody would figure out (I wouldn’t share this if I still had any cryptos). But if I would’ve died, it would’ve been lost.
If physical access becomes a possibility, it’s not particularly secure. So, I guess the idea would be to have some spending wallet on your phone with limited funds and than go to your safe deposit box to recharge from the hardware wallet every so often.
At that point, why not just use a bank account with FDIC / FINMA protection for the spending wallet? The effect of inflation will be minimal on low amounts for a short period of time.
One easy option is Dropbox/GoogleDrive/iCloud + Cryptomator. Point and click. You choose a strong password for the cloud and a different one for the Cryptomator and AES256 does the rest.
Then a copy always on your computer + the one in the cloud.
Why spending money on a hardware wallet?
But yeah, there are problems : If you die. If you forget the password, etc. As you said, it is not to put your whole life savings in there, not right now at least.
For me cryptos are a last-resort option if CBDCs become tyrannical. And for that the ways to use and operate them is not that complicated.
Sure. I agree. But that’s the whole point of crypto isn’t it? If you want traditional banking, you already have it.
It is going to be better than waking up one day and:
See how your currency adds two trailing 0’s every few weeks/months like Zimbabwe
See how the government steals your money from the bank (Cyprus)
Go for a weekend to the country side and wake up on monday seeing you cannot retire more than a few dozen bucks per day (Argentina)
Go for a weekend to hike in a volcano and come back on monday seeing your whole economy has been dollarized (Ecuador)
Have the courage and dignity to denounce highest establishment crimes and be cut-off from any kind of income source (Snowden, Asange)
Seeing that one day you are not “a good citizen” and a bureucrat freezes all your CBDC. No way to pay for anything not even groceries. Not even a way to pay back to someone that buys them for you. (China in the near future? Europe maybe by 2035 or 2040?)
Etc. etc.
Then you realize spending a few days learning the basics of crypto and how to manage/safely store your wallet is the highest return investment you can make.
Also, unfortunately for BTC, its transactions are traceable. So you may have your money, but cannot use it.
No inflation protection, no store of value, no currency, no anonymity = no use case.
Also: Nothing can or will ever exist independently from society, so society’s organizations (governments, groups, corporations etc.) will always get you in the end, if they want to. Also, there will always be taxes to pay in society in some form, whether governments exist or not.
Still, I’m fascinated by how fascinated crypto bros are with this new finance toy.
Bitcoin is unconfiscable, and their value is backed up on this attribute. Instead cash, gold, stocks, cars… are potentially confiscable.
Also Bitcoin can be bought in P2P exchange without KYC, ie. https://hodlhodl.com
What is the best bitcoin exchange (with KYC) in Switzerland? Maybe lykke, swissquote…?
I DCA daily into Bitcoin and ETH, also running my own node/validator that generate around 5% APY. Including stable coins I hold around 10% of my NW in crypto.
Besides taxes, mortgage, occasional fines and my cleaning lady I pay everything with my crypto card.
I see bitcoin as a bet on the decline of the current money system and if I look at the inflation rates and public debt it seems pretty probable. It is still my best investment to date and up 1000% since I bought in 2017 and expect it to recover to new ATH in the next 12-18 months.
I have contacted swissquote, lykke and swissborg. Lykke and swissborg are cheaper, but they look to me like start up companies. One of them has there servers in Netherlands. I believe my personal data would be better manage by swissquote. I don’t want to see my name in a future data breach showing I might be owning a lot of money in BTC, in case of huge revaluation. So prob I will open my account in swissquote too.
I would like to schedule automatic weekly bitcoin purchase with for with amount of CHF, but any of these three exchange offer this feature.
Why are u using swissquote for stocks? I believe Interactive Brocker is way cheaper.
Yes I exchanged most of my cryptos to stable coins half a year ago and now I move them back on the exchange and buy Bitcoin/Ether at 500 USD/day until I run out of stable coins and then move them back in cold storage.
I look at the rainbow price chart indicator for general buy/sell signals:
My favorite indicator Larsson line shows that we still have more downward pressure for bitcoin though…
I am planning to build my bitcoin portfolio by weekly DCA. I would like to do it automatically. Maybe I should use this crypto.com bot, because in swissquote I need to make the weekly purchases manually, and this may be a hassle.
Swissquote fees are:
1% buy/sell fee.
10 USD for transferring your bitcoin to your cold wallet.
My strategy is:
weekly DCA bitcoin purchases in CHF.
and after a while transferring the bitcoin to my cold wallet.
What are the fees in crypto.com for this strategy?
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