Re: Hot wallets are not the same as hardware wallets
The title of your thread is misleading, that is not what your friend told you. I wonder how you came up with such a title.I disagree that accepting crypto to your hardware wallet while running a business is a good practice, this is the advice that my long time crypto investor friend was telling me when I told him that I want to start accepting crypto payments in my business, we argued for a while and I got tired.
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And my friend seem so focused on the safety, I told him that long term holding is why hardware wallets are good choice not day to day transactions.
You both are correct in your own different ways. In terms of security of your fund, your friend is very much correct. You will be pained to discover that you wake up one day to discover that your business funds in hot wallet are all gone....
And my friend seem so focused on the safety, I told him that long term holding is why hardware wallets are good choice not day to day transactions.
In the other hand, when using a hardware wallet, it is only your customers sending coins to it and not you sending back to them. So, hardware wallet is appropriate. The only disadvantage might be if you want to move your funds very fast due to volatility.