Cold storage system isn't just for large btc portfolio's but long term holder's

[Ayers]

It has come to notice about the mentality of different user's that cold storage is for bitcoineers who only have large amount of bitcoins in their portfolio's. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.
However, the nomenclature of cold storage system is to store your private keys offline and therefore prevents your privacy and security from being broken by online hacker's.
So this storage system should be specifically recommended for those holding their portfolio's for the long term and not limited to certain amount of bitcoin in your portfolio. It's primarily a project to keep your fund's safe from being stolen through the malicious strategies of online hacker's.

does cold storage mean buying an expensive hardware wallet? and so it is not necessary for small holder? imo, this idea is wrong. main purpose of cold storage is to keep your private keys offline, not to buy hardware wallet. hardware wallet are certainly one of the most convenient and secure options. but anyone can also do cold storage using an air gapped device or a properly set up offline wallet

another thing is that you should not make decision based only on amount of BTC. you should see how much it will cost to lose that bitcoin. 0.01 BTC may be a few months of saving for someone. so it is not reasonable to tell them to keep it in a hot wallet just because the hardware wallet is expensive. hot wallet can be used for daily expenses and cold storage for long term hodling. this is the most realistic approach

and if you cannot afford to buy hardware wallet, you can make a DIY bitcoin hardware wallet yourself using raspberry pi or ESP32, which will reduce expenses and ensure security

[r_victory]

To me, cold storage is for cryptocurrencies you don't intend to move—at least not in the short term; ideally, it involves a wallet that isn't exposed to daily use and isn't connected to DApps. It’s actually a way to keep your wallet more secure.

[goldphysicalbitcoin]

I agree; trading and long-term holding are two different concepts. Long-term holding follows the principle of "Not Your Keys, Not Your Coins."

[GEMIN_M4]

It has come to notice about the mentality of different user's that cold storage is for bitcoineers who only have large amount of bitcoins in their portfolio's. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.
However, the nomenclature of cold storage system is to store your private keys offline and therefore prevents your privacy and security from being broken by online hacker's.
So this storage system should be specifically recommended for those holding their portfolio's for the long term and not limited to certain amount of bitcoin in your portfolio. It's primarily a project to keep your fund's safe from being stolen through the malicious strategies of online hacker's.

They are and should be categorize as stupid people, anyone who thinks this way don't know what they are doing.
To DCA into BITCOIN it's going to take you years, every penny will grow up to be meaningful.

How is hardware wallet or cold wallet isn't a good option?
Try using a Hot wallet for DCA and maybe after six months of buying the wallet got drained, how about that?

Why aren't people thinking? You save money up in a bank account conveniently means you trust the bank.
In crypto space you are on your own, the best safest option is hardware wallet that's open source completely.

If I am new to crypto and I want to start investing, the first question that will and should come to mind is what is the safest crypto wallet out there? I will want to go to the safest possible way.

[Synchronice]

It has come to notice about the mentality of different user's that cold storage is for bitcoineers who only have large amount of bitcoins in their portfolio's. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.
However, the nomenclature of cold storage system is to store your private keys offline and therefore prevents your privacy and security from being broken by online hacker's.
So this storage system should be specifically recommended for those holding their portfolio's for the long term and not limited to certain amount of bitcoin in your portfolio. It's primarily a project to keep your fund's safe from being stolen through the malicious strategies of online hacker's.

Cold storage isn't uniquely for long-term holders or large Bitcoin portfolio. Cold storage is for those who want a maximum security but generally, cold storage is used by those who hold a large amount of coins. It's not a big deal to save 0.01 Bitcoin in a hot wallet, even if you want it for long-term holding because it's not a huge amount, it's something affordable to lose and it's also not the amount targeted by hackers.
Cold storage means a wallet on an air gapped device too, i.e. you protect your coins from hackers, malware and so on.

[Filicius]

. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.

There are literally hardware wallets under $60, unless your funds are under the mentioned amount, you should not yet invest on HW wallets, but other than that, you should do. And HW wallets are not just for long term holding, it can be used for regular sending transactions, you should just sacrifice a little inconvenience.

The OP mentioned that it doesn't make common sense to buy storage device that's worth than the amount of bitcoin you're to store in it, but then he said that they are for long term holders, and that's a valid point, since perhaps your $50 sats will be worth much more in a decade, which would justify the purchase of the device not because of the current value of what is invested, but because of the long duration of the investment.

[SquirrelJulietGarden]

The OP mentioned that it doesn't make common sense to buy storage device that's worth than the amount of bitcoin you're to store in it, but then he said that they are for long term holders, and that's a valid point, since perhaps your $50 sats will be worth much more in a decade, which would justify the purchase of the device not because of the current value of what is invested, but because of the long duration of the investment.

Firstly, people must know about hardware wallets and why such wallets are best for people to store their coins in long term, especially if it is feasible to buy hardware wallets with their available budgets.

Then they can learn how to buy hardware wallets rightly, and practice it well.

[LIST] Open Source Hardware Wallets.
[GUIDE] How to buy a Hardware Wallet the right way.

If their budgets are too small, they can simply learn about hardware wallets, bookmark which resources that can be used in the future, but meanwhile they can use open source  non custodial wallets such as Electrum wallet. It's open source, free, and good to use but the principle is the same, do things rightly.

[GUIDE] How to Safely Download and Verify Electrum.
The paranoid user's security guide for using Electrum safely.

[Ruttoshi]

If you can afford a hardware wallet, you should get one at least for the experience sake. It doesn't mean if you want to use it to store big funds for long term or not. What really matters is that your fund is 99.9% save compared to using a hot wallet.

If you have an old laptop around the corner in your house which no one is using, you can still use it as a hardware wallet by setting up Electrum cold storage wallet on it and generate the keys offline without connecting it to the internet forever. However, a long term holder will have a good amount of bitcoin in his portfolio overtime.

[Catenaccio]

If you can afford a hardware wallet, you should get one at least for the experience sake. It doesn't mean if you want to use it to store big funds for long term or not. What really matters is that your fund is 99.9% save compared to using a hot wallet.

Top cold hardware wallets with prices too.
I don't recommend Ledger wallet that has history of many data breach and a very controversial product: Ledger Recover.
Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties.

With prices of those wallets written in the review article on Coingecko, it's now clearly that people don't actually have too big fund to feel feasible purchasing a hardware wallet to use. Around $100 to $200, you can buy a good hardware wallet to use already.

If you have an old laptop around the corner in your house which no one is using, you can still use it as a hardware wallet by setting up Electrum cold storage wallet on it

Make sure you make different wallet backups, not only that one on the old laptop.
Creating a cold storage wallet in Electrum.

[Livingleged]

It has come to notice about the mentality of different user's that cold storage is for bitcoineers who only have large amount of bitcoins in their portfolio's. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.
However, the nomenclature of cold storage system is to store your private keys offline and therefore prevents your privacy and security from being broken by online hacker's.
So this storage system should be specifically recommended for those holding their portfolio's for the long term and not limited to certain amount of bitcoin in your portfolio. It's primarily a project to keep your fund's safe from being stolen through the malicious strategies of online hacker's.

For anyone that has bitcoin and is intentional about privacy and security safety of coin, then cold storage should be his priority. Not the way OP is saying cold storage should be recommended for long time holders only. Even short time holders can actually adopt cold form of storage it all depends on what you’re protecting and how valuable  you think it is to you. you can’t have diamonds in you house and just use a weak lock because you aren’t keeping it home for a long time. This is the simplest example I can give.

When you practice  cold storage  you’re keeping your coin safe offline and no body could get them unless they have access to your keys, you’re safe from a lot like malware attacks, online theft and compromise. So recommending it to only long time holders isn’t just right as hackers can attack the least expected time you may not have expected.

I don’t want to talk more on whether you recommend getting a hardware wallet for someone that the fund under protection is worth less than the cost of getting the hardware Wallet as I already saw a reply addressing that already. However, this  depends on whether he has potential of building a good position and hardware wallet might just be the safest for him

[ImGenius]

It has come to notice about the mentality of different user's that cold storage is for bitcoineers who only have large amount of bitcoins in their portfolio's. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.
However, the nomenclature of cold storage system is to store your private keys offline and therefore prevents your privacy and security from being broken by online hacker's.
So this storage system should be specifically recommended for those holding their portfolio's for the long term and not limited to certain amount of bitcoin in your portfolio. It's primarily a project to keep your fund's safe from being stolen through the malicious strategies of online hacker's.

Why not a hardware wallet? There are many hardware wallets through which thousands of coins can be held. Since for long term holding the hardware wallet does not have to be connected anywhere which make it more secure. For just folding then of course hardware wallets like Ledger (Flex, Nano X), SafePal (S1, X1), Trezor and some other wallets are enough.

[Gost ms]

Of course, any person can use hardware wallet and can use it for daily use if he is able to accept the difficulties while using it. But yes, as you said, many of us are very confused about this issue. A person who continues to purchase continuously through the DCA method with a small amount of money can also use hardware wallet. Many people think that I purchase in small amounts, how can I use hardware wallet.

If a person does not want to face any kind of difficulty in using hardware wallet and in the case of continuous purchase, then he can use 2 wallets, one for purchasing and after purchasing, he can keep the hardware wallet in between. To know more about hardware wallet, fillippone sir can read this topic.

[letteredhub]

You should consider that not every user has the funds to immediately buy a hardware wallet at their starting of building their  bitcoin portfolio and this has being the reason why hot wallets are there for such users until when they have being able to accumulate much coins and see the need for higher security layer like cold storage device. It can actually discourage some new users, telling them to first buy a cold wallet regardless the amount the least wallet may cost, when they could have just downloaded an online wallet like electrum and start...

There is absolutely no pressure as to when to acquire a HW. The concern is with the high level of inflation in our society, the more we wait for our portfolio to gain enough weight before considering getting a HW the more the price keeps soaring and the procrastination gets endless.  simple purchase saves both the present and future as it not only secure our coin but also save cost in the future.

Yes I can't agree any less with your point but this would rather be for those who have the funds able to afford getting a hardware bitcoin wallet and at same time purchasing their  bitcoin at their very beginning. My emphasis on my above comment was that if I am to be found in a situation where what I have can afford me just one of the two (sats and hardware wallet) I would rather go with buying bitcoin and storing it in a software wallet like electrum until am able to save to get any of the least hardware wallet.

[Ojima-ojo]

Few years back, I ordered a hardware wallet worth $90, to start my Bitcoin accumulation journey, my first deposit and in a long time was not up to $40 which is far below the amount it costs me to buy th hardware wallet.


Most important thing is to have your wallet and you can deposit ny amount and be at peace, there is no limit to how much you deposit into your hardware wallet.

[uchegod-21]

Few years back, I ordered a hardware wallet worth $90, to start my Bitcoin accumulation journey, my first deposit and in a long time was not up to $40 which is far below the amount it costs me to buy th hardware wallet.


Most important thing is to have your wallet and you can deposit ny amount and be at peace, there is no limit to how much you deposit into your hardware wallet.

Yea, this is what I want to read. Some persons have normalised the wrong habit of seeing hardware wallets/cold wallets as wallets meant for large amounts of bitcoin only. That belief is wrong. If you prioritise the safety of your bitcoins, you will make sure that they are truly safe, regardless of how much is involved.

Maybe they ignore the fact that they can start small by accumulating gradually until their holdings grow bigger. Someone said he can comfortably leave his small amount of bitcoin in a hot wallet for a long period of time. That is truly a wrong practice.

[AVE5]

It has come to notice about the mentality of different user's that cold storage is for bitcoineers who only have large amount of bitcoins in their portfolio's. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.
However, the nomenclature of cold storage system is to store your private keys offline and therefore prevents your privacy and security from being broken by online hacker's.
So this storage system should be specifically recommended for those holding their portfolio's for the long term and not limited to certain amount of bitcoin in your portfolio. It's primarily a project to keep your fund's safe from being stolen through the malicious strategies of online hacker's.

does cold storage mean buying an expensive hardware wallet? and so it is not necessary for small holder? imo, this idea is wrong. main purpose of cold storage is to keep your private keys offline, not to buy hardware wallet. hardware wallet are certainly one of the most convenient and secure options. but anyone can also do cold storage using an air gapped device or a properly set up offline wallet

Fortunately we're still in the same cycle. So I hope newbies who're misinterpreting this cold storage concepts believes it's an an official extreme for user's owning large amount of bitcoins.
If you're neither not aware about people with this mentality, I've seen many especially when their mentality that they've just small amount of bitcoin and so they finds it hard to even spend on the hardware wallets which we know is expensive for some commoners.
Of course there're still some of them who still find it hard to afford air gap device. These are also set of user's that still find it comfortable using their regular use devices as access and storage of their crypto wallets.

[Dunamisx]

Cool storage is not designed only for whales or institutional investors; rather, it wasn't also meant for long-term investors only,  but everyone more conscious of security measures to his assets and wanted to control their financial digital currency within their capacity and not to allow financial institutions do that for them, the way we understand things differs from each other and that is why only those that get the idea behind not your keys not your coins will only decided not to allow centralized institutions or platforms take control of their digital assets in crypto.

[BABY SHOES]

. I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.

There are literally hardware wallets under $60, unless your funds are under the mentioned amount, you should not yet invest on HW wallets, but other than that, you should do. And HW wallets are not just for long term holding, it can be used for regular sending transactions, you should just sacrifice a little inconvenience.

Satochip is hardware priced at €25 which is said to be still affordable, so spending money on hardware is a long-term goal, let alone intending to save a large amount then I personally say it is mandatory in order to prevent better security.

And using HW for the purpose of regular transactions for me is not too complicated, for me to understand then its use is as simple as that.

[Maliceprime]

I also don't  think it makes common sense to buy storage device that's worth than the amount of bitcoin you're to store in it.

How did you know that your Bitcoin won't end up Worthing more than a storage device? This is how you people are deceiving yourselves, if all the money you have on you is $100 and a storage device is worth $60, you can't keep the $40 on the $60 device?

What kind of silly mentality is this? Is that $40 the end of the Bitcoin you are going to have? In a matter of one year you can end up with $400 worth of. Bitcoin, that's even if you aren't getting better paid jobs.

It's always later that you will cherish the storage device that you invested money on, why are you keeping your money in the banks? Because every banks have a storage room that's almost impossible to break into, you see why people don't think?

[Audrey Simmons]

And using HW for the purpose of regular transactions for me is not too complicated, for me to understand then its use is as simple as that.

Someone careless in possession of her seed phrase will also be negligent when using a hardware wallet.

Cold storage ultimately serves both, long term or large sum, going for hardware wallet remains an option. I do not undermine how effective a hot wallet can be used in as much the user is cautious and knows how to stop scam and online attacks, but unarguably, a cold storage gives better protection over a hot wallet.