Dim on Nostr: A UTXO is like money locked in a virtual box designed to accept a particular key. A ...
A UTXO is like money locked in a virtual box designed to accept a particular key.
A wallet can hold any number of keys, and a key can be held in any number of wallets, but wallets hold keys, not money.
You can spend any UTXO if you have the correct key, even if it's written on a napkin, but a good wallet makes it much easier.
To keep your bitcoin safe, you must secure your keys against both theft and loss. If someone finds a key, they can spend the corresponding UTXO(s). If the only remaining copy of a key is lost, the box will remain locked forever. So, make a few copies of your keys and keep them safe.
tl;dr; Buy two Coldcards and keep them in safe, separate locations.
A wallet can hold any number of keys, and a key can be held in any number of wallets, but wallets hold keys, not money.
You can spend any UTXO if you have the correct key, even if it's written on a napkin, but a good wallet makes it much easier.
To keep your bitcoin safe, you must secure your keys against both theft and loss. If someone finds a key, they can spend the corresponding UTXO(s). If the only remaining copy of a key is lost, the box will remain locked forever. So, make a few copies of your keys and keep them safe.
tl;dr; Buy two Coldcards and keep them in safe, separate locations.