MustHaveMoreSats on Nostr: *The Real Risk of Holding Bitcoins* The greatest #risk of holding Bitcoins isn't the ...
*The Real Risk of Holding Bitcoins*
The greatest #risk of holding Bitcoins isn't the price crashing to zero; it's human nature. #Bitcoin resembles cash in one key aspect: it's a bearer asset. This means possession is ownership. If you store your Bitcoins with a third party (e.g., Coinbase) and their website is hacked, your Satoshis can be stolen.
*Our Security Approach*
We buy Satoshis (the smallest unit of Bitcoin) from Cash App and immediately transfer them to a cold storage device (offline Bitcoin wallet) for maximum #security.
*The Biggest Risk*
The most significant risk associated with using the Bitcoin network is loss. If you forget your seed phrase (a unique 12- or 24-word passphrase granting access to your Bitcoins) or don't possess a physical cold wallet loaded with those words, you're out of luck. If you pass away and do not leave your keys to a family member, the Bitcoins will never be accessed again. Millions of Bitcoins have likely been lost forever, making the remaining ones more valuable.
The greatest #risk of holding Bitcoins isn't the price crashing to zero; it's human nature. #Bitcoin resembles cash in one key aspect: it's a bearer asset. This means possession is ownership. If you store your Bitcoins with a third party (e.g., Coinbase) and their website is hacked, your Satoshis can be stolen.
*Our Security Approach*
We buy Satoshis (the smallest unit of Bitcoin) from Cash App and immediately transfer them to a cold storage device (offline Bitcoin wallet) for maximum #security.
*The Biggest Risk*
The most significant risk associated with using the Bitcoin network is loss. If you forget your seed phrase (a unique 12- or 24-word passphrase granting access to your Bitcoins) or don't possess a physical cold wallet loaded with those words, you're out of luck. If you pass away and do not leave your keys to a family member, the Bitcoins will never be accessed again. Millions of Bitcoins have likely been lost forever, making the remaining ones more valuable.