pull down to refresh
0 sats \ 0 replies \ @ama 31 Jan 2023 \ on: Bitcoin hodlers bitcoin
Anybody, who has some access to the internet can get some BTC, which can be kept in a very large variety of ways: software (hot) wallets or programs, hardware (cold) wallets, paper wallets, or even "brain wallets" if you simply memorize your seed words) that it doesn't requiere to own anything special.
It's up to you, and depending on the amount you own, to chose how to keep it. How do you keep your fiat? A small amount in your pocket for your daily expenses, a larger amount at home, for the week or the month, and even larger amount in a checking account, and your life saving hidden away on a savings account (provided you have access to the banking system), or hidden under your mattress, or invested in property or precious metals or art, etc.
Since the way to prove ownership of BTC is by signing transactions with your private keys, you keep those in wallets depending on the amount. You might keep a small amount in a software wallet in your mobile phone (for your daily expenses), a little larger amount on another software wallet that you don't carry around (a second phone that you keep at home, for example), and your savings on a hardware wallet that you store on your safe.
In any case, you need to back up your wallets, regardless of their type, since there is no third party involved keeping your money. If there is, like an exchange or any kind of custodial wallet, consider it not to be your money (not your private keys, not your money). For making those backups you can use any one (or a combination) of all these "multi-gadgets" being advertised on the internet, from a piece of paper to the most robust device made of the most resistant materials or the most sophisticated piece of equipment, again depending on the amount of money you keep and the level of security you feel confortable to keep it at.
As a rule of thumb, the more BTC you keep, the more you should/might want to invest in keeping it safe. Kind of common sense idea, isn't it? 😅