I am just currious, I see a trend towards more people using custodial wallets like WalletOfSatoshi that I even myself suggest to people in my tutorials @piecover because it's easy to use and has low cost of entry. But I am still worried that the wallet could get compromized by hackers or the governments. So what do you guys think?
pull down to refresh
52 sats \ 6 replies \ @nikotsla 20 Nov 2023
Risk management, are you going to put 95% of your wealth on a custodial wallet? Red flag... what about 0.01% ? well... it's ok.
reply
0 sats \ 5 replies \ @piecoverBTC OP 20 Nov 2023
Ok thanks, but what about the newbies who are going to go 100%
reply
10 sats \ 0 replies \ @nikotsla 20 Nov 2023
Same risk as an actual bank institution? They put their money in a place in exchange to a benefit, in case of bank it's an interest... in case of custodial wallet it is convenience. No worst that actual situation.
reply
10 sats \ 3 replies \ @OneOneSeven 20 Nov 2023
If they don't study enough (maybe two minutes of googling) to understand a custodial wallet they deserve to get wrecked.
reply
0 sats \ 2 replies \ @piecoverBTC OP 20 Nov 2023
Yeah thats the problem
reply
10 sats \ 1 reply \ @OneOneSeven 20 Nov 2023
I've thought about offering friends and family a significant satoshi reward for completing a course like Bitcoin For Everbody from saylor.org
reply
21 sats \ 0 replies \ @piecoverBTC OP 20 Nov 2023
Yes proof of work
reply
10 sats \ 1 reply \ @fm 21 Nov 2023
Use that for lunch money only..
Same happens if you lose your fiat wallet.. You probably dont keep all your money on your wallet..
reply
1 sat \ 0 replies \ @piecoverBTC OP 21 Nov 2023
Good idea perfect thank you!
reply
10 sats \ 0 replies \ @DarthCoin 20 Nov 2023
TLDR
https://i.postimg.cc/zfg1ZssF/you-get-what-you-deserve.gif
reply
10 sats \ 1 reply \ @bisdak 20 Nov 2023
From my personal experience i have a combination of muun + wallet of satoshi. In case of immediate reload, i can instantly send from muun to wos. Let’s say wos is just a spending wallet.
reply
0 sats \ 0 replies \ @piecoverBTC OP 20 Nov 2023
Ok thanks, bur what do you in a high fee environment?
reply