Let's suppose that I'm a beginner in the Bitcoinlandia and need some help…
139 sats \ 7 comments \ @Tef 17 Apr bitcoin_beginners
I have, let's say, 50k to 100k sats and I keep them on a hot custodial wallet (like muun, wallet of Satoshi, blink and so on). Now, I'm aware that these wallets are custodial, which means that I have no control over my sats, because I'm not the owner of their keys. But what other options do I have for this amount of sats, in order to make them more secure?
What would you suggest a beginner do?
I have also heard of cold wallets, but, let's just say I have never used one. Given the fact that I only have 50k to 100k sats, is it worth investing in one of these cold wallets? Or should I keep these sats in custodial wallets until I accumulate a significant amount of sats and then put them in a cold wallet?
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643 sats \ 0 replies \ @DarthCoin 17 Apr
Here I explained all the steps for the question you were asking: https://darth-coin.github.io/beginner/getting-started-stack-sats-en.html
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10 sats \ 0 replies \ @nullcount 17 Apr
100k sats isn't even enough to buy 1-week of groceries in the USA. If you get rugged that amount, its not game over.
I wouldn't even consider making a UTXO (sending onchain) until you have enough to cover at least 1-month of expenses (rent, food, travel, etc.) Today, that's like 5m-10m sats for average USA resident.
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10 sats \ 0 replies \ @om 17 Apr
I'd go with Fedi even though it's still beta. or pay a little bit and go for Breez and/or Phoenix
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0 sats \ 0 replies \ @Coinsreporter 17 Apr
If you want to HODL them, you need a cold wallet for sure, but this is IMO, only worth if you send a good amount. For smaller amounts it's okay to have them for use in hot wallets that you mentioned.
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0 sats \ 0 replies \ @TheWildHustle 17 Apr
Nunchuk and Blue wallet might be the next best option.
Maybe even Mutiny wallet.
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0 sats \ 0 replies \ @Cje95 17 Apr
I have a Ledger well actually two and I enjoy its desktop and iOS interface. I think if you are going to continue to invest and grow in the space then a cold wallet is definitely a must! Hot wallets are good if you plan on using your assets or are moving them around but cold wallets are fantastic in keeping your assets safe and secure esp if you are not moving them around a lot!
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0 sats \ 0 replies \ @Fabs 17 Apr freebie
Depends on the intention:
Are you going to use Bitcoin (mainly) as a SoV, or MoE?
In the case of a SoV: Buy a hardware wallet and accumulate until you have "enough" sats to create a UTXO on your hardware wallet.
In the case of a MoE: Setup a non-custodial LN wallet, and spend-and-replace as needed.