Getting used to having all savings in self storage \ stacker news ~bitcoin

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Getting used to having all savings in self storage

450 sats \ 13 comments \ @stack_harder 21 Nov bitcoin

I would say at the moment, at current fiat levels, I am comfortable with having all my savings (which are btc), on my hardware wallet but in the past, the idea of having even a few thousand on a hardware wallet would have seemed unfathomable (coming from a UK bank perspective vs like a Russian bank that i wouldn't trust for shit).

IMO, having it on a cex would be far scarier with their random questions and interrogations.

I often wonder if stackers of physical gold ever feel like shitting themselves when they have a ton stashed away in their basement.

My question to you stackers is, did it take you a while to adjust to having a fat stack (or even a modest one) completely under your own control? Or did you take to it like a duck to water?

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61 sats \ 1 reply \ @DarthCoin 21 Nov

Always use the 3 levels stashing: hold, cache, spend. Not just be your own bank, but THINK like a bank https://darth-coin.github.io/beginner/be-your-own-bank-en.html

Then spread your stash in many different wallets

yes are missing some apps, but those that are not yet out of alpha phase...

0 sats \ 0 replies \ @stack_harder OP 21 Nov

all i do is stack at the, and have sats in a custodial for now, but for the 'vault' is there any benefit to having different hardware wallets, or is one ok but with different addresses being used ?

i do also want to start running a node, i don't know if i have the technical chops to manage a lightning node tho

32 sats \ 3 replies \ @grayruby 21 Nov

It's second nature now and the stack wasn't that fat when I started storing all my bitcoin on hardware wallets but that first transaction from cex to cold wallet was nerve racking. I did a small test transaction first but that didn't seem to alleviate the anxiety much.

40 sats \ 2 replies \ @stack_harder OP 22 Nov

I used to stack on nexo and when I decided to move my btc off eventually the transition was stuck for like a day because they wanted to verify something and not only was it a horrible feeling, i was also like, this is exactly what shouldn't be happening in the world of peer to peer self sovereign money

20 sats \ 1 reply \ @DarthCoin 22 Nov

I used to stack on nexo

OMG

That is not "stacking"... is just stupidity.

20 sats \ 0 replies \ @stack_harder OP 22 Nov

i agree, that's why i moved it off (around when cex and ftx were blowing up )

i was using their crypto credit card for cashback at the time.

10 sats \ 4 replies \ @Solomonsatoshi 21 Nov

Still have some in the fiat bank system but once I took the leap and moved Most of my liquid savings to Bitcoin I felt great and have seldom been worried about security. Invested a little time into learning how to build and manage your own cold storage which is IMO superior to any third party provided HW.

https://electrum.readthedocs.io/en/latest/coldstorage.html

IMO the biggest gain you make when moving to Bitcoin is having direct custody over your savings. If that's not important to you then maybe Bitcoins not for you.

Currently operate three tiers- 1 cold storage - 95% 2 hot - 4% wallet for cashflow 3 LN 1% wallet/s for everyday spending on LN where possible.

0 sats \ 3 replies \ @stack_harder OP 22 Nov

that's pretty cool, but isn't there a legit treat vector with the rng when making your own storage?

i think i heard about it from this Bitcoin university video

15 sats \ 2 replies \ @Solomonsatoshi 22 Nov

I have listened to the linked video and heard nothing about rng. Can you explain what you mean by rng?

0 sats \ 1 reply \ @stack_harder OP 22 Nov

i'll have to check as i may have confused the episode, but basically he was saying hardware wallets typically utilize True Random Number Generators (TRNGs) to generate private keys for high entropy and security.

He was advising against manually creating your own hardware wallet or seed phrases, as this can introduce vulnerabilities because of insufficient randomness.

0 sats \ 0 replies \ @Solomonsatoshi 22 Nov

The method I have linked does not manually generate hardware wallet or seed phrase.

https://electrum.readthedocs.io/en/latest/coldstorage.html

The electrum wallet generates your cold wallet seed phrase in exactly the same manner as it would when creating a hot wallet.

One of the things that bothers me about HW promoters like the one in your video is they are promoting ignorance and dependency upon third party devices. In contrast learning how to build your own cold storage eliminates such dependency and educates the user for a lifetime of secure self sovereign bitcoin storage. It is not a difficult process to learn.

This widespread defaulting to the 'ease' of HWs is simply laziness, imo. No doubt HW touts are active on social media as well pushing their narrative.