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10 sats \ 4 replies \ @Solomonsatoshi 21 Nov \ on: Getting used to having all savings in self storage bitcoin
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.
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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
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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?
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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.
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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.
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