I’ve been waiting to feel the need to get my coin off exchanges, and now we’re there.
I’m struggling a bit to find the best method that will work for me.
Issue with the Ledger or any hardware wallets is that it becomes a single point of failure? If I lose it or it breaks or it goes through the dryer, I am shit-out-of-luck? If I really needed to, I could do this but it doesn’t seem like a convenient option. The code also isn’t open source, so I’m effectively trusting another 3rd party?
paper wallets actually seem the easiest because I can be creative about where I save my private keys in various locations and have no reliance on a single piece of hardware. Issue is that there’s this weird need to generate a new address every time I spend less than my full balance? Weird, but if I just plan to save my BTC for many years, I could go this route
Digital wallet like BlueWallet. Open source and I can hold custody of my coins and private keys. Downside is they could theoretically be hacked because it’s digital? Is this a real risk - I guess I’d be more worried about censorship than hackers of open source system.
Apologies for my lack of understanding. I’m trying to fully appreciate the technology and the implications of each decision. What is the best way to learn how the entire bitcoin ecosystem is structured?
Thank you
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