You don't know what you're talking about...
Discussion
There are cheap desktop wallets like Sparrow where you create the wallet, secure your pass phrase, and then delete it, and create a watch only wallet from it. In the future when you need to access to recharge your hot wallet, you can recreate the wallet again to send. As a watch only, you can still generate new addresses to receive. Also, run your own node. Connect it to your node when you want to send.
What are watch-only addresses?
Watch only does not store your private key.
No private key to steal while desktop connected to internet is a good thing.
What are back-up keys?
Backup keys as far as I know are just methods of backing up your private key. Some hot wallets for the devices even use QR codes, so you can transfer more easily from one to the other.
That is the difference than keeping the wallet with the private key stored on desktop. You can still monitor your savings balance.
Are back-up keys, private keys?
Same thing as far as I know. But maybe where you saw this would provide more context. Was it a hot wallet you use?
If Bitcoin Core is a hot wallet...its one.
I like BTC core wallet. It’s a different kind of wallet from the others, where there is no pass phrase standard to choose as its security mechanism
Then why do they say if you're using a hot wallet,it is not your bitcoin?
There are what they call custodian wallets like Strike, cashapp which would fall under that category.
Strike/cashapp are hot wallets?
You can store and zip Bitcoin around the world. Strike differs, still can’t send money to it. Cashapp on the other hand and think even PayPal you can send and receive. Real wallets.
How does selling Bitcoins work?Can you sell bitcoin without a bank account on 3rd world countries?
Yes you can. Bitcoin banks the unbanked. Look at adoption in Venezuela, Africa, etc I can’t believe you told me I don’t know what I’m taking about when you actually don’t. Unreal.
I do admit i know not everything...
We all learn together. None of us know anything. 😏
I literally only said you can’t afford NOT to self custody and said there are affordable options. I’m right. Humble yourself to learn. Unwarranted. You can apologize, actually.
Can you not self-custody on a hot wallet?
lol you’re really going to double down? Not talking your points without accountability. You had 0 reason to be disrespectful. I think I’ll mute from here, I don’t need to leave myself open to random drive by disrespect. I’m 10 years deep into my journey btw. I don’t know everything but I do know you can’t afford NOT to self custody and hot wallets are not the way. Best of luck!
You can, you’ll just lose it if you’ve got a virus. Baby steps, if you’ve got small amounts, don’t worry about hot storage or exchange. Just know that there are accessible steps you can take next to make it really, unimpeachably yours :)
Thank you....
This is what I recommend for a nice solution on the cheap. If you’ve got a 16Gb flash drive lying around you can do it for free this way
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OGs have seen many generations get wrecked by not taking their bitcoin off exchanges, and plenty getting wrecked by having lots in a hot wallet. It’s the kind of thing that is difficult to properly prioritize until you watch people lose theirs. Just want you to be able to avoid that :) Just before it pumps is a great time to get it moved to safety
I prefer the term “transact with” versus selling. It’s reward comes from using it on its own network with its own purchasing power.
You can technically back it up to an offline storage device and becomes cold storage.
Hardware wallets will become cheap enough soon for you under bitcoin. Have a good night.
You can’t expect someone to handhold you through this kind conversation when you disrespect them without provocation. Do better.
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