Apparently, some companies in the #BTC hardware space don’t understand why hardware wallets are used in the first place:
If your Bitcoin are stored on an exchange or in a hot wallet, there’s arguably a large risk of them being hacked, stolen, or mismanaged. 2022 was certainly proof of that.
That’s where hardware wallets come in. Hardware wallets are physical devices that are designed to store your #Bitcoin private keys offline. That matters because you will lose access to your Bitcoin if your private keys are compromised.
In addition to generating your private keys offline, hardware wallets also allow you to sign transactions offline. So your Bitcoin private keys shouldn’t need to be exposed online if your hardware wallet is designed well.
Long story short, an offer to back up the private keys in your hardware wallet online eliminates the main benefit hardware wallets have over hot wallets.
I believe Bitcoin are worth protecting, and I share thoughts like this often. If you enjoyed this, check out my Bitcoin-only educational platform for more:
https://hifibitcoin.substack.com/p/your-bitcoin-one-stop-shop