The typical response is usually going to be "well not really, it is on a blockchain, your smartphone has keys", but the spirit and soul of the question is: "If something happens to my smartphone, it is all gone?"

To which the answer is probably yes. But if you back up 12 words, then it becomes less scary because now it is like a paper cash note.

But amazingly, it is in your hands and not at the bank, not gatekept by middlemen and government agencies, just your money in your hands.