Another ~ 1 000 000 sats in cold storage for at least 10 years. Those are the sats I am going to spend only when hyperbitcoinization happens.
Feels good. P2P traded. As it should be.
#bitcoin #p2p #satoshi #stack #sats #grownostr
Discussion
I'm a fan of old-school, single-address, receive-only bitcoin addresses created by rolling dice.😃
Create it once, and use it like a piggy bank for sats, depositing them from time to time...🐖
Then someday in the future, get out the ol' private key "hammer," crack that li'l piggy wide open, and sweep the contents into a spending wallet.👛
I've never had a problem with this approach. What do you think? Am I overlooking any security flaws here?🤔
#asknostr
I would have few concerns, yes.
First: if you are sending small UTXOs under <1.000.000 sats it could prove very difficult to spend them in a future in a high fee enviroment.
Second, since Bitcoin has a open ledger, everyone can see a balance ot that one adress. So basically if you recieve sats for some services on that adress everyone can see how many transactions you did on that adress before and what it’s worth.
It’s best practice to make a new adress for every transaction if that’s possible.
Those are at least two major concerns I would have. But I understand, I also re-used some of my old adressed due to convinience.
Thanks very much for your insights.🙏🏻😃💜💖😆👍
I’ve been opening up new Muun/Phoenix wallets and whenever they get to 500k I just lock them up.
Bring ‘em out for a rainy day in 2044
Imagine the purchasing power 😏