Watch only does not store your private key.
Discussion
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. Itâs 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 canât 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 canât believe you told me I donât know what Iâm taking about when you actually donât. Unreal.
I do admit i know not everything...
We all learn together. None of us know anything. đ
I literally only said you canât afford NOT to self custody and said there are affordable options. Iâm right. Humble yourself to learn. Unwarranted. You can apologize, actually.
Can you not self-custody on a hot wallet?
lol youâre really going to double down? Not talking your points without accountability. You had 0 reason to be disrespectful. I think Iâll mute from here, I donât need to leave myself open to random drive by disrespect. Iâm 10 years deep into my journey btw. I donât know everything but I do know you canât afford NOT to self custody and hot wallets are not the way. Best of luck!
You can, youâll just lose it if youâve got a virus. Baby steps, if youâve got small amounts, donât 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 youâve 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. Itâs 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 âtransact withâ versus selling. Itâs 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.