To be fair, depends on a location. You would be completely safe in most parts of Europe I guess and can see a usecase for minority of stack. Doesn’t want to carry majority of one’s wealth as EDC though.

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If you don't lose the ring....

If you lose the ring you can restore your wallet with cards, initially tangem works with 2 cards or with a ring + 2 cards.

You can use 1 card or the ring + a pin code to complete a transaction in the app.