Hardware Wallets

Let's Simplify Things! Hardware Wallets

By DrYunani | Simplify | 14 Aug 2020


A warm welcome to each and everyone of you to my first post on my newly created Publish0x blog Simplify!

The idea behind this blog is to try and simplify things so anyone can understand and use them!

And when I say things, of course most of you will thing about  the world of cryptocurrencies, but no I will attempt to simplify not only the world of cryptocurrencies but almost anything!

So feel free to make your suggestions on things you want simplified!

Note that I also love an active discussion so comments are more than welcomed and I will try to answer as many as I can!

With this short introduction written and done let us simplify something I guess one would expect to read about here....

Do I really need a hardware wallet?

Let's see now....

If your assets are not more than 1000 Euros or USD I would say no you do not! Simply because of the cost of acquiring one and of the fees to move your crypto in and out of it!

If you got more than that it only makes sense to have one if you want to store your crypto long term without moving them around. 

And that is only if you don't want or can earn interest on your crypto from your hardware wallet.

Most owners of crypto ( and like any other asset) try to maximise their earnings and to do so have to move their crypto to any of the various crypto finance providers ( e.g. Celsius ).

But as you will have noticed I mentioned that you still can earn from within your hardware wallet. 

That is because there are currencies, such as Tezos (XTZ), that offer the ability to stake your currency directly from within your hardware wallet ( lets keep it simple and say with staking you earn a percentage paid approximately every 3 days in the case of Tezos ).

Now if you also consider the various software wallets that are pretty safe and free I would say for the average user it is not really worth it to have one.

Keep in mind that I have also faced the issue of the amount of different currencies you can keep in your hardware wallet at the same time ( e.g. in my Ledger Nano S depending on the currencies is about 4-5 max at the same time )

And be sure to check if the currency you want to store is supported ( most probably it is, but better safe than sorry ).

I hope I have covered the issue and simplified it, feel free to make any suggestions and / or comments! All are welcomed!

Finally before saying goodbye I want to let everyone know that I have no sponsors, the above reflect my personal views and are by no means a recommendation to use or not use any service or equipment whatsoever! 

The only thing you will find in my post is my personal referral link to Celsius : https://celsiusnetwork.app.link/1684809d9d

I would highly appreciate it if anyone that decides to use Celsius uses it ( you do get 20USD in BTC by using it )!

And no Celsius has not sponsored me whatsoever I simply like and use their service ( but that is for a future post ). 

Until the next post....

Thank you all from the bottom of my heart!

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DrYunani
DrYunani

Always trying to say things as they are! In a simple and honest way! Interested in a variety of subjects. Join my Blog Let's Simplify Things! and get a simple, honest opinion and description on a variety of subjects!


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