Cryptocurrency Wallet Australia: Hardware Wallets Relics? - Mine Digital
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Cryptocurrency Wallet Australia: Hardware Wallets Relics?

March 23, 2021 • 
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Cryptocurrency Wallet Australia

I am a dinosaur, but I am cool with that

Here I am with another Sunday Shill, another ramble if you don’t mind. I often cop a bit of shit at work for being the only one in the office who still uses a cold wallet. “Storing your crypto on a ledger is soooo 2017” (They don’t say it like that but it basically comes off that way). But they have a point, the technology has come a long way since hacks like Mt. Gox and other exchange hacks back in the day. The last hack on a centralised exchange I can think of was a Binance hack back in 2019. From my understanding that was purely human error on Binance’s behalf and they also had SAFU (Insurance). So everyone was paid back their tokens.

Being called a dinosaur every time I pull out my ledger to confirm a transaction on a DeFi platform or just to send a transaction for some ganja from my old mate is just something I am used to now. I have been told countless times in the last year or so that it would be much easier if I was to just keep my assets on an exchange or Metamask. But like the saying goes “you can’t teach an old dog new tricks”. For me, this is true, even though it probably would save me about half an hour every time I use 1inch. I feel comfortable using what I know and the price a pay for comfort is wasting time confirming transactions. That is the trade-off I am willing to pay.

But for anyone else new to the space the hasn’t been locked down by the old logic from 2017 and earlier. I would recommend just leaving your assets on an exchange that is trusted and safe.

At the end of the day, if you are keeping your assets on an exchange like Mine Digital, there really is no need to stress. Mine Digital for example is a custodial exchange that has military-grade security and keeps all your assets insured. The chances are much higher losing your 24-word seed than some hacker getting into Mine Digital and taking all your Bitcoin.

Long gone are the days where you need to lay there awake at night hoping that your Bitcoin is safe on the exchange you have it on. As long as you do some due diligence into the exchange (licenses, juristritions, and who runs it) you should have no reason to not get a good night’s sleep. 

TLDR

So here I am writing another article I could say is for SEO. But it does serve a purpose. The purpose of letting you know with the right due diligence you can know that your digital assets are secure and have that peace of mind that you won’t wake up broke.

I am sure you have all heard the NEETs on Twitter going on about “Not your keys, not your coins” and all that jazz. To some extent this is still true, if your crypto is locked up on a custodial exchange then yes, that exchange does have access to your Digital Assets and can run off with them at any time. But this is an old way of thinking, there are laws in place now that stop these custodial exchanges from doing this and leaving their clients in the du

So just remember when you are looking for an exchange, the security architecture that underpins Mine’s platform has protected client funds for the past 6 years without incident. For those users who value an enhanced layer of comfort or need to meet compliance, we offer custody and insurance solutions.

*Please note that when dealing with decentralised fiance (DeFi) platforms a lot of this verbal word vomit I just spouted does not apply. 

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