Safely bank crypto on cold and air-gapped crypto wallets.
Can one person have too many crypto wallet addresses? Nope. People can have as many crypto wallet addresses as they want. Having many different crypto wallet addresses can help people protect their crypto assets.
Learning to use crypto storage wallets that are not on a crypto exchange is hard to do. If someone finds your crypto’s wallet passwords or seed phrases, your crypto assets can get stolen. A person can lose their entire life savings. Storing crypto on a cold or air-gapped wallet is protected by the crypto wallet owner. The crypto wallet holder banks their crypto. It is the sole responsibility of the crypto wallet holder to protect their assets. There is no insurance covering a crypto loss.
Can one person have too many crypto wallet addresses? Nope. Why would someone want dozens of different crypto wallet addresses? To help protect their crypto assets. For example, if you own 5,000 XLMs (Stella Lumens), you could store them on one crypto wallet address. But if you split the 5,000 XLMs and spread them across twelve crypto wallet addresses, if one wallet address got hacked and someone stole your XLMs, you would not lose all of your XLMs. Storing crypto on many different crypto wallet addresses can help you not lose all your crypto.
Setting up security measures decreases the chance of anyone stealing your valuable crypto assets. However, if you use cold or air-gapped crypto wallets, you must store the passwords and seed phrases where nobody can find them. Anyone who knows your password and seed phrase can effortlessly transfer your crypto to their crypto wallet.
#ellipal #ledger #cryptowallet
I hope the information helped you learn how to use cold and air-gapped wallets.
Protecting your valuable crypto assets needs to be had, but, in my opinion, someone else needs to know where you store your crypto wallet passwords and seed phrases. If anything happened to you, wouldn’t you want your closest family, partner, or friend to be able to transfer your crypto to their crypto wallet addresses? And if they did not move your crypto to their crypto wallet addresses, they can use your password and seed phrases as their own. There are no intermediaries involved. It would be their crypto/money. Digital currency and cryptocurrency are replacing the outdated physical money.
I use many different crypto wallets to store my crypto assets. Watch the video to learn how I move crypto from my Ellipal wallet air-gapped device to a cold-storage Ledger Nano S device.