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I have around $410k in stable coins that I got lucky with during this Bull Run. I have most of this right now in 4 different exchanges and 50% in Metamask. I wanted to initially put these in a paper wallet but I read online that it is pretty old tech way of doing things. First I have to trust the online website that generates the wallet. And the key thing is that you can only transfer the entire amount. i.e if you have 10 BTC and you test transfer 0.1 BTC.. the remaining BTC will be gone from the paper wallet! I was thinking I could create 20 different metamask accounts and store around $20k in each account. My primary concern with metamask is this. What if they don't update their chrome plugin or they give up on developing their software/website. I am very good at losing things and I am pretty sure I will lose the hardware wallet so that is not an option for me. My strategy is to lay low for the next 2 years till the next Halvening i.e 2024. (2 year wait!) DCA in 2024 and totally slay the Bull a second time around 2025 Q3. I should be worth $10 M plus at the minimum hopefully. My three biggest enemies right now are 1. Safely and securely store the gains without losing them. 2. Taxes. 3. Tether collapsing. 1. is in my control. Whats the best way I can go about it? #crypto #bitcoin #blockchain
Great questions. Following.
Use it only from your laptop . Use brave browser. Most importantly keep your keys safe
I still recommend Trezor hardware wallet. You can shard the seed phrases beforehand in multiple places so you can recover the wallet even if you lose the hardware wallet. Also, why not use USDC instead of USDT?
I am using BUSD. I will convert my tether to BUSD or USDC later today.. was procrastinating..
Could you explain in simple terms what stable coin is ?
USDT, DIA, BUSD etc.. each is 1 USD. Some are backed 1:1 with real dollars..
Any coin tied to a real world asset. https://www.investopedia.com/terms/s/stablecoin.asp
Tether is scam. It is not backed by 1:1 usd.
true.. thats why I am going to switch to BUSD and USDC
Switch to GUSD from Gemini. They’re the only entity that isn’t speculating with the dollar reserves.
Why not spread across various types of Wallet? Eg put your Algo in algorand walket etc.
I have everything in stable coins but yes.. I will try and use different types of wallets.. some amount in metamask.. some in trust wallet and some in other types of wallets.. so as to not depend on one type exclusively! Good idea!
If you are not actually trading with it, why not use a cold wallet?
No problem with paper wallet. You have stable coin not BTC.
Just get yourself a ledger nano x and connect it to whatever wallet you use (works with metamask too). Then you can create as many or as little wallets as you want since it's just derived from the base.
I genuinely don't get/understand the hardware wallet. If I keep the seed phrase safe with me and then delete metamask.. then I should be good right.. the private key can be generated from the seedphrase.. Anyways.. I am going to get a hardware wallet as well since a lot of people are recommending it.. I might be missing something. The biggest issue with the hardware wallet is that I am 100% sure I will misplace it.. I will probably store it in a safety box just in case.
SDF33Lk, the hardware wallet protects against a compromised computer. You never enter the seed phrase into a computer, so no risk of e.g. keyloggers. The main risk with them is a supply chain attack (compromised hardware wallets). Remember not to ship it directly to your home address if you buy one though, ledger has leaked customer information before, and you don't want thugs knowing you have a hardware wallet at home.
Nothing is safe except cold wallet when it comes to crypto