What is cold storage? - Crypto in Plain English - Episode 89 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it28 Jan 2022

What is cold storage? - Crypto in Plain English - Episode 89 - by cryptohunt.it

What is cold storage?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Last time, we discussed how moving crypto keys into a hardware wallet can provide additional protection against hackers. A term commonly used for that practice is cold storage… but what does that actually mean?

Cold storage originally referred to the practice of freezing something, with the goal of preserving it for a very long time.

In crypto, the goal is the same. By storing the password to a wallet offline, the risk of its exposure through a hack is greatly reduced.

Do people print out passwords and put them in the freezer then? Probably not, but they do get pretty clever!

Hardware wallets are just one way to do it. But the hardware can malfunction. Printing is another way, but paper isn't protecting well against the elements. That's where products like the Cryptotag come in: it is a bulletproof titanium plate that you inscribe with a special tool for forever storage.

Interestingly, large exchanges such as Coinbase say that 98% of all customer funds are actually stored offline in cold storage. They only keep on hand what they actually need to operate with, while the rest is tucked away safely. How? They won't say for security reasons, but maybe there is a secret underground vault somewhere under the Arctic with a ton of titanium plates in it.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

Episoder(373)

This new type of supercomputer will eventually break Bitcoin... and all kinds of other technology - Episode 341 - by cryptohunt.it

This new type of supercomputer will eventually break Bitcoin... and all kinds of other technology - Episode 341 - by cryptohunt.it

This new type of supercomputer will eventually break Bitcoin... and all kinds of other technology Welcome to the Cryptohunt Jam, where we spend a minute a day explaining what is happening in crypto an...

19 Jan 20233min

Can Sam Bankman-Fried actually get a fair trial? - Episode 340 - by cryptohunt.it

Can Sam Bankman-Fried actually get a fair trial? - Episode 340 - by cryptohunt.it

Can Sam Bankman-Fried actually get a fair trial? Welcome to the Cryptohunt Jam, where we spend a minute a day explaining what is happening in crypto and other game-changing ideas. As always: In plain ...

18 Jan 20232min

Amazon and Avalanche team up - Episode 339 - by cryptohunt.it

Amazon and Avalanche team up - Episode 339 - by cryptohunt.it

Amazon and Avalanche team up Welcome to the Cryptohunt Jam, where we spend a minute a day explaining what is happening in crypto and other game-changing ideas. As always: In plain English. AVAX, the c...

17 Jan 20233min

SBF is blogging now - Episode 338 - by cryptohunt.it

SBF is blogging now - Episode 338 - by cryptohunt.it

SBF is blogging now It’s Monday, Jan 16th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining what is happening in crypto and other game-changing ideas. As always: In plain Engli...

16 Jan 20233min

McDonalds is hungry for NFT attention - Episode 337 - by cryptohunt.it

McDonalds is hungry for NFT attention - Episode 337 - by cryptohunt.it

McDonalds is hungry for NFT attention It’s Friday, Jan 13th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining the intersection of exciting new technologies and your world. As a...

13 Jan 20233min

What does Netflix have to do with NFTs? - Episode 336 - by cryptohunt.it

What does Netflix have to do with NFTs? - Episode 336 - by cryptohunt.it

What does Netflix have to do with NFTs? It’s Thursday, Jan 12th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining the intersection of exciting new technologies and your world. ...

12 Jan 20233min

What's next for ChatGPT? - Episode 335 - by cryptohunt.it

What's next for ChatGPT? - Episode 335 - by cryptohunt.it

What's next for ChatGPT? It’s Wednesday, Jan 11th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining the intersection of exciting new technologies and your world. As always: In ...

11 Jan 20233min

What is the Bonk token - Episode 334 - by cryptohunt.it

What is the Bonk token - Episode 334 - by cryptohunt.it

What is the Bonk token It’s Tuesday, Jan 10th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining the intersection of exciting new technologies and your world. As always: In plai...

10 Jan 20232min

Populært innen Business og økonomi

lydartikler-fra-aftenposten
stopp-verden
dine-penger-pengeradet
rss-penger-polser-og-politikk
e24-podden
rss-borsmorgen-okonominyhetene
pengesnakk
pengepodden-2
tid-er-penger-en-podcast-med-peter-warren
utbytte
livet-pa-veien-med-jan-erik-larssen
rss-markedspuls-2
liberal-halvtime
finansredaksjonen
morgenkaffen-med-finansavisen
lederpodden
rss-politisk-preik
rss-pa-konto
okonomiamatorene
rss-investering-gjort-enkelt