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)

Sam Bankman-Fried pleads “not guilty” - but why? - Episode 333 - by cryptohunt.it

Sam Bankman-Fried pleads “not guilty” - but why? - Episode 333 - by cryptohunt.it

Sam Bankman-Fried pleads “not guilty” - but why? It’s Monday, Jan 9th - Welcome to the Cryptohunt Jam, where we spend a minute a day explaining the intersection of exciting new technologies and your w...

9 Jan 20232min

Why banks fear crypto so much - Episode 332 - by cryptohunt.it

Why banks fear crypto so much - Episode 332 - by cryptohunt.it

Why banks fear crypto so much Ever wondered why banks never really talk about crypto publicly? Because they are afraid of it. Welcome to the Cryptohunt Jam, where we spend a minute a day explaining th...

6 Jan 20233min

A critical look at decentralization: Part 3 – Maybe not a good idea after all? - Episode 331 - by cryptohunt.it

A critical look at decentralization: Part 3 – Maybe not a good idea after all? - Episode 331 - by cryptohunt.it

A critical look at decentralization: Part 3 – Maybe not a good idea after all? Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the intersection of...

5 Jan 20233min

A critical look at decentralization: Part 2 – In defense of giving power to the people - Episode 330 - by cryptohunt.it

A critical look at decentralization: Part 2 – In defense of giving power to the people - Episode 330 - by cryptohunt.it

A critical look at decentralization: Part 2 – In defense of giving power to the people Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the interse...

4 Jan 20232min

A critical look at decentralization: Part 1 – The erosion of trust - Episode 329 - by cryptohunt.it

A critical look at decentralization: Part 1 – The erosion of trust - Episode 329 - by cryptohunt.it

A critical look at decentralization: Part 1 – The erosion of trust Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the intersection of exciting ne...

3 Jan 20232min

Did Trump just make millions off an NFT collection? - Episode 328 - by cryptohunt.it

Did Trump just make millions off an NFT collection? - Episode 328 - by cryptohunt.it

Did Trump just make millions off an NFT collection? Welcome to a new year and to the Cryptohunt Jam, where we continue to spend a minute a day explaining the intersection of exciting new technologies ...

2 Jan 20233min

This blockchain is crushing it behind the scenes - Episode 327 - by cryptohunt.it

This blockchain is crushing it behind the scenes - Episode 327 - by cryptohunt.it

This blockchain is crushing it behind the scenes Welcome to the Cryptohunt Jam, where we spend one minute a day explaining the intersection of exciting new technologies and your world. As always: In p...

30 Des 20222min

Starbucks is going crypto… but why? - Episode 326 - by cryptohunt.it

Starbucks is going crypto… but why? - Episode 326 - by cryptohunt.it

Starbucks is going crypto… but why? Welcome to the Cryptohunt Jam, where we spend one minute a day explaining the intersection of exciting new technologies and your world. As always: In plain English....

29 Des 20223min

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