SAFE STORAGE = SELF CUSTODY = BE YOUR OWN BANK
Yours is yours, mine is mine. The term self-custody refers to holding information, money, digital assets that only
you can access. The legacy system of holding ones’ money is to have a bank, credit union, an institution “store”, “hold”
“keep” your money. Self -custody gives this ability to the individual. Cold storage means the storing of the digital asset is NOT
tied to the internet. In the below articles, self-custody and cold storage is explained further. One device I trust to keep my digital
assets safe is the Trezor. See at the bottom of this posting.
What is Cold Storage Anyway?
It used to be I would carry a leather, fabric, synthetic pouch around in a pocket or purse to carry my money. Now, I hear terms
like cold storage, hot storage, cold wallet. What does this all refer to?
Do Your Snooping – One Idea
There are many options for a cold storage, cold wallet, to store your new money. Again, it is cold
because it is not tied to the internet. The Trezor device pictured below is very helpful, and I use it regularly
and I have done this for the past 2 years. It is safe, it is reliable, and yes, you can still retrieve your assets if you lose it.
You do want to purchase it through the Trezor site below or I purchased mine through the Amazon store location that Trezor has
with Amazon. See the link below as well. If the company disbands, you still have the digital assets because you have the key to
these assets. The company does not. To purchase a Trezor see the links below. You can purchase on the Trezor site
or on the Amazon link below. As an Amazon Associate, I do earn commission from qualifying purchases to be transparent.
https://shop.trezor.io/?offer_id=31697_id=1100
VARIOUS RESOURCES TO CONSIDER
There are many more persons who are exploring the New Financial Age we are entering. They look at
macroeconomic factors, financial indicators, articles, books, podcasts and generally spend a lot of time
looking into the topic of finances and money. Please go to You Tube to begin to learn and seek these names
out! They will in turn lead you to books, articles, magazines and companies you may want to explore.
Lyn Alden, George Gammon, Jim Rickards, Jim Rogers, Robert Breedlove, Michael Saylor, Saifedean Ammous, Stephan
Livera, Dan Held, Simon Dixon, Peter Schiff, Harry Dent, Robert Kiyosaki, Jeff Booth, Mark Moss, Matthew Kratter, and Danielle
DiMartino,
.. just to name a few. They are businessmen and women. They are critical, free thinkers, and they would be my pick
to head down the rabbit holes in front of us.
I have never heard of self storage regarding crypto before. Am I right in thinking that you would need to purchase the storage? How does it work exactly? If I have crypto with different avenues across the internet would I be able to hold them within this one place? Or would I be purchasing through this site itself?
Hello Tigan!
So, if you google “cold storage” on google or You tube, alot of videos and info will appear.
In this case, self storage is being used as a synonym to cold storage. Cold storage in regards to crypto siimply means “not tied to the internet”. Yes, you would need to purchase a “cold storage” device if you would like to store your crypto “off the internet”. Think of the “cold storage” as your bank account. You are in charge of your bank account and no one else but you. Ths cold storage wallet I am trying to educate (actually i use this only) is from a company in the Czech Republic. However, I have a link on my website. Trezor does use Amazon as an avenue to sell their “cold storage” Trezor on.
I think you are asking” if I have many different cryptocurrencies, may I store all of them on Trezor’?
Trezor stores many different cryptocurrencies. However, I am not sure if all of the cryptos you have are stored on Trezor. YOu can click on thee Trezor blog on my website and it will give you a list of cyrptos Trezor will hold.
Thank you for the great questions. Please email any more quesitons I would be happy to answer.
Cindy@mycryptosafety.com
Interesting, this is like virtual storage for your assets. Is it like an online safe that you can access anytime using a passcode? Also, can you store your Crypto in there? I also take it that you can’t earn interest on your assets that are stored in cold storage.
One more question, if you lose the device, are your assets still protected, provided the passcode is not violated?
Hey Mike!
Thanks for the questions. so. it is a safe) but not “online”.
This is NOT connected to the internet, until you plug it in and then you could be connected to the internet.
It does not store money. Your “crypto” is stored on the blockchain. This ONLY STORES YOUR
private key to access the blockchain.
So this question answered your last:)
YES.. if the company goes under… if they cease to exist if they change owners whatever, you MUST HAVE YOUR PRIVATE KEY, and then you can keep using the trezor, or get another “cold storage” device. BUT you need to keep a copy of your private key to do so.
TRADER UNIVERSITY MATTHEW KRATTER- HOW HE STORES CRYPOTO (instapaper.com)
check the above out. he does a great job. Matthew Kratter Trader University. He explains these exact quesitons.
Trezor is super cool because it is “open source”. That means a ton of people are watching this program all the time.
If anything needs approved, the more people watching it can help fix it if need be.
Thanks!