Thursday, 13 August 2020

Why not a paper wallet?

While I've been hodling for some time, my coins are on an exchange. I think it's time to finally take control in the event there is ever a 'problem' with the exchange. Eliminate the counter party risk.

Looking over various wallet options is a bit confusing for me. It seems that software wallets would run into similar concerns I have about keeping my coins on the exchange - what if 'xyz' wallet software company goes out of business, stops supporting, etc..... And the hardware wallets have the same issues - I don't even know if computers in 5 years will have USB ports - not to mention some of the complaints I've seen posted on this subreddit regarding firmware/software compatibility and upgrades. I just want my coins in a secure address on the blockchain, that only I can access - most likely a long long time from now. Any software wallet I would use will almost certainly be obsolete by the time I'm selling my bag (10+ years).

Could you please help me understand why I shouldn't send my coins to a 'temporary' software wallet, and then to a paper wallet for a long term storage? Maybe I keep $100 worth in my software wallet if I ever want the novelty of buying something in the real world with btc, but other than that I'm just a long term hodler looking for a safe, secure, set it and forget it (well not exactly forgetting where I store the paper wallet) method to hold my own btc and eliminate counter party risk.

submitted by /u/scionkia
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