I’ve noticed lately that when I bring bitcoin up either offline or online people are immediately defensive, some even insulting and angry. They then come at me with all kinds of weird ideas how bitcoin doesn’t work, will fail, scam etc… is it simply these people not understanding or scared of change? Some maybe don’t want change for fear of their current investments being affected?
I just came across this news article about Coinhub planning to install 1,000 Bitcoin ATMs at gas stations, even as some traditional banks cut off ties with crypto businesses: https://www.kitco.com/news/2023-04-03/Coinhub-to-install-1-000-Bitcoin-ATMs-at-gas-stations-amid-crypto-banking-cutoff.html
This move seems like a significant step toward mainstream adoption of bitcoin, making it easier for everyday people to access and use Bitcoin. At the same time, it highlights the ongoing friction between the traditional banking system and the crypto world.
a few days later, after reading about s.one whose trezor got hacked, i bought a new ledger device and dumped all my btc to it. that'll stay freezing cold.
question: will it ever again be safe to use the old ledger device as cold storage? is it possible to get a new seed phrase for an existing device? would that help make it more secure?
thank you.
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"The decentralized nature of digital assets can only be viewed as a threat to those who favor expanding the size and role of government because digital assets act as free-market safeguards against abuses within centralized monetary systems. For example, the Biden administration cranked government currency printing presses into overdrive, enabling more government spending and sending America’s economy tumbling into an era of hyper-inflation. That scenario would be much less possible under a transparent, decentralized system. The situation isn’t too dissimilar to that of the Chinese Communist Party which, having concluded it couldn’t control digital assets outright, banned them in 2021. Another key differentiating feature in many digital assets is that they’re resistant to "financial censorship," a term that refers to the suppression of certain spending, canceling transactions or freezing monetary assets. Typically, financial censorship would be done by the government, but increasingly, we’re seeing this done by banks and payment card companies at the direction of government regulators."
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I am using a Ledger wallet.
What happens if Ledger "goes down" , dissapears, or for whatever reason becomes controlled by some entity with nefarious purposes?
Could I lose access to my coins?
I always read everywhere people should keep they keys, and I agree that is good advice. However... Can it happen that cold wallet companies are taken over, or go bankrupt, etc? What happens in that case?
