TL; DR
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Here’s a sentence we couldn’t have imagined saying/understanding/getting excited about a few years ago: Bitpanda just launched a cold storage crypto platform.
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Cold storage = an offline device where you can keep your crypto (no internet connection, which means it’s much harder to hack).
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But here’s the thing… Having to connect a device IRL to transfer money is slow, difficult to automate, and (we imagine) quite labor-intensive.
Full story
Gosh, some of these crypto terms are what we love.
It’s easy to get complacent and forget how ridiculous this space can be.
For example, here’s a sentence we couldn’t have imagined saying/understanding/getting excited about just a few years ago:
Bitpanda just launched a cold storage crypto platform.
Here’s what that means/why it’s important…
First, cold storage = an offline device where you can keep your crypto (no internet connection, which means it’s much harder to hack).
But here’s the thing…
Having to connect a device IRL to transfer money is slow, difficult to automate, and (we suspect) quite labor-intensive.
That means that even though it is an ultra-secure method of storing crypto, there aren’t many major institutions that offer cold storage to their customers.
It’s a big step forward to see companies like Bitpanda figure out how to offer cold storage while still allowing their customers to sell their crypto in no time.
(Because the ‘big dogs’ of the investment world won’t like storing their billions on a USB stick in their desk drawer).