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Crypto security: Bitcoin genius Buterin warns about hardware wallets!
Vitalik Buterin explains why he prefers MultiSig wallets over hardware wallets for crypto security. More about this in our article.
Crypto security: Bitcoin genius Buterin warns about hardware wallets!
Attention crypto fans! The question of safely storing digital assets concerns every investor. While many rely on hardware wallets, the big USB stick for digital currencies, Ethereum founder Vitalik Buterin has a different answer: MultiSignature wallets are the key to security!
The world of cryptocurrencies is full of dangers! Hot wallets and crypto exchanges could steal everything in the next hacker attack. The failed crypto exchange FTX has once again proven how quickly you can lose your money. But how do you protect yourself effectively? Hardware wallet is no longer the only way!
Criticism of hardware wallets: Buterin calls for a rethink
Hardware wallets are considered secure, but behind the scenes the traditional method is being challenged. Crypto expert Peter Watts is very clear: “With a hardware wallet, you become the biggest risk!” I'm sorry, what? The dangers lurk not only in the clutches of hackers, but also in your own parchment! If the seed, the key to the wallet, is hidden, even the owner wouldn't be able to find it! And what if you deposit it in a bank safe deposit box and then move abroad? Away the cryptocurrencies!
But Vitalik Buterin raises his voice! He is committed to the MultiSig principle, an innovative alternative to the conventional hardware wallet. “I manage over 90 percent of my personal funds this way!” announces the Ethereum thought leader and puts a strong exclamation point!
Why MultiSig is the future of crypto security
With MultiSig wallets, nothing is the same as before: at least two keys are required to carry out a transaction. Buterin explains it simply: "Be smart! Keep some keys yourself, but not enough to block recovery. The rest? Leave to trusted friends, but never reveal their identities!" This minimizes risk and increases security!
The advantage is clear: multiple keys mean that losing one key does not mean losing all funds. Hackers have a difficult time if they steal just one key. But the law of preferences also has its downsides: it is more complex and requires trust that all parties give their consent! A fake friend or a forgetful partner could become a real threat. Get informed, learn the tricks!
Vitalik's vision for decentralized security is becoming increasingly clear: distributed responsibility and creative thinking are important when it comes to your digital treasures. The question that remains is no longer whether you should invest in crypto, but rather: how do you handle these valuable assets?