Bitcoin people are always telling me to go trustless... so why are they also always telling me to go for Ledger/Trezor?

Serious question. I don't have very much Bitcoin but I truly believe in "not your keys, not your coin" and I keep everything on Electrum, I feel it is safe enough and for 4 years, so far so good.

But I keep reading (and getting told) I need to buy a Ledger for safer storage. But as far as I can see, Ledger isn't open source. And what if something goes wrong with my Ledger one day and the company closes down and I can't get support? Or how do I know it won't bite me one day and just take my money somehow?

I know a lot of people trust the company, and hey that's great. Am I wrong somewhere or have I misunderstood Ledger is not open source?

I even feel I personally trust web wallets (I know the risk) much more if they are open source. Like Counterparty wallet. I see new ones coming up now like Bitamp. Am I gravely mistaken?



Submitted September 17, 2020 at 04:08PM by hotwheels7777 https://ift.tt/3mxzoFW

Comments

Post a Comment

Popular posts from this blog

Coinmarketcap are listing BCH sites as BTC

Under here: https://coinmarketcap.com/currencies/bitcoin/ They have links to https://bitcoin.com/ and https://forum.bitcoin.com/ which are no longer BTC sites; they're BCH sites. I'm not good at twitter and don't have many followers but I've tweeted at them here: https://twitter.com/bitplane/status/955918445014585344 Can we raise awareness of this and get them to change it please? Submitted January 24, 2018 at 02:47AM by david-song http://ift.tt/2DtOW70
Read more

15 years of BTC Power Law

5 years ago I made a post in this subreddit showing that BTC is a power law: Price=A*days^n, (days from Genesis Block), n=5.8. Many didn't believe me and said the past doesn't predict the future. Well, after 5 years it turns out that BTC continues its power law behavior with similar exponent. A power law is not another formula or model but the same mathematical behavior behind river formation, mountains growth, cities development, GDP vs population, and metabolic rate. Everything important is ruled by power laws, so BTC. BTC is a force of Nature. Here is the original post: https://www.reddit.com/r/Bitcoin/comments/9cqi0k/bitcoin_power_law_over_10_year_period_all_the_way/ https://preview.redd.it/ygtk3bb1fkac1.png?width=3211&format=png&auto=webp&s=46261e53d34b1d904f72eaf159cfaaf2999290ba ​ Submitted January 05, 2024 at 11:26AM by Econophysicist1 https://ift.tt/sdnkAoG
Read more