TL;DR
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Here’s a sentence we couldn’t have imagined ourselves saying/understanding/getting excited about even just a few years ago: Bitpanda just launched a crypto platform with cold storage.
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Cold storage = an offline device where you can hold your crypto (no internet connection, means it’s way harder to hack).
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But here’s the thing…Having to connect a device IRL in order to transfer funds is slow, hard to automate, and (we’d guess) quite labor intensive.
Full Story
Gosh, some of these crypto terms 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 ourselves saying/understanding/getting excited about even just a few years ago:
Bitpanda just launched a crypto platform with cold storage.
Here’s what that means/why it’s important…
First up: cold storage = an offline device where you can hold your crypto (no internet connection, means it’s way harder to hack).
But here’s the thing…
Having to connect a device IRL in order to transfer funds is slow, hard to automate, and (we’d guess) quite labor intensive.
Which means, even though it’s an ultra-secure method of storing crypto, there aren’t a ton of large institutions offering cold storage to their clients.
It’s a big step forward to see companies like Bitpanda figure out how to offer cold storage, while still allowing their clients to sell their crypto at the drop of a hat.
(Cause the ‘big dogs’ of the investment world aren’t going to be comfortable storing their billions on a USB stick in their desk drawer).
