Welcome, welcome to One Minute Crypto!
I’m your host, Chronos, and today we’re going
to talk about the trade off between security
and convenience, in storing cryptocurrency.
For a long time, I thought of this as a linear
relationship: the more convenient a storage
method is, the less secure it is.
Let’s take the simplest example: running Electrum
on your home computer.
Now, the Electrum wallet software is very
Any time you need access to your coins, they’re
right there on your desktop.
But on the other hand, it’s not very secure.
Any malware on the computer would be able
to steal your private keys and spend the money
right out of your wallet.
And since you probably use your computer for
more than just storing bitcoin, it’s very
possible that you might pick up some malware
without even noticing it.
On the other end of the spectrum, you could
make your own private key by flipping a coin
This is fantastically secure, especially if
you don’t post a video of yourself writing
down your new private key.
But, spending these coins is going to be,
shall we say, inconvenient.
But I’ve actually come to realize this is
not a one-dimensional continuum.
It’s actually a fully two-dimensional graph.
Yes, most options have a trade off between
security and convenience, but if you work
hard enough, you might be able to come up
with an option that is both inconvenient AND
How about putting your private key in a tattoo
on your forehead.
Anyway, I want to hear from you: what do you think
is the right trade off between security and convenience?
I’m Chronos. Thanks for watching!