RE: The Only Bank I’ll Ever Need (or so I hope 🤞)
Thanks for this post @kenmelendez.
Here's what I learned:
- I learned that Ledger doesn't support Steem yet.
- You shared that you invested in TRX.
I had thought about buying a ledger and was hoping I could use it for Steem, but it looks like I should wait for a newer version, so that I can get one that supports Steem.
- Have you thought about buying more than one Ledger @kenmelendez?
My concern with holding everything on a single ledger is that if it breaks, gets lost, malfunctions, or anything along those lines, the money might be lost, or at least hard to recover.
I am a huge fan of being our own bank, but I am also looking for failsafes, and so far, Powered Up Steem, with @steemit's account recovery option, is the best cryptocurrency when it comes to the most failsafes.
I am afraid of getting hacked, and losing all my Bitcoin etc. (if I had any) with a simple click of a mouse (I.e. Hack).
- Can you start to share your reasons for investing in TRX and other cryptocurrencies?
In general, I dislike other cryptocurrencies, but I know part of it is due to being biased.
So your coverage of other cryptocurrencies in your posts, would present non-Steem cryptocurrencies in a friendly manner, and would help me receive the information other investors have, in spite of my personal biases.
Thank you for all your good work, Ken!
I'm happy with 1 Nano for now. Might branch out in the future and get a Trezor. In regards to your concern, if the Nano ever breaks, gets lost, etc., all that would need done is to purchase another one and then input the 24-word recovery seed to gain access to my assets again. Keep in mind, the assets aren't actually stored inside the device, they are stored on the blockchains associated with each currency. All the hard wallet is doing is protecting your private keys, keeping them offline instead of online.
The reason I invest in other currencies is because there is value in other projects also. I get the concept of being biased with Steem, but at the same time, we can't ignore the technology being birthed on other chains as well :)
Can you explain what the 24-word Recovery Seed is?
Do you mean a key (that's 24 letters long)?
And if it's a standard, random mix of letters and numbers, won't you lose access to that key if it's stored on the Ledger, and you depend on the Ledger for your keys?
I would like to see recovery options in place, much like Steem has a recovery system in place. That's the major thing that is keeping me away from other cryptocurrencies.
If you cover other cryptocurrencies, their strengths, and made comparisons with Steem, it would help me discover if my biases are correct, or if I'm just blind.
Thanks for all that you do.