Imagine opening your Bitcoin wallet. To your surprise, it‘s empty and there’s no way to recover the money you lost. How do you feel?
Every Bitcoin user faces the problem of securely storing their money. Unlike the banking system, there‘s little recourse when things go wrong, and little margin for error. Thefts and losses can be prevented, but they can’t be rolled back. Preventing these losses is the goal of cold storage.
Cold storage is an important subject with a steep learning curve. To make the topic more approachable, this article introduces core Bitcoin concepts when needed. It concludes by discussing a new Bitcoin feature that could simplify the safe storage of funds.