“To steal 1 billion dollars worth of gold is very difficult, it only happens in movies… to steal Bitcoin at scale is very easy, you can do it from your room with a computer.” — Pascal Gauthier
Date: Wednesday, 2nd October
One of the earliest bits of advice a Bitcoin beginner will get will be to not keep their coins on an exchange.
By keeping coins on an exchange, hodlers expose themselves to counterparty risk and undermine many of Bitcoin's inherent benefits. When you invest in an asset that allows you to be self-sovereign and take trust away from 3rd parties, why immediately give that up?
While some exchanges, like Kraken, take their security incredibly seriously, the history of Bitcoin is littered with exchange hacks and the theft of coins. In just the last 12 months Binance, Bithumb and Cryptopia have all been hacked, with the latter closing down.
There are many ways to manage your private keys, and hardware wallets are one of the most secure and simple options. Ledger is one of the leading hardware wallet manufacturers and has recently celebrated its 5th birthday.
In this interview, I speak to Pascal Gauthier; CEO at Ledger. Ledger recently celebrated their 5th birthday, so I got Pascal on the show to discuss hardware wallets, being your own banker, competition and what's to come from Ledger.
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