During the whole FTX debacle, I’ve watched normies asking how can they take their corn out of exchanges and the most common answers were “easy, just buy a ledger and transfer them there”.
That is not the most useful advice for several reasons:
- it might take weeks for their ledger to arrive, it can be already too late
- in this scenarios, people are scared and fragile, they will most likely make a huge mistake in the rush of the moment (buy from a 3rd party because it’s cheaper/faster, storing the seed in their computer, etc)
- using a hardware wallet is confusing and magical for normies, most of them will not heed that advice if they are scared of loosing their funds. Most people don’t even understand what they are, they think their bitcoin is stored there, they don’t understand it’s just a transaction signing device.
There is a much simpler message to broadcast: install bluewallet on your phone, transfer your funds there, worry about getting it to cold storage later after researching the topic with more time.
As things stand right now, a hotwallet from a foss app on your phone is infinitely more secure than an exchange. Modern phones are actually extremely well hardened security wise, much better than PCs.
Doing the above is orders of magnitude easier and simpler than going from a CEX to cold storage on a whim.
- Install bluewallet
- Write down your seed in 2 pieces of paper.
- Generate a receiving address.
- Learn more and get deeper into the rabbit hole.