During the last bullrun in 2017, the trees reached the sky. Many early investors abandoned their modesty and drove around in expensive Lamborghinis. #WhenLambo was more than just a meme.
Nothing compared to bull run 2017
Now that the accumulation period of bitcoin seems to be almost over, and we are on the eve of a bull run, you see Lambo’s appearing here and there again. It is not as extravagant as it was two years ago, but you are already seeing some nonsensical purchases.
But we are not yet at the maximum in a bull run, at least not like in 2017. Many investors still have their cryptocurrency in the coming period, whether the price is going down or up. That may sound like a boring strategy, and it may be. But you can make it less boring by using hardware wallet invested with diamonds to store your coins in (in this article safety is secondary).
Diamonds and gold
The French hardware wallet manufacturer Ledger tweeted a picture of a handmade Ledge Nano S, decorated with diamonds and gold.
This does exist, actually. I’m afraid it won’t be part of it though pic.twitter.com/VK4Hvj2mDo
– Ledger (@Ledger) July 3, 2019
The wallet has 35 grams of 18 carat gold and 5.51 carat diamonds and the entire housing of the device is inlaid with this. And as you would have expected, the costs are not tender. This extravagant hardware wallet costs around € 49,000, which is around $ 55,000.
Hardware wallet is recommended
Regardless of the flamboyant appearance of the wallet above, it is advisable to use a hardware wallet to store your coins, preferably not of diamond. A hardware wallet is the safest way to manage your cryptocurrency. This is because the access to the private keys is stored offline on the hardware wallet. You can best see a hardware wallet as a physical key with which you can show that you own bitcoin or other crypto that are on the blockchain.
A hardware wallet is also called a cold wallet, because it is not connected to the internet. That is just a bit safer than a hot wallet, a wallet that is connected to the internet. Think wallets for your PC or smartphone.
You can also save your coins at an exchange, but then have your coins managed by a third party, with all the associated risks. A few examples: suppose an exchange chooses to delist a coin, and you do not find out quickly enough, you will lose access to those coins. An exchange can also go bankrupt and you can also whistle to your cryptocurrency in most cases. There are many examples of this.
There are many providers of hardware wallets. If you are interested, read our guide first.