Bitcoin is a cryptocurrency, it is not the same as casual FIAT money. One of the main differences between bitcoin and FIAT money (USD, EUR, GBP,..) is the principle of decentralization. In comparison to the classic centralized FIAT money, the decentralized bitcoin cryptocurrency secures this way one of the biggest advantages and so that its anti-inflationary principle. In other words, nobody can come and say “we need more bitcoins, let’s print some more above the total market cap of 21 million”.
Disadvantages of the bitcoin decentralization
The limited cap and decentralization of the bitcoin make it so unique and valuable. As usual, every coin has two sides. The decentralization brings also difficulties with bitcoin storage. Well, indeed it is not that difficult, but it is different and people who want to use better money have to get used to it.
The disadvantage of bitcoin decentralization (and also the only correct way) is that everybody should be his / her own bank and not rely on third parties to manage the crypto for them like banks are doing today. This will shift all the responsibility to the end-user.
Bitcoin Hardware wallet
We got used to relying on banks for managing our funds, but as being said, bitcoin was not designed for the same use case. Being responsible and relying on myself might be a very hard task for many of us, therefore it is crucial to choose the best way for managing bitcoin and minimalize the risk of losses.
No, the cryptocurrency exchange is also not the right storage for your bitcoin as we explained in your previous article. Aside from other less reliable options of paper or software wallets, there are hardware wallets. HW wallets are commonly approved as the most reliable way for storing your digital funds like bitcoin. The market offers more options but Trezor is proven by several years of usage and the principles of the manufacturer follow the principles of the bitcoin itself, therefore it is the recommended option.
The BTC DCA app allows its users to automatically withdraw bitcoins to any bitcoin address, so that also to HW wallet as the safest cold storage to let you be your own bank or just spend them out of them on daily basis.