Problem scenario
You have seen the initialism NYKNYC. What does it mean?

Solution
NYKNYC means “not your keys, not your coins” or “not your keys, not your cryptocurrency.” A private key is a non-tangible key that is not supposed to be given to other people. A public key is an address that may be given to other people.

You have to protect that private key because if anyone else gets their hands on it,

…

Continue reading “What Does “Not Your Keys, Not Your Coins” Mean?”

Problem scenario
There is disk corruption of your cold wallet for cryptocurrency. The hardware is broken or defective. What should you do?

Possible Solution #1
Do you have the recovery phrase/seed? You don’t want other people to have this; they could get your coins.

To read about what you might do, see the following:

• https://cointelegraph.com/news/what-happens-if-you-lose-or-break-your-hardware-crypto-wallet
• https://trezor.io/faqs#My%20product%20stopped%20working%20correctly,%20can%20I%20get%20a%20replacement%20or%20a%20refund?

…

Continue reading “What Happens if a Cold Cryptocurrency Wallet Stops Working?”