Popular crypto Advocate and author of multiple crypto books, Andreas Antonopoulos has warned against the building of a Do it Yourself DIY cryptocurrency wallet saying it is incredibly risky.
The author said using some kind of paper wallet, or software and laptop or old smartphone is risky and that only few people have the technical skills to pull it off. He said ‘few people can tell when they’ve surpassed their skill level and a mistake”.
DIY security is incredibly risky. Very few people have the technical skills to pull it off. Few people can tell when they've surpassed their skill level and made a mistake.— Andreas ☮ 🌈 ⚛ ⚖ 🌐 📡 📖 📹 🔑 🛩 (@aantonop) November 9, 2020
Andreas advised cryptocurrency enthusiasts to rather purchase Hardware wallets instead of attempting the risky DIY wallet. According to him, “Electrum + Tails is a terrible idea. Bitaddress + Tails is a terrible idea. Ian Coleman’s BIP39 generator + old laptop is a terrible idea.”
He went further saying “BUY A HARDWARE WALLET. Follow the instructions, keep it simple. Stop trying to improvise or follow someone’s harebrained DIY recipe”.
Andreas suggested several hardware wallets such as Trezor, ColdCard, Ledger etc.
It’s no doubt the complexity of cryptocurrency is one of the limitations to global and widespread adoption. The difficulty in safely storing cryptocurrencies and the complications arising from the not easy to understand crypto products usage affects users greatly. Recently a trader complained of losing $9000 in fees for a DeFi transaction of $120.
These complexities affect user experiences and thus pushes potential users away from crypto.
In October, at one of the sessions of Blockchain and Cry Awareness Tour #BCAT2020, Nathaniel Luz, the Dash Lead, Nigeria commented on the complexity of crypto solutions saying the next phase of the industry will be driven by user experience and real world use.
By user experience, he meant the best product or less complicated product will be amongst the leading products.