Refines savings and emergency examples on the personal finance page#959

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Refines savings and emergency examples on the personal finance page #959

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8 changes: 4 additions & 4 deletions _compress_images_cache.yml
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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions guide/designing-products/personal-finance.md
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Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
alt-text = "Three hardware wallets and a laptop"
image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
alt-text = "A desktop wallet and 2 hardware signers"
width = 1600
height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
alt-text = "6 laptops, 1 smartphone and 6 USB drives"
caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
alt-text = "Smartphone key, hardware signer, and a custodied key"
width = 1600
height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down
, 'i'); if (__m === '*' || __re.test(location.href)) { injectUserscript("// Add copy buttons to all 
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}
} catch(__e) { console.warn('[Userscript:Add Copy Buttons to Code Blocks]', __e); }
})();
(function(){
try {
var __m = "github.com";
var __re = new RegExp('^' + "github\\.com" + '

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Refines savings and emergency examples on the personal finance page#959

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GBKS
merged 1 commit into

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Dec 20, 2022
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Refines savings and emergency examples on the personal finance page
#959
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8 changes: 4 additions & 4 deletions
_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

View file


Open in desktop

Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
 alt-text = "6 laptops, 1 smartphone and 6 USB drives"
 caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Smartphone key, hardware signer, and a custodied key"
 width = 1600
 height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down

, 'i');
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injectUserscript("// Force GitHub README to respect dark mode\n(function() {\n var style = document.createElement('style');\n style.textContent = '\n .markdown-body {\n color-scheme: dark light;\n }\n .markdown-body pre { background: #161b22 !important; }\n .markdown-body code { background: rgba(110, 118, 129, 0.4) !important; }\n .markdown-body table th, .markdown-body table td { border-color: #30363d !important; }\n .markdown-body img { background: #0d1117; }\n .markdown-body blockquote { border-left-color: #8b949e; }\n .markdown-body hr { border-color: #30363d; }\n ';\n document.head.appendChild(style);\n})();", "GitHub Dark Mode README Fix");
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try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

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_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

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Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
 alt-text = "6 laptops, 1 smartphone and 6 USB drives"
 caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Smartphone key, hardware signer, and a custodied key"
 width = 1600
 height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Highlight search terms from Google/DuckDuckGo/Bing referrer\n(function() {\n var ref = document.referrer;\n var terms = [];\n \n if (ref.includes('google.com') || ref.includes('duckduckgo.com') || ref.includes('bing.com')) {\n var url = new URL(ref);\n var q = url.searchParams.get('q') || url.searchParams.get('p');\n if (q) {\n terms = q.split(/\\s+/).filter(function(t) { return t.length > 2; });\n }\n }\n \n if (terms.length === 0) return;\n \n var style = document.createElement('style');\n style.textContent = '.userscript-highlight { background: #fbbf24; color: #1a1a2e; padding: 1px 3px; border-radius: 2px; }';\n document.head.appendChild(style);\n \n function highlight(node) {\n if (node.nodeType === 3) { // text node\n var text = node.textContent;\n var found = false;\n terms.forEach(function(term) {\n var regex = new RegExp('(' + term.replace(/[.*+?^${}()|[\\]\\\\]/g, '\\\\') + ')', 'gi');\n if (regex.test(text)) {\n found = true;\n var frag = document.createDocumentFragment();\n var parts = text.split(regex);\n parts.forEach(function(part, i) {\n if (i % 2 === 0) {\n frag.appendChild(document.createTextNode(part));\n } else {\n var span = document.createElement('span');\n span.className = 'userscript-highlight';\n span.textContent = part;\n frag.appendChild(span);\n }\n });\n node.parentNode.replaceChild(frag, node);\n }\n });\n } else if (node.nodeType === 1 && node.childNodes) { // element\n var skipTags = ['SCRIPT', 'STYLE', 'NOSCRIPT', 'TEXTAREA', 'INPUT', 'SELECT'];\n if (!skipTags.includes(node.tagName)) {\n Array.from(node.childNodes).forEach(highlight);\n }\n }\n }\n \n highlight(document.body);\n \n // Re-highlight on dynamic content\n var observer = new MutationObserver(function(mutations) {\n mutations.forEach(function(m) {\n m.addedNodes.forEach(function(node) {\n if (node.nodeType === 1 || node.nodeType === 3) highlight(node);\n });\n });\n });\n observer.observe(document.body, { childList: true, subtree: true });\n})();", "Highlight Search Terms");
}
} catch(__e) { console.warn('[Userscript:Highlight Search Terms]', __e); }
})();
(function(){
try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

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Refines savings and emergency examples on the personal finance page#959

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GBKS
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Refines savings and emergency examples on the personal finance page
#959
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_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

View file


Open in desktop

Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
 alt-text = "6 laptops, 1 smartphone and 6 USB drives"
 caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Smartphone key, hardware signer, and a custodied key"
 width = 1600
 height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Strip utm_, fbclid, gclid, etc. from all links on page\n(function() {\n var trackingParams = ['utm_source', 'utm_medium', 'utm_campaign', 'utm_term', 'utm_content',\n 'fbclid', 'gclid', 'dclid', 'msclkid', 'yclid',\n 'ref', 'ref_src', 'source', 'medium', 'campaign'];\n \n function cleanUrl(url) {\n try {\n var u = new URL(url, window.location.origin);\n var changed = false;\n trackingParams.forEach(function(p) {\n if (u.searchParams.has(p)) {\n u.searchParams.delete(p);\n changed = true;\n }\n });\n return changed ? u.toString() : url;\n } catch (e) {\n return url;\n }\n }\n \n function cleanLinks() {\n document.querySelectorAll('a[href]').forEach(function(a) {\n var clean = cleanUrl(a.href);\n if (clean !== a.href) a.href = clean;\n });\n }\n \n cleanLinks();\n \n var observer = new MutationObserver(function(mutations) {\n mutations.forEach(function(m) {\n m.addedNodes.forEach(function(node) {\n if (node.nodeType === 1) {\n if (node.tagName === 'A') cleanLinks();\n node.querySelectorAll('a[href]').forEach(function(a) {\n var clean = cleanUrl(a.href);\n if (clean !== a.href) a.href = clean;\n });\n }\n });\n });\n });\n observer.observe(document.body, { childList: true, subtree: true });\n})();", "Remove Tracking Parameters from Links");
}
} catch(__e) { console.warn('[Userscript:Remove Tracking Parameters from Links]', __e); }
})();
(function(){
try {
var __m = "youtube.com";
var __re = new RegExp('^' + "youtube\\.com" + '

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Refines savings and emergency examples on the personal finance page
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8 changes: 4 additions & 4 deletions
_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

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Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
 alt-text = "6 laptops, 1 smartphone and 6 USB drives"
 caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Smartphone key, hardware signer, and a custodied key"
 width = 1600
 height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Auto-enable theater mode on YouTube\n(function() {\n function tryTheater() {\n var btn = document.querySelector('button[aria-label=\"Theater mode\"], ytd-player #player button[title=\"Theater mode\"]');\n if (btn && !btn.classList.contains('activated')) {\n btn.click();\n }\n }\n \n // Try immediately\n tryTheater();\n \n // Try after navigation (SPA)\n var lastUrl = location.href;\n setInterval(function() {\n if (location.href !== lastUrl) {\n lastUrl = location.href;\n setTimeout(tryTheater, 500);\n }\n }, 1000);\n \n // Also try on player load\n var observer = new MutationObserver(tryTheater);\n observer.observe(document.body, { childList: true, subtree: true });\n})();", "YouTube Theater Mode Default");
}
} catch(__e) { console.warn('[Userscript:YouTube Theater Mode Default]', __e); }
})();
(function(){
try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

Skip to content
Refines savings and emergency examples on the personal finance page#959

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GBKS
merged 1 commit into

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Refines savings and emergency examples on the personal finance page
#959
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8 changes: 4 additions & 4 deletions
_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

View file


Open in desktop

Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
 alt-text = "6 laptops, 1 smartphone and 6 USB drives"
 caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Smartphone key, hardware signer, and a custodied key"
 width = 1600
 height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Remove or un-stick sticky/fixed headers that block content\n(function() {\n function unstick() {\n document.querySelectorAll('header, nav, [role=\"banner\"], .header, .navbar, .sticky, .fixed-top, [style*=\"position: fixed\"], [style*=\"position:sticky\"]').forEach(function(el) {\n if (el.style.position === 'fixed' || el.style.position === 'sticky' || \n getComputedStyle(el).position === 'fixed' || getComputedStyle(el).position === 'sticky') {\n el.style.position = 'static';\n el.style.top = 'auto';\n el.style.zIndex = 'auto';\n }\n });\n }\n \n unstick();\n \n var observer = new MutationObserver(unstick);\n observer.observe(document.body, { childList: true, subtree: true, attributes: true, attributeFilter: ['style', 'class'] });\n})();", "Kill Sticky Headers");
}
} catch(__e) { console.warn('[Userscript:Kill Sticky Headers]', __e); }
})();
(function(){
try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

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Refines savings and emergency examples on the personal finance page
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8 changes: 4 additions & 4 deletions
_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

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Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

</div>

See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg"
 alt-text = "6 laptops, 1 smartphone and 6 USB drives"
 caption="The Glacier prototcol requires a complex hardware setup that involves 6 different computers, 6 USB drives, a smartphone, printer and various other equipment."
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Smartphone key, hardware signer, and a custodied key"
 width = 1600
 height = 800
%}

Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

Expand Down

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Universal Dark Mode - works on any site\n(function() {\n var enabled = true;\n \n function applyDarkMode() {\n if (!enabled) return;\n \n // Create style element if it doesn't exist\n var style = document.getElementById('universal-dark-mode-style');\n if (!style) {\n style = document.createElement('style');\n style.id = 'universal-dark-mode-style';\n document.head.appendChild(style);\n }\n \n // Dark mode CSS - inverts colors but preserves images/video\n style.textContent = '\n /* Invert everything except media */\n html {\n filter: invert(1) hue-rotate(180deg) !important;\n background: #1a1a2e !important;\n }\n \n /* Restore images, videos, iframes, canvas */\n img, video, iframe, canvas, svg, picture, [style*=\"background-image\"] {\n filter: invert(1) hue-rotate(180deg) !important;\n }\n \n /* Preserve specific elements that should not be inverted */\n .no-dark-mode, .no-dark-mode *,\n [data-theme=\"light\"], [data-theme=\"light\"],\n .ace_editor, .ace_editor *,\n .CodeMirror, .CodeMirror *,\n .monaco-editor, .monaco-editor *,\n .markdown-body pre, .markdown-body pre *,\n .highlight, .highlight *,\n pre code, pre code * {\n filter: none !important;\n }\n \n /* Fix common UI elements */\n .modal, .popup, .dropdown-menu, .tooltip, .popover {\n filter: invert(1) hue-rotate(180deg) !important;\n background: #2d2d44 !important;\n border-color: #444 !important;\n }\n \n /* Scrollbars */\n ::-webkit-scrollbar { background: #1a1a2e !important; }\n ::-webkit-scrollbar-thumb { background: #444 !important; }\n ::-webkit-scrollbar-thumb:hover { background: #555 !important; }\n \n /* Selection */\n ::selection { background: #4ecdc4 !important; color: #1a1a2e !important; }\n ::-moz-selection { background: #4ecdc4 !important; color: #1a1a2e !important; }\n ';\n }\n \n function removeDarkMode() {\n var style = document.getElementById('universal-dark-mode-style');\n if (style) style.remove();\n }\n \n // Toggle with Alt+Shift+D\n document.addEventListener('keydown', function(e) {\n if (e.altKey && e.shiftKey && e.key === 'D') {\n e.preventDefault();\n enabled = !enabled;\n if (enabled) {\n applyDarkMode();\n console.log('[Universal Dark Mode] Enabled');\n } else {\n removeDarkMode();\n console.log('[Universal Dark Mode] Disabled');\n }\n }\n });\n \n // Apply on load\n applyDarkMode();\n \n // Re-apply on dynamic content\n var observer = new MutationObserver(function(mutations) {\n if (enabled && !document.getElementById('universal-dark-mode-style')) {\n applyDarkMode();\n }\n });\n observer.observe(document.head, { childList: true });\n \n console.log('[Universal Dark Mode] Loaded - Press Alt+Shift+D to toggle');\n})();", "Universal Dark Mode");
}
} catch(__e) { console.warn('[Userscript:Universal Dark Mode]', __e); }
})();
})();

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Refines savings and emergency examples on the personal finance page#959

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GBKS
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Refines savings and emergency examples on the personal finance page
#959
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8 changes: 4 additions & 4 deletions
_compress_images_cache.yml

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Original file line numberDiff line numberDiff line change
Expand Up@@ -699,10 +699,6 @@ assets/images/guide/designing-products/personal-finance/daily-spending-wallet-se
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup-mobile@2x.jpg: daily-spending-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup.jpg: daily-spending-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/daily-spending-wallet-setup@2x.jpg: daily-spending-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile.jpg: glacier-protocol-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup-mobile@2x.jpg: glacier-protocol-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup.jpg: glacier-protocol-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/glacier-protocol-wallet-setup@2x.jpg: glacier-protocol-wallet-setup@2x.jpg
assets/images/guide/designing-products/personal-finance/groceries.jpg: groceries.jpg
assets/images/guide/designing-products/personal-finance/groceries@2x.jpg: groceries@2x.jpg
assets/images/guide/designing-products/personal-finance/monthly-budget-wallet-setup-mobile.jpg: monthly-budget-wallet-setup-mobile.jpg
Expand DownExpand Up@@ -2108,3 +2104,7 @@ assets/images/guide/daily-spending-wallet/requesting/SetupFee-full.png: SetupFee
assets/images/guide/daily-spending-wallet/requesting/Unified-full.png: Unified-full.png
assets/images/guide/daily-spending-wallet/requesting/address-full.png: address-full.png
assets/images/guide/daily-spending-wallet/requesting/contactless-full.png: contactless-full.png
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg: emergency-wallet-setup-mobile.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg: emergency-wallet-setup-mobile@2x.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg: emergency-wallet-setup.jpg
assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg: emergency-wallet-setup@2x.jpg
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33 changes: 16 additions & 17 deletions
guide/designing-products/personal-finance.md

View file


Open in desktop

Original file line numberDiff line numberDiff line change
Expand Up@@ -136,7 +136,7 @@ Bitcoin is different: since the sender must initiate all transactions, automated

The higher-value of these payments necessitates a greater level of security than the daily spending wallet (which is a ["hot wallet"]({{'/guide/glossary/wallet/#hot--cold-wallet' | relative_url}}), meaning that the private key is on a device connected to the internet).

At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently. See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience.
At the moment, a good solution is a desktop application which relies on a hardware device to sign transactions. This reduces the risk of keeping funds on a mobile wallet configuration but adds acceptable friction for transactions that occur less frequently.

A disadvantage to this solution is that it does not use the lightning network, meaning that the user will need to wait longer for their [transaction to confirm]({{'/guide/how-it-works/transactions/#7-confirmations' | relative_url}}) as well as pay an on-chain transaction fee. However, this will likely not always be the case: in the future, projects such as [Lightning Signer](https://gitlab.com/lightning-signer/docs) may solve this issue by allowing the private keys to be stored separately from the lightning node on hardware that is security-hardened.

Expand All@@ -160,16 +160,16 @@ Financial experts recommend that you keep 3–6 months of salary available for w
In traditional finance, this money might get parked in a high-interest savings account that allows for quick, low-risk withdrawal but still provides some long-term return.

{% include picture.html
 image = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/savings-wallet-setup-mobile@2x.jpg"
 alt-text = "Three hardware wallets and a laptop"
 image = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup.jpg"
 retina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup@2x.jpg"
 mobile = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile.jpg"
 mobileRetina = "/assets/images/guide/designing-products/personal-finance/emergency-wallet-setup-mobile@2x.jpg"
 alt-text = "A desktop wallet and 2 hardware signers"
 width = 1600
 height = 800
%}

A bitcoiner may want to set up a cold storage multi-signature wallet. In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.
A bitcoiner may want to set up a [multi-key wallet]({{ '/guide/savings-wallet/' | relative_url }}). In this type of setup, multiple applications or hardware devices are required to make transactions. Even if one device gets stolen or locked, the rightful owner still has access to all their funds. Since transactions are infrequent, security is prioritized over convenience.

## Sinking funds

Expand DownExpand Up@@ -204,24 +204,23 @@ Sinking funds do not necessarily require a dedicated wallet. The amount secured
 layout = "float-left"
%}

HODLing is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. Ideally, these wallets are very safe but not very convenient.

For example, [Glacier Protocol](https://glacierprotocol.org){:target="_blank"} is highly secure, but requires about $600 and eight hours to set up. While it comes with a step-by-step guide, some areas are quite complex. It is an extreme example, but it illustrates how complex great security can be.
[HODLing](https://knowyourmeme.com/memes/hodl) is more than a meme. Many bitcoiners create highly secure setups to store their savings over long periods of time. These wallets optimize for safety from theft and recoverability in case of loss, and may in return sacrifice some convenience.

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See the [savings wallet reference design]({{ '/guide/savings-wallet/' | relative_url }}) for an exploration of this user experience. The wallet is based on 3 keys, with 2 of them required to transact. 2 keys are in control of the user, and the third one is held by a custodian to help with critical scenarios like key rotation in case the user loses a device.

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Of course, many prefer that banks and other custodial financial service providers secure and invest funds for them. Savings accounts and related products may also incentivize customers with low-interest rates that may or may not be high enough to keep up with inflation.
For very high amounts, technically savvy users may also choose more complex setups. An example of the extreme end is [Glacier Protocol](https://glacierprotocol.org/). Other users may prefer to keep their funds with dedicated bitcoin custody service providers or even traditional financial institutions offering similar services. Certain types of savings accounts and related products may even incentivize customers with lowinterest rates. Users should always consider the risk involved in such trust relationships.

## Investing

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