According to the top manager, the new term provides a more accurate technical description of cold wallets. It will help overcome one of the most common misconceptions among novice crypto investors — that their bitcoins are stored inside the hardware device, Mow believes. In reality, bitcoin exists on the blockchain, and the device only stores the private keys necessary for accessing and authorizing transactions. The head of Jan3 is convinced that the term "Bitcoin signing device" is much closer in meaning to "secure transaction signing."
A hardware wallet functions not so much as a safe, but as a "key management tool." Even if a user disconnects the wallet from the internet, breaks the screen, or drains the battery, the bitcoins are not lost but remain on the blockchain. And if the device breaks or is lost, the person can restore access to their assets on a new compatible device if they have the seed phrase.
"'Signing' perfectly aligns with the term 'multisignature'. I will stop calling them hardware wallets and will use the term BSD. Manufacturer Ledger and its CEO Pascal Gauthier are already working on this. Let's see if we can get other manufacturers, including Bitkey, on board," wrote Samson Mow on social network X.
Previously, the CEO of Jan3 urged Bitcoin developers not to rush the launch of solutions to combat the quantum threat. He fears they could create compatibility issues between nodes and reduce network efficiency.
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