BREAKDOWN OF HARDWARE WALLETS AS STORAGE OPTIONS

Summary from the TLDR Crypto newsletter

Hardware wallets, often misunderstood as long-term storage devices for private keys, actually serve to securely generate and use private keys for signing transactions, functioning like a mini air-gapped computer. They do not replace the need for a robust protocol for physically or digitally storing and recovering your private key, given that hardware wallets can fail and passwords may be lost.