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For payments, a cold wallet affects only its security, never its transparency. When you pay from it, you expose an IP.

So what if i say.... use my Mullvad vpn to pay from cambodia or something.

if the on-ramp to the cold wallet was cash then what good is that transparency.

One can cycle it through an encryption or obfuscation layer with a no-log crypto foreign VPN. The layer can be LTC MWEB / Monero / Bitcoin Mixer, etc.

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