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Similar to some physical password vaults, like Password Vault by Hammacher Schlemmer, it's safer than most cold storages because if someone gets your device it's harder to brute force both encryptions than opening most vaults. Also you likely have time to revoke all existing tokens/passwords before the attacker. See More
Storing for example OTP back-up codes in a password manager connected to the internet (your home computer, LastPass, 1Password...) is somewhat secure but you always risk that a software exploit may give an attacker access to your accounts/data. An offline storage however may not be compromised as there is no attack surface. You only risk something if someone grabbed your device, but even then you are likely capable of revoking any password/token stored on that device very quickly. See More
You cannot copy/paste or fill forms that way (as the device is offline). So it's only not viable to store commonly used passwords. It's only good store rarely used critical data, like: OTP back-up codes, cryptocurrencies recovery keys and such. See More
This is known as a "Perk farm" - when you have multiple devices (up to 5 are allowed on a single account) all running Perk at the same time. Using 5 devices constantly streaming ads can yield somewhere around $50/month in the US (not as much in other countries) See More
Phones with Amoled displays are prone to burn in when used excessively, so their screens may be ruined if you stream ads on your phone all day. Streaming ads will also put strain on your internet, and if you have a datacap it could fill up that cap. See More