This [item] is a must-have for any home. It is stylish, functional, and durable, making it a great addition to any room. It is easy
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This [item] is a must-have for any home. It is stylish, functional, and durable, making it a great addition to any room. It is easy
This [item] is a must-have for any home. It is stylish, functional, and durable, making it a great addition to any room. It is easy
This [item] is a must-have for any home. It is stylish, functional, and durable, making it a great addition to any room. It is easy
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The point of a cold wallet is that the private key stays on the device, offline and encrypted at all times. This is in contrast to a hot wallet, which has the private key vulnerable, on an internet connected device.
Basically, the probability of someone exploiting your phone/computer and gaining access to a private key on a hot wallet is *much* greater than someone stealing your private key from a hardware wallet.
>after a lot of research,
Eh, not really, right?
>Where is the private key inside a wallet, why I don’t see it? Why I don’t have to sign transactions with it? (In every wallet type)?
Stored on device. Usually in secure element chip, sometimes not. Every address has a private key, it’s not just one key. Yes you do need them to sign transactions.
>difference between hot and cold wallets
On hot your computer or phone operating system can see them and other programs can steal them. On cold wallet only the device can see them.
>I have never seen the most important part of the wallet: the private key.
There is one for each address. Yes you can see them if you wanted to. But you don’t need to. Wallet will manage it all for you.
>giving my fingerprint or code?
Those are not keys. They simply authenticate you to get past device security and continue with signing transaction. Wallet will use priv keys when it needs to.
>wallet it they know the seed phrase? Where do they use them? In a wallet providers recovery site?
Someone can take all your bitcoins with seed words mnemonic. Don’t need any wallet from you. Absolutely NEVER in any website. RTFM for the device you want to buy.
>random set of words? I would hack someone’s wallet
Virtually no chance. The number of possible options is extremely large.
>companies have the right to make wallets on the blockchain, and why I can’t make?
Wallets are not on blockchain. They look up info from blockchain. You can make your own. Go right ahead.
>then what happens if that company goes bankrupt or something like that? How could I get access again?
RTFM backup and recovery procedures. You should test them to know how that works.
>Is it really safe to make a wallet
Seed words mnemonic is not a private key. Your wallet will generate the keys it needs. It knows about them. You see words to write them down. Wallet doesn’t care about words. They are for you, easier to record words than numbers without errors.
>why would a paper wallet be safe
They are not. They are obsolete.
>does the company see my private key and seed phrase?
Nope.
Yeah it’s a learning curve but at least read the darn manual instead of guessing at it.
I’ll make it as simple as I can…and it took zero research. Cold = offline. Hot = online. Got it? Good.
It’s a very simple computer whose purpose is only to hold the private keys and sign transactions without revealing those keys to the computer it’s connected to. They are designed such that, if the seed phrase data only lives on the hardware wallet, your keys can only be accessed by anyone with access to the device itself.
Most people come up with a method of storing their seed phrase data in a separate physical location; this enables restoration on a new hardware wallet if the first were to be lost. If it is lost, most come equipped with a factory reset after enough failed attempts at the device password.
With a hot wallet, you just have no idea where/how the seed phrase data is stored. Any wallet service is incentivized to store it securely to maintain it’s reputation, but that is what you’re relying on, and you never know what could cause their motives to shift.
Dude you need to do some more basic learning about wallets in general.
Let’s take just one point from your long rant…..
Yes if I have a 24 word seed phrase and you just happen to come up with the exact same 24 words we would both have full signing authority of whatever either of us put in that particular wallet
Depending in your user level and knowledge about Bitcoin and how it works and they can be;
– useful, if you’re a total newbie. It somewhat helps on avoiding some rookie mistakes, specially for Windows users, as that thing is plagued with all sorts of viruses.
– highly insecure, as all of them use HD keys, you can simply put the seed at any BIP-39 capable client, as Electrum, and you can see all your private keys. So their ultimate security derives from how well you store your seed (take a picture of it with your phone and you just uploaded your seed to Google or Apple).
– a pain in the a**, when you’re a very advanced user, able to manage by UTXO and don’t want to use account models.
to keep it cold.
What’s the point of asking about crypto here?
This is the Bitcoin sub.
You not only should think about to buy a cold wallet you NEED TO HAVE IT TO SECURE YOUR BITCOIN! Not your keys not your coins! Didn’t you guys learn from the FTX disaster ?
So that you, and only you, have access to it.
To actually hold your own key and actually hold custody over your money instead of having to rely on a centeral/traditional institution to keep your money “safe”. Have you heard about Blockfi and FTXUS? Yea… if you hold your own keys, that will never happen to you, of course if you keep all your crypto within the cold wallet.
Your keys are stored on the wallet. Bitcoin is stored on the blockchain. Your keys give you access to bitcoin. You can always recover your keys with the 12 or 24 phrase words on GitHub.
So that you have to be physically present to confirm a transaction with an actual push of a button.
It keeps your crypto below 38 degrees f.
Theoretically whoever controls the software updates for your hot wallet can collect data on your habits and even take your keys.
Even if you keep your seed phrase on an online notepad it’s theoretically possible to be intercepted, decrypted, and taken. Once your key is online it’s going to be online forever so that could be a risk as decryption grows stronger over years
A cold wallet can’t do anything because it’s not connected to anything. It’s like the crypto equivalent of burying gold in your backyard
Cold wallet, when done right prevents your private keys from being stolen by hackers. Private key stays offline. Therefore bitcoin can only be sent with approval from the cold wallet.
You can receive funds anytime however if you put your public keys into a hot wallet.
Cold card (for cold storage) with blue wallet is my personal choice.
“cold” refers to a situation in which the private information never resides, has resided, or will ever reside, in the electronic memory of a computing device that has, had, or will have an internet / bluetooth connection.
“hot” refers to the opposite; private information is stored as a variable in a piece of software that runs on an internet-connected device.
Private information in *cold* storage cannot be hacked* (assuming, of course, that the private information (key) was generated in a truly random way, from a good source of entropy, like a pair of fair dice, or picking out seed words from a hat) because it is not practically possible for a hacker to obtain the information remotely. Even theoretically, the odds of a brute force guess-and-check method of hacking is 1 in 10^70; the same as correctly guessing a randomly selected atom in the universe.
Private information in *hot* storage (hot wallet) can be hacked, both theoretically and practically.
​
* hacked, in this context, refers to the use of computing devices to surreptitiously acquire the private information by some clever method of computer exploits, without any information provided by the owner of the private information. It might be possible for the owner of the private information to be ***tricked*** into revealing the private information if that owner doesn’t have a fucking clue.
Wallet = digital signature made of 1 private key with what you can generate infinit public keys associate with your private one… in other words an wallet is a digital signature! Asimetric cryptography is used…
You can bulid your own OS, your own wallet…. all you need is an air gap laptop if you want to have a cold one…and documentation, tmsr do that! They Help people to not have the need to trust an wallet creator….they help you to build from scratch an linux OS , create and store your keys on your software designed by you using existing open source frame works!
With your seed phrase you can recreate your private key on any wallet who support restore by that specific seed phrase number of words…this is why it is important to not keep it online…. because online it has vulnerability to be stolen….and anybody with that seed can recreate your private key…. that means they can sign transactions… send money to other wallet….
Offline means in other words that Private key never will be stored on an online device….. online means it is connected to internet…. offline it is not connected to internet
I would suggest you do a hell of a lot more research before you get into crypto. Not knowing the difference between a hot and cold wallet leads to phase 2. All my crypto has disappeared and it wasn’t my fault.
the point of a cold wallet is for you to jump through unnecessary hoops moving ur btc around and eventually losing it all by forgetting ur 30 word password and or losing the flash drive