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Hardware wallet

  • 01-03-2021 7:54am
    #1
    Registered Users Posts: 765 ✭✭✭ xl500


    Hi everyone I have some coins in a wallet on binance I want to transfer them to a hardware wallet or if someone can tell me another way to secure store them

    Question I have is if you lose hardware wallet they say you can get new one and re-enter your seed phrase and the coins will be restored but where are they restored from are they stored some where else waiting to be restored and is that secure or how does it work

    Thx XL 500


Comments

  • Registered Users Posts: 822 ✭✭✭ SkySter


    xl500 wrote: »
    Hi everyone I have some coins in a wallet on binance I want to transfer them to a hardware wallet or if someone can tell me another way to secure store them

    Question I have is if you lose hardware wallet they say you can get new one and re-enter your seed phrase and the coins will be restored but where are they restored from are they stored some where else waiting to be restored and is that secure or how does it work

    Thx XL 500

    When you re-input your seed phrase all you are doing is regenerating your private keys to allow you to access your coins and tokens on whatever blockchain you happen to be using. They've never been anywhere else but on the blockchain.


  • Banned (with Prison Access) Posts: 193 ✭✭ Hellotonever


    You do not store your coins in the hardware wallet. The hardware wallet is just your private key in physical form. You can make any hardware wallet yours by inputting your 24 key mnemonic which generates the private key in your hardware wallet. Your coins are in the blockchain.


  • Registered Users Posts: 6,419 ✭✭✭ correct horse battery staple


    Think of a hardware wallet as a very very fancy stamp, the coins are not actually on it, coins would be attached to your 24 word key which is the key (ha pun), store this somewhere safe or remember them (which is also risky of course)

    some wallets let you add an extra security word ontop of the pin and do other fancy features to help you, like login into an empty wallet if you are under durres like this scenario

    security.png

    do test wallet recovery and also keep in mind that firmware upgrades might force you to do a recovery if they go south.


  • Registered Users Posts: 68 ✭✭ Ixlandia


    xl500 wrote: »
    Hi everyone I have some coins in a wallet on binance I want to transfer them to a hardware wallet or if someone can tell me another way to secure store them

    Question I have is if you lose hardware wallet they say you can get new one and re-enter your seed phrase and the coins will be restored but where are they restored from are they stored some where else waiting to be restored and is that secure or how does it work

    Thx XL 500

    Ledger or Tresor hardware wallets are available:

    https://www.ledger.com/bitcoin-wallet/


  • Registered Users Posts: 68 ✭✭ Ixlandia


    Also helpful is this podcast by Peter McCormack on hardware wallets:

    https://www.whatbitcoindid.com/podcast/bitcoin-tech-3-wallets

    I think that everyone with interest in crypto should listen to this considering it is so important for all HODL ers out there :-)


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