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Hardware wallet

  • 01-03-2021 8:54am
    #1
    xl500
    Registered Users, Registered Users 2 Posts: 882 ✭✭✭


    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

  • #2
    SkySter
    Registered Users, Registered Users 2 Posts: 833 ✭✭✭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.


  • #3
    Hellotonever
    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.


  • #4
    Ixlandia
    Registered Users, Registered Users 2 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/


  • #5
    Ixlandia
    Registered Users, Registered Users 2 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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