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re: Best cold wallet for storing BTC
Posted on 7/11/23 at 10:24 am to TigerTatorTots
Posted on 7/11/23 at 10:24 am to TigerTatorTots
Just as a curious, casual observer, could someone explain the difference in terminology?
1
Posted on 7/11/23 at 11:46 am to TigerTatorTots
Something that drives me crazy as well as these guys who own Bitcoin and leave them on exchanges are helping keep the price suppressed.
They have no idea what fractional banking is.
They have no idea what fractional banking is.
Posted on 7/11/23 at 1:27 pm to TigerTatorTots
quote:not to me.... cold to me is gone cold... you have to put your seeds in a wallet to access them.... thats why the hardware wallet is the step between the 2.
Is it not considered "cold storage" to move coins to a Trezor or Nano? I figured that term was interchangeable
Posted on 7/11/23 at 1:30 pm to Jag_Warrior
quote:a hot wallet is an account that has its seed loaded into a phone/browser wallet.
Just as a curious, casual observer, could someone explain the difference in terminology?
a cold wallet is an account that is not loaded in in wallet, and the owner has the seeds written and stored completely offline.
a hardware wallet is a device that has the seeds loaded on it that uses a shell wallet and program to interact with the blockchain.
A shell wallet is just a regular hot wallet most people use as their play wallet that they use to interact with their hardware wallets.
This also brings up a topic which not many really understand... What is your wallet?
when you create a wallet say, metamask or trust wallet... Metamask and trust wallet are just programs that allow you to access your account on the block chain.
When you create a wallet via those programs, you get an account on the block chain and the key/password/deed/title to that account is your seed phrase. That is why it is always said that no one should ever have those.
The Metamask and trust wallet programs on your phone or browser saves that seed phrase in a .dat file on the device. thats what makes it "hot", that program can actively interact with your account on the blockchain. So you can use that seed to load the wallet on to any other wallet program you want. I think alot of people are moving from metamask to rabby, but there isnt an android app yet.
This post was edited on 7/11/23 at 1:41 pm
Posted on 7/11/23 at 2:22 pm to tenderfoot tigah
quote:
High fees to exchange. I'm not a fan. Ledger or Trezor are your best options, IMO.
Are there fees to transfer to a hardware/cold wallet? I've been relying on coinbase as well and would potentially like to look into something more secure.
Posted on 7/12/23 at 7:17 am to CarRamrod
Thanks.
Posted on 7/12/23 at 7:53 am to RebelRye
quote:
re there fees to transfer to a hardware/cold wallet?
Yes. Different blockchains have different fee structures for transfers done on the blockchain.
Posted on 7/12/23 at 8:33 am to CarRamrod
quote:
CarRamrod
do you have an opinion on the ledger nano vs a trezor model one?
The other poster abohve was very helpful and from the reviews it seems like the trezor is a tiny bit more user friendly for a novice so that's what I'm leaining. I'd like your take though.
Posted on 7/12/23 at 9:25 pm to I Love Bama
quote:
Something that drives me crazy as well as these guys who own Bitcoin and leave them on exchanges are helping keep the price suppressed.
They have no idea what fractional banking is.
I'm one of these idiots. I want to take my coins and put it in a wallet. So is Coinbase's "Web3 wallet" not something I should use?
Posted on 7/13/23 at 9:06 am to ShootingsBricks4Life
quote:
So is Coinbase's "Web3 wallet" not something I should use?
If an exchange decides to operate on a fractional reserve model, it could mean they don't actually hold 100% of the customer's deposits.
They might lend out or invest some portion of the deposits to earn profits, similar to a traditional bank.
Not your keys, not your coin. Take it off the exchanges.
Posted on 7/13/23 at 9:18 am to I Love Bama
quote:
I Love Bama
what wallets do you use?
Posted on 7/13/23 at 9:37 am to WG_Dawg
Ledger
Posted on 7/13/23 at 10:02 am to WG_Dawg
quote:I have 6 trezors.... 0 ledgers.
do you have an opinion on the ledger nano vs a trezor model one?
The other poster abohve was very helpful and from the reviews it seems like the trezor is a tiny bit more user friendly for a novice so that's what I'm leaining. I'd like your take though.
Only becuase when i was getting min Ledger was going through getting hacked and its user base leaked.
Posted on 7/13/23 at 10:42 am to I Love Bama
When I do puchse one of these cold wallets and get everythign setup, I undestand that it'll communicate with teh app (be it ledger or trezor or whate3ver) on my desktop. Am I able to purchase or sell BTC in this manner, or do I need to make it "hot" for a period to exchange?
Posted on 7/14/23 at 9:07 am to WG_Dawg
Think of them like a safe for gold.
In order to buy or sell the gold for USD, you need to go to the marketplace (Coinbase, etc).
However, you can send person to person without the marketplace.
In order to buy or sell the gold for USD, you need to go to the marketplace (Coinbase, etc).
However, you can send person to person without the marketplace.
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