I’m into gold and silver however am beginning to perceive bitcoin and love the thought of it. I see quite a lot of similarities between bitcoin and pms and see that each maintain their place for personal shops of worth.
My query is about safety. To me producing a paper pockets offline appears to be probably the most safe however discovered that the majority frown on them. I don’t actually perceive how the chilly storage wallets work and really feel that they could possibly be hacked? Any ideas on this?
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The issue with paper wallets is that when you want to spend from a paper wallet you have to import the private key, which you’re likely not going to do on a device that’s safer than a hardware wallet.
The attack surface of a hardware wallet is incredibly small because they are designed to be dumb devices that can only do a few operations. That’s what makes them hard to hack. Think of them as glorified calculators.
Hardware wallet work by keeping your private keys and using them to sign for transaction without your private keys being in contact with your computer and/or the internet.
If you want to sign a transaction using only a seed phrase you would have to have your keys on the computer that does the signing, exposing them in the case there is malware installed on your computer.
Also a paper wallet (i.e. single private key) usually isn’t compatible with bip32. The problem with that is that you will probably have multiple UTXO linked to the same public key which is a privacy concern.
if you want to go the paper route first be sure to understand that you will need at some point some sort of device to sign the transaction. Then generate a 12 word seed phrase by downloading https://bitcoiner.guide/seed/ and using it offline on a freshly installed computer, generate the xpub (actually zpub if you want to use native segwit addresses) and use this in a watch only wallet to be able to receive on different addresses per UTXO.
But a hardware wallet would be easier.
I understand where you are coming from. Good question. But like with a paper wallet you have also a paper seed with hardware secured wallets.
If one finds your paper wallet he can use it like someone with your seed phrase. In that regard it is the same level of risk.
I would suggest Ledger or Trezor. Benefit of ledger is a dedicated security chip and proprietary software. Benefit of Trezor is the open source base of the software and hardware. To mitigate the risk I would suggest use both platforms. The general benefit of a hardware secured wallet is the secured key in the hardware. You don’t have to put it into your computer. You have to sign every transaction instead with your USB connected hardware. The key is separated from the computer. And without your keys (or seed) nobody can touch your crypto. One of the benefits of a software wallet is usually it generates for every transaction into your own wallet (from an exchange usually) a separate adresse. Benefits of it is, The software wallet shows you allways the full amount you have but in the background it is spread over a variety of addresses. This is kind of security through obscurity. Because even if someone receives btc from you he can not see what you own in total.
And because you are a gold bug I assume you have enough founding to secure your investments. Order a new laptop just for your software wallets. It must be not one with all bells and whistles. A simple one is enough but not chrome laptops. Install the wallets you choose on the laptop and keep it updated. No internet surfing to any kind of sites. No mail. No entertainment bs. It is your bank branch now. Hide your laptop if you want and block the access to it with a password. Even if someone is stealing it it doesn’t matter because without your keys in the hardware it is no way on earth he can access it or sign transactions.
Cheers bro.