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What is the level in chilly storage wallets when you possibly can simply delete your pockets and use the restoration phrase while you need it again?

What is the level in chilly storage wallets when you possibly can simply delete your pockets and use the restoration phrase while you need it again?

15 thoughts on “What is the level in chilly storage wallets when you possibly can simply delete your pockets and use the restoration phrase while you need it again?”

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  2. Cold storage wallets can generate new wallets without being connected to the internet. It’s a precaution measure. You don’t need a cold storage wallet ,but can you always say with 100% certainty that a website, exchange or app didn’t save your address or even worse your seed? Cold storage takes that uncertainty out of the equation. Also you don’t have a possible KYC requirement as eg in exchanges.

    Bonus for user friendliness, you can put away your storage eg in a safe. Most hot wallets are from software that also can be discontinued. Imagine finding your key after 10 years and the app is not available anymore… This can be mitigated with standardized seeds tho.

    tl;dr it cuts out as many third parties as possible.

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  3. Added to the above….

    You can use a cold wallet like Trezor or Ledger on a compromised computer without a risk to your private keys. This is because the cold wallet keeps your private keys safe and private from the computer. Most normal wallets will be compromised together with the computer.

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  4. The recovery phrase is the wallet. It is your private key. The bitcoin exists on the blockchain.

    The hardware device is only there to safely sign transactions.

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  5. Back in the ooooold days of bitcoin we used to print our private keys as a QR. Both the private key and an address for it. We would send the btc to the address, and keep the paper safe.

    We where doing more or less what you say, when we wanted to use the funds the QR would be sweeped into a wallet software and the funds would become available.

    ​

    The main issue is that you need to both create the seed in a safe environment, and then use it in a safe environment when you want the money, since “safe environment” is difficult to achieve, something like a hardware wallet is a great advantage.

    Not only it specializes in providing such safe environment, it does so in a way where the funds can be accessed at any time. It’s basically the best of both worlds.

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  6. Hardware wallets provide a secure environment to generate you seed/private key and allow you to interact with it without the risk of exposing your private key to a compromised device.

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  7. If funds are tight but you’ve got a usb stick lying around and you’re ok with losing its contents, you can flash [Tails](https://tails.boum.org/install/) on it. It’s basically a portable operating system in your pocket and has a Bitcoin Wallet ([Electrum](https://electrum.org/#home)) preinstalled on it. You plug the USB drive into any computer and have the computer boot from it. To be extra safe, you should disconnect your internet router when doing so if you’re looking to generate an offline wallet. If you’re not using persistent storage, once you power off the computer everything is erased so make sure you write down the seed phrase before you send funds to that wallet. Next time you boot from the USB you’ll need to type in your phrase again to use it to move funds from the wallet.

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  8. I think you’re missing something fundamental based on your question.

    Picture the entire world covered in like small storage lockers (1′ x1’x1′) 300mm x 300mm x 300mm storage bays side-by-side and multiple high (i havnt worked out the math on that).

    Your seed is the address to your bay (x, y, z). Most (the vast majority) of bays are empty and some bays are not valid.

    None of the bays are locked, including yours. It is protected by the the fact that most of the bays are empty.

    Thats how I think if it working.

    You never “delete a wallet”, you delete the address in the hardware wallet.

    The benefit of the hardware wallet is you onoy ever enter the seed words into it. So it is protected from various malicious ways of getting your seed (key loggers, ect).

    The hardware wallet takes the inputs of the transaction and signs it (signature is a function of inputs and seed) without ever exposing your seed to the computer.

    Others can correct me if anything is a misconception.

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  9. If the exchange for whatever reason freezes transactions you won’t be fucked silly that’s why not your keys not your tokens They own your funds because u choose to keep it on their platform so the use it

    Reply
  10. >What’s the point in cold storage wallets when you can just delete your wallet and use the recovery phrase when you want it back?

    You cannot send to or from a recovery phrase. You need a wallet if you want to do anything. The benefit of a hardware wallet is that you can use it anywhere without having to worry about malware.

    # Some terminology:

    A “**cold**” wallet is any wallet (or storage of private keys) that is not connected to the internet.

    A “**hardware**” wallet is a device that holds your private keys while still allowing you to use them. It is a type of cold wallet.

    ​

    BTW, If you save the recovery phrase and delete the wallet app, you have essentially created a cold wallet.

    Reply
  11. I had the same question as OP, and I feel like no one is really answering the question. Like, how do we know that when Trezor or Ledger Gives you the recovery phrase, that it isn’t compromised. That the phrase wasn’t stolen.

    Reply
  12. No wallet client is needed for cold storage.

    A watch-only one works without privkey or seed secrets.

    Wallet clients with secrets are ONLY needed for sending.

    The need to secure your seed recovery info is there regardless

    Reply
  13. hardware wallets let you spend your coins safely too. if you don’t need that feature then you can use a software wallet on an offline PC as your cold storage.

    Reply

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