It's said that all Internet-enabled devices are technically hack-able. So how can you confidently store money on them? "Cold storage" was developed to take crypto "private keys" offline, but then how do you spend the crypto? Enter hardware wallet demonstration!
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So in your hot wallet people can’t see how much you have. Is this correct? Also how to move from hot to cold wallet? When it’s in the cold wallet is your currency backed up? I am just learning and very confused!
If I wanted to store ether is there a wallet for that or can I just get the private key and write it down and store it until this fed market manipulation is seen for what it is and we no longer have such an impending threat to the free market?
Hi. Very informative. The Majority of this wallets seem to only hold Bitcoin. My question is what cold wallet can store the most different alt coins and what's the exact number of alt coins that can hold ( meaning eth, trx, ltc, edg, etc?
Can a hardware wallet get hacked while it's connected ? Assuming you left it connected to the computer too long. All things considered , it's only a random scramble pattern program that could be reverse engineered.
I know this seems very novel to most people right now, but I hope there might come a day when hardware wallet becomes so ubiquitous that people will see this video the same way we see the original advertisements for "The Internet" 30 years ago.
Where do you store your hardware wallet if no homebase and a nomad? It would take me five minutes to lose it. I am thinking safety deposit box? And keep smaller amounts mobile? But that would require going to box when need more. Any other ideas.?
Maybe this is a stupid question as I am thinking to start with crypto currencies and I'm researching how and what to do. There is a possibility for two step authentification and this can also be set with withdrawal - sending crypto or fiat using google authenticator. The app provdes a six digit code which also changes everytime (automatically). How secure or insecure would this be?
easy to understand how to spend from the wallet. i'm more curious how do you put coins into the wallet. i.e. BTC generated from mining pools or nicehash... if it's not connected online, how do you get the coins?
So tell me 2 things: 1. How sure are you that the SW which stores the bitcoin / crypto currency in the hardware is also not putting it in your computer and later when you connect to internet sending a copy of it to some place for stealing at a future date.?
2. What happens when the HW fails ? say water damage or heat or mechanical or the USB port is damaged. Any electronic component can be defective.
A little confused. If I have an account on Bittrex and trade 10 different coins, do I have to convert those coins to Bitcoin to store on the external wallet? I would have to sell a coin to covert to Bitcoin to send and store. Seems sort of weird, with fees here and there. You can't send a coin to a different coin wallet right?
Great video, l have ledger nano wallet that only save my 4 crytocurrency, what will you advise to save others crytocurrency because l have like 10 different crytocurrency. Does that mean l need to buy more ledger nano wallet? Will be happy for your recommendation
I'm still trying to wrap my head around this. So, as I understand it, a cold storage device allows you to create a related private and public key which has never been in contact with the internet, and is therefore unhackable, and if you send funds to this public key the transaction will be accepted onto the blockchain and the funds will be yours even though the private key has never been in contact with the blockchain or internet???
*God, I hate this bitch so much, can't we have a man host this? It is obvious she doesn't give a shit about cryptobutts and is there only to attract the desperate, lonely nerds. FAKE NERD GURLL, GO HOME!*
I'm glad there's a hardware wallet for Bitcoin, however how do I store other coins? For example:
And so on? There are so many and keeping them on an exchange like Poloniex doesn't feel safe..
I have the Ledger Nano S I bought 2 of them , I have (4) coins installed allreaded and trying to add Zcash and the other new coin available But it says There is no more space to install more coins and to uninstall one to countine with another install. How can this be good to hold ALL my coins ?
Hi Amanda! Cant find out how I use dash om my new trezor.. when I use it in trezor web wallet I have account for btc.. and thats nice:) How do I use it for dash? Can I use trezor web wallet for dash? Cant find any video that explains this.. maybe you will make one;)
Here is the extract from Trezor website.
What happens if the SatoshiLabs servers are hacked and the firmware signing key is stolen?
First off, this won’t happen ;). The SatoshiLabs master key is kept very safe. However, you don’t need to rely on the SatoshiLabs signature. You can verify the build yourself. Our hope is that a few trusted TREZOR users will make a habit of verifying firmware checksums. If you are concerned about this, we suggest making a habit of checking our blog or social news channels such as reddit before applying any updates. If there ever was a problem with the firmware not matching the source code, you can be sure someone will have written about it.
You don’t need to worry about the firmware being updated by a computer virus. Your TREZOR will ask you to manually confirm the update before anything is written to the TREZOR’s memory.
I trust the mechanism but how can I trust any unsafe update from Trezor?
If you split up your cold storage into many paperstrips then you can sweep them into your hotwallet incrementally. That also gives you flexibility.
Also what i dont like about hardware wallets is that they give away the fact that you own a significant amount of bitcoin. Anybody who sees you with that hardware wallet can guess that you are probably hiding that backup paperwallet somewhere in your home.
Also with smartphones, why would you need to use someone elses computer?
Hardware wallets are comfortable though. But the use cases arent as broad as one might think.
Hi Amanda, thank you for your video!I have a question about Trezor if you don't mind :) I heard that we can't stored our bitcoins in there, so I'm kinda confuse what is the purpose of a hardware wallet if we can't save our bitcoin inside? thank you!
In addition, CEO of Ledger Wallet told us that their team are currently developing the hardware wallet for Ethereum. It will be available for their upcoming new product "Ledger Blue". The hardware wallet is with touch screen and Bluetooth so it could be used in IOS version of mycelium. Have a good day!
Funny this topic comes up the day Obama mentions he is concerned about "everyone running around with a swiss bank account in their pocket".
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