this post was submitted on 24 Nov 2023
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What is the difference between storing the speed phrase on a paper and storing your private key on a paper a so called paper wallet? As far as I know, a paper wallet is a cold wallet. Or am I wrong? And storing your speedphrase on a paper is a hot wallet cause the actual Private keys are still online?
Oh god. For your own sake don’t go buying large dollar amounts worth of crypto. You have NO idea what you’re doing, talking about or even asking lol
That's why I'm asking dude. Do you really think the average crypto dude knows that? Following your logic 90% of crypto holders shouldn't buy large amounts.
Why would you buy a large amount of something you know nothing or little about?
Who said I'm buying large amounts? You can't even read properly. And why the hell are you bothering me. I just asked a question. I'm sure you're fun at Parties.
No shit, hence why he's trying to ask the community. Take time to explain if you're going to bother posting.
Thank you :)
Never had one, but paper wallets usually have a QR-Code to scan if you want to send transactions. I don't like the idea of a paper wallet. Paper just doesn't like water and fire, too many possible points of failure. Generating the wallet could compromise your key too.
You can turn an old phone into a cold wallet with AirGap Vault for android or iOS. For Bitcoin, Electrum can be used on an offline Computer. Hardware wallets are the easiest solution and they're around 70 bucks I believe
Most important thing is to create a new wallet and not to use an old wallet that was a hot wallet before
Assuming the see phrase is created secure, and stored 100% offline 100% off the time, it's perfectly safe to store your ETH.
For NFT's and tokens it's also important to only interact with trusted contracts, but since you're creating a cold wallet there wouldn't be any interaction with contracts anyway.
But to create a paper wallet I need to set up a new wallet on metamask. That means the wallet will be connected to the internet at least once. Am I right?
That would work, but it's not really a cold and secure wallet then.
To be 100% secure you need to create the seed phrase offline. You can do that using a hardware wallet, or a wallet installed on a PC that's never connected to the internet for example.
There are solutions available, but I can't recommend any since I don't have recent experience with this.
It doesn’t have to be a PC that has never connected to the internet. You can disconnect the internet connection, or use a VPN, etc