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Is a passphrase enough to store your coins? (alien.top)

submitted 10 months ago by ashketchup422@alien.top to c/ethereum@blockchained.world

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I always read about public keys,private keys and speedphrases that you need to store them in a paper wallet or hardware wallet. The only thing I ever stored are the passphrases (those 12 or 24 words) I get from metamask or other wallet provider in the beginning of creating a wallet. Is this enough when I write them down and secure them?

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[–] ashketchup422@alien.top 1 points 10 months ago (3 children)

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?

[–] ExamAccomplished6865@alien.top 1 points 10 months ago (2 children)

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

[–] ashketchup422@alien.top 1 points 10 months ago (1 children)

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.

[–] ExamAccomplished6865@alien.top 1 points 10 months ago (1 children)

Why would you buy a large amount of something you know nothing or little about?

[–] ashketchup422@alien.top 1 points 10 months ago

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.

[–] CryptoWarfare11@alien.top 1 points 10 months ago (1 children)

No shit, hence why he's trying to ask the community. Take time to explain if you're going to bother posting.

[–] ashketchup422@alien.top 1 points 10 months ago

Thank you :)

[–] telejoshi@alien.top 1 points 10 months ago

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

[–] Nonocoiner@alien.top 1 points 10 months ago (1 children)

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.

[–] ashketchup422@alien.top 1 points 10 months ago (1 children)

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?

[–] Nonocoiner@alien.top 1 points 10 months ago (1 children)

So 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.

[–] Ch40440@alien.top 1 points 10 months ago

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