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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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[–] telejoshi@alien.top 1 points 10 months ago (12 children)

Hot wallets are imho not secure enough for your investment. There can always be hacks or exploits, malware on your computer and so on. Also, some say that keys generated by wallets may not be 100% secure either, because the randomness comes from software.

I would stick with a hardware wallet (or cold wallet) so that your private key is never on an online device. For the paranoid (like me), I'd suggest rolling the dice to generate keys.

[–] ashketchup422@alien.top 1 points 10 months ago (11 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?

[–] 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

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