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

submitted 11 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 11 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 11 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?

[–] Nonocoiner@alien.top 1 points 11 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 11 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 11 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 11 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

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