Hardware wallets

frank skyline

— 3 min read
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[ TLDR: hardware wallets are better and more secure. i will show you how to protect it.]

Here is a TLDR graph to have a basic overview.

OK, you're here. because you are interested in hardware wallets. Now, if have been in the bitcoin space you might be aware of what a hardware wallet is, but if you don't i'll explain below.

What is a hardware wallet and why should use it?

First of all, there are a few options for wallets. you have Custodial wallets and non-custodial wallets. They also get divided into sub catagories.

HOT WALLETS - ONLINE (MORE CONVENIENT . IE more trust )

COLD WALLETS - OFFLINE (MORE SECURE)

custodial wallets are controled by a third party and at the surrface levle it seems ideal and "more secure" for the avrage user, but sadly it is the worst option and i'll explain below why it is not ideal.

  1. You don't own the private keys. so you have no controle. hencev why
    the saying not your key's not your crypto.

  2. places like kraken and coinbase are a huge attack surface and legal kyc/compliant companies. they can and have been hacked. they can and have been supponed by local and international agencies irs weather they give user information or not, it should deter you from using them to store your monero or other crypto. Let alone using them due to KYC laws.

Non-custodial wallets are where you own your keys and have the maximum controle and security. this can be done via hot or cold wallets.
I think objectivly cold wallets offer better security. I'll explain why.

  1. Hot wallets are always online and offer conviance, even if the private key is stored on device and is secure. It is still online and can be stolen. even if the threat is low it's much higher attack surface.

  2. while cold wallets are less conveniant. the give you the highest levle of security. because they are stored offline on your device (IE hardware wallet).

    • one drawck of cold wallets is unlike hot wallets you can't see your balance ect. this is solved with a view only wallet in pair with your hardware wallet. most, if not all have guids on how to set up a view only walllet. i use feather. You can run it in Tails and qubesOS. i think this is how it should be done with running your own monero node as well.

this is not a indepth scope of how the hardware wallet works. All you need to know is that out of the two options you should get a hardware wallet and store your monero there. then set up a view only wallet.

What is a private key/seed phrase? and why should you defend it..

To put it simpley, when you first setup a harware wallet for monero for the first time it randomly generates a private key (you want to keep this safe) and makes a 24 memonic human readable formate that you want to write down, keep offline and secure. this 24 memonic phrase is used to recover your wallet in the event you lose your wallet ect.

simple reasons on why you need to defend it.

  1. treat it like a password that you can't reset or lose. if somoneone steals this, they can retrive your wallet and all your crypto.

Thst's it.

How to us a offline wallet? (with image)

The above image shows a simple step by step guide on how to send monero with a offline wallet. I would suggest using a wallet that QR codes supports view only wallets and make sure you use a high resolution camera. (i know from experience ).

here is a simple written step.

  1. open up the VIEW ONLY wallet, paste the address you're sending to. this will make a QR code to scan.
  2. grab your cold wallet and scan the QR code with it or upload the unsigned file to your hardware wallet. MAKE SURE TO REVIEW IT, this is you signing and authorizing the transaction.
  3. Your hardware wallet should display a QR code to scan by the online VIEW ONLY wallet. so go to your VIEW only wallet and scan the QR code and submit the transaction and confirm send.

THERE you did it. see? sending monero is not that much of a headache to send with a hardware wallet, but it is much more secure and relies less on your phone and custodial wallets where you don't own the keys.

Questions..

If you have any questions or want to hear me rant about hardware wallets. checkout my podcast or join my discord in the links below.

ALL MY SOCIALS

podcast

my Link - this also leads to the discord, matrix and xmpp rooms, they are all bridged and super cool.

It's easy to live off monero

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