2 cold wallets for my crypto assets - page 2.

NeuroticFish

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I see OP has asked the same question in many places, to make all the discussion even more confusing (even for himself).
I will cross-post my answer:

Quote from: NeuroticFish on April 06, 2024, 03:44:53 PM

Quote from: RaraAvis on April 06, 2024, 12:48:17 PM

Could you please tell me, knowledgeable people, would it be possible to place my crypto assets on both devices at the same time and, if yes, then, if for example my Nano X would get hacked, Tangem will still have them? Or, if they are gone from one wallet they'd be gone from all cold wallets, because hacker would authorise transactions for me?

OK, you misunderstood the bitcoin wallets, so let me try to explain.
The bitcoins are not in a bitcoin wallet. Ever. They are (let's say it simple) on the blockchain.
The wallet only holds the KEYS to the bitcoins. The key to spend them, more exactly. Only who has the correct keys for certain bitcoins can spend them (send them away).
And yes, the wallet helps you do certain operations with your keys - usually this means facilitating the spending.

So, if 2 hardware wallets have the same seed will generate the same keys and any of them can be used to spend.
If somebody else will get the seed he will spend/send away all the bitcoins (that can be spent by your keys, so "your" bitcoins) so you no longer have access to them, no matter how many hardware wallets you hold.

Clearer?

Saint-loup

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Quote from: nakamura12 on April 06, 2024, 03:28:22 PM

This is what OP wanted which is to have two different cold wallets in the same device. I think that's what OP wanted to know if it's possible to have two cold wallets in a single device or not but we know that it is possible. I'd say the same thing as you which is to spread the funds so that if someone or a hacker gets access to the wallet then the hacker won't be able to get all the funds that OP has because it's in different wallets.

No you're wrong, he talked about Tangem in the OP, maybe you don't know about it, but it's a totally different device from Ledger. I wouldn't say it's totally irrelevant to use 2 different devices with the same wallet/seed on it because it's allow you to safeguard your seed in to 2 different places which is good for the safety of the availability of the funds. But it's certainly a better idea to use 2 different seeds/wallets on the 2 devices and to back up the seeds in another way.

RaraAvis

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Quote from: Stalker22 on April 06, 2024, 02:53:45 PM

Quote from: RaraAvis on April 06, 2024, 02:19:42 PM

But the most important question, why would you use two different devices for the same wallet (unless it is due to redundancy). If you do not trust the Ledger wallet, why use it at all?

I am not using 2 different devices for the same wallet yet - I am here to ask if that would make sense.

I did not say I do not trust Ledger wallet, I am saying I am not sure that Bluetooth makes it very secure.

I am here for reassurance - for someone knowledgeable to tell me, that it is very secure and I shouldn't be worried and try to come up with different kind of crazy schemes because of my concerns.

nakamura12

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OP, you can create or have two cold wallets because it is better if you have more than one wallet rather than having only one wallet. There is a saying "don't put your eggs in one basket" and you can say that if someone did have access to your wallet and contains all your coins or crypto then it is possible to take it all.

Quote from: Stalker22 on April 06, 2024, 02:53:45 PM

You can create two separate wallets. One on each device. Clearly, if one of them gets hacked, the other will be safe. But in that case, you have to spread your funds between two different addresses, each on a separate wallet.

This is what OP wanted which is to have two different cold wallets in the same device. I think that's what OP wanted to know if it's possible to have two cold wallets in a single device or not but we know that it is possible. I'd say the same thing as you which is to spread the funds so that if someone or a hacker gets access to the wallet then the hacker won't be able to get all the funds that OP has because it's in different wallets.

Dunamisx

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Quote from: RaraAvis on April 06, 2024, 02:19:42 PM

Hi all.
I am about to set up my first cold wallet (Ledger Nano X that is - still unboxed).
Still enquiring about it watching YouTube videos about its security, as I am not 100% about how secure is a cold wallet with a Bluetooth connection. Because every coin has the other side and Bluetooth would work both ways to your benefit and to benefit of hackers.

If to say you have not bought it yet, i would have advised that you change from ledger to Trezor hardware wallet, all because the privacy with the use of ledger wallet is not secured for its users, i have no idea on using any before now and i don't think the use of Bluetooth connecting on it should have any negative impact as well as when connected to your device, only that they have made their privacy i big concern for users to rely on them with that.

Stalker22

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Quote from: RaraAvis on April 06, 2024, 02:19:42 PM

Could you please tell me, knowledgeable people, would it be possible to place my crypto assets on both devices at the same time and, if yes, then, if for example my Nano X would get hacked, Tangem will still have them? Or, if they are gone from one wallet they'd be gone from all cold wallets, because hacker would authorise transactions for me?

You can create two separate wallets. One on each device. Clearly, if one of them gets hacked, the other will be safe. But in that case, you have to spread your funds between two different addresses, each on a separate wallet.

Or, you can create your wallet on one device. Then use the backup seed phrase to import the same wallet to another device. In that case, both wallets will hold the same funds, but if either of them gets hacked, your funds are gone.

But the most important question, why would you use two different devices for the same wallet (unless it is due to redundancy). If you do not trust the Ledger wallet, why use it at all?

RaraAvis

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Hi all.
I am about to set up my first cold wallet (Ledger Nano X that is - still unboxed).
Still enquiring about it watching YouTube videos about its security, as I am not 100% about how secure is a cold wallet with a Bluetooth connection. Because every coin has the other side and Bluetooth would work both ways to your benefit and to benefit of hackers.
In this video the guy says that Ledger's cold wallet proven themselves not to be so very secure and suggested buying Tangem cold wallet instead.
https://www.youtube.com/watch?v=YekyEj8TUAM

Could you please tell me, knowledgeable people, would it be possible to place my crypto assets on both devices at the same time and, if yes, then, if for example my Nano X would get hacked, Tangem will still have them? Or, if they are gone from one wallet they'd be gone from all cold wallets, because hacker would authorise transactions for me?

Topic: 2 cold wallets for my crypto assets - page 2. (Read 291 times)