Topic: COLD WALLETS (Read 139 times)

OP's thread on cold wallets was okay but had some mistakes. They called MEW d MEW a software wallet which is wrong since it's web-based. And about that "Trevor" hardware wallet? No such thing exists! As for Ledger, opinions on its performance vary. The OP's thread on cold wallet types was informative but failed to mention their AI usage.

It's actually  cold storage but you can still  use cold wallet( since it's normally used in the world of crypto),normally every wallet should connect to Internet to broadcast your transaction  but some wallet create distinction for a cold storage format and then uses the watch only wallet to broadcast your transaction(if you want), this is why most people uses the world "cold wallet " and it's now widely used
The link to set it up had been provided and at the same time  you will need to also take some precautions to make it trully a cold storage and I think that has been covered as well. Once you run your Tails get the addresses to receive your coin,then your master public key to setup your watch only walleton the phone...not hard just follow the step

To set up cold wallet or airgapped device no hard at all. You just need the PC and do am exactly as Charles-Tim talk am. Even self if person no Sabi run am, e fit ask for help for technical discussion board as dem go gladly help am with the set by step process until he don set am up.again, if you go connect then device in anyway to the Internet, e no dey airgapped again o. Once you don install ur electrum out, you go come need to know how to create transaction, carry am come offline device go sign then go back to online device go broadcast am. Watin you talk correct as person wey no understand fit go loss e money by mistake. Just try ur best to practice am before ur try am well..

Charles-Tim don drop all the information wey you go need, but e get one point wey i go like add. Abeg if you no too get knowledge about how to turn your device into an airgapped one, no do am oh, because you go fit make mistake wey go dey costly, for people wey no too get knowledge on how to create such a wallet, e better say dem use hardware wallets. Hardware wallets no dey hard to use and na wetin we dey usually advice newbies to use, until them don get better knowledge.

You can read the guide from here: https://electrum.readthedocs.io/en/latest/coldstorage.html

To make a device an airgapped, like using your old laptop for it. You will need to remove the WiFi card and Bluetooth. Also you can disable the USB from the BIOS.

If you have OS like tails, it has Electrum pre-installed. If you use Linux, Windows or macOS, you can format your memory card and download Electrum on it and send the file to the airgapped device before you disable the USB from the BIOS. To disable the USB from the BIOS is not necessary.

Abeg boss how person fit take creat airgapped wallet.with electrum
Na why I like this forum lowkey
Na everyday we dey learn something
Abeg teach me

Software wallet like electrum no be cold wallet, na online wallet wey e be. The only time wey your electrum fit be cold wallet na when you use am for airgapped device, and never connect the device to the internet again.
E get hardware wallets wey better pass ledger, i no go even advise person make e buy ledger right now, because them dey lie to their customers, dey launched the ledger recover feature, when dem been initially talk say person seed phrase no fit leave the device, ledger is also closed source. If you wan buy hardware wallet, go for open source ones, and better if they are airgapped too.
Paper wallet don dey outdated, it was a good cold storage in the past, but now that we have hardware wallets, no need to use paper wallets again, just go buy hardware wallet or create your own airgapped wallet with electrum.

The device or method we use to store our cryptocurrency private keys offline is called a cold wallet. If you want to have a more detailed experience on what cold wallet is and how it works then visit here.

>>>> https://www.investopedia.com/terms/c/cold-storage.asp

Moreover, we should use cold storage wallets to store our cryptocurrency assets safely. Cold storage wallets store private keys offline, keeping crypto assets in these wallets is less likely to be cyber-attacked and hacked.

For our newbies who don't know cold wallets are used to securely store cryptocurrencies(e.g Bitcoin),tokens and digital assets offline and because they are being stored offline they are less prone to unauthorised access and hacks

They are mainly used for long-term storage of you crypto currency,offline transactions,safe keeping and also helps in backup and recovery

Wr have different types of cold wallets
We have the
Hardware wallets like ledger and Trevor
Software wallets like Eletrum and myetherwallet(MEW)
Paper wallets which involves storing public and private keys on papers
Air gapped wallets which involves offline computers or devices with not Internet access
And many more which you can check up online

My main aim for creating this thread is to discuss about what you think is the best type of cold wallets

Personally I believe the best type of cold wallets that you would want to have are hardware wallets like the ledger because it basically has the highest security
But looking at the fact that we are Nigerians and this may be too expensive to a newbie or an average person
I would advise the paper wallets it's basically free and secure to some extent just make sure your store the paper in a very secure place because if e lose your money don follow am lose
You can make duplicate and keep in different places sha but I'm personally not a fan of that
Because if the wrong person gets a hold of it
It's gone

Please we are all learning I would also love to hear what you think is the best way to store your Bitcoin