Topic: hardware wallet questions (Read 136 times)

These are wallet proiders, they are NOT EXCHANGES. As cryptocurrency was made to be currency and not a stock market, although trading is what makes it today, wallets are simply wallets. Hardware wallets are pretty good since you have your private key, very important! That private key never leaves your device.

With exchanges you are trusting an exchange with your coins. So if anything bad happens to an exchage there is low chance that you can get your funds back. This is why it is advised to keep your coins in some wallet where you ONLY YOU have an access to those private keys - to make it safe. There are no refunds in crypto world so if you lose your private key, it gets compromised theres nothing much that you can do about it.

Once the funds are on my hardware wallet I cant trade untill i put them back on the exchange? ( seems pretty obvious but just checking) Yes you have to go to exchange either if it is shapeshift or some other with buy/sell orders.

Can i transfer funds from my hardware wallet to someone elses exhange or to someone elses hardware wallet? Of course it is your money you can do what ever you want with it. Its like asking can I buy you a bear with my money in the bar...

Is there any companys in the hundereds of cryptos that are trying to implament a direct hardware wallet to Fiat or even purchases dirctly from a hardware wallet? As I said they are wallet providers, some of them have shapesift or some other exchange integrated within them and thats how they are able to provide you exchange but be aware that those "built in" exchanges have higher fee. Shapeshift for instance work like you send them money at their address and they will send you another crypto coin. While others tell you to deposit there and you can trade as much as you like with graphs and buy and sell orders but that money stays on exchange where you don't own private keys but rather you trust the exchange.

It would save paying a transaction fee if you only make one transaction.


Yes.


Yes, you can send funds to any exchange or any other person/site you want to.


I don't think that could be possible. Although decentralised exchanges are in the works (look up 'atomic swaps').

The point of a hardware wallet is that is somewhere safe to store your coins. While they are on an exchange you don't really own them, the exchange does. The Bitcoin field has a long history of people losing their funds when exchanges get 'hacked' or the owner suddenly disappeared into the sunset with all the customers' money. With a hardware wallet, you own the private keys to your coins and they are as safe as you keep that key.

I want to buy a hardware wallet either Ledger nano S or the Trezor

a couple of things im unsure about though, is it better/safer for me to transfer funds from exchange like bittrex to the hardware wallet then to another exchange or would it be better to go directly from one exchange to another?

Once the funds are on my hardware wallet I cant trade untill i put them back on the exchange? ( seems pretty obvious but just checking)

Can i transfer funds from my hardware wallet to someone elses exhange or to someone elses hardware wallet?

Is there any companys in the hundereds of cryptos that are trying to implament a direct hardware wallet to Fiat or even purchases dirctly from a hardware wallet?

thankyou