Importing Sparrow Wallet into a Cold Wallet - page 2.

SFR10

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Quote from: hawer357 on April 26, 2024, 12:04:55 PM

If it can be added in a later point, I would consider this after increasing my know-how here.

Yes, you can use the passphrase feature at any point in the future, but it's worth mentioning that it's not going to add another layer of protection to your existing standard wallet ^{[e.g. the passphrase-protected wallet will lead to a different set of addresses]}.

Quote from: hawer357 on April 26, 2024, 12:04:55 PM

If it is just running a VM or a Raspberry Pi I could consider this, but I'm not sure yet. Do you guys run your own nodes at home? I learned that if I would own a node, it would help keeping my transactions private, but what happens if I can't run the node anymore?

If they meet the requirements, you can use it with those... I was running a node with a not-so-powerful laptop for a few months at home, but due to its limited storage, I had to stop ^{[I could've run it in pruned mode, but I didn't want to]}. Regarding the latter part, if you were thinking something bad might happen to your assets ^{[apart from reducing your privacy]}, then the answer is no.

Quote from: hawer357 on April 26, 2024, 12:04:55 PM

Wonderful, thank you very much, I didn't know of this, while wondering how to get coins into the Testnet.

You're very welcome

hawer357

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Quote from: hawer357 on April 26, 2024, 03:55:37 AM

The following testnet faucets will come in handy:

#1
#2

Wonderful, thank you very much, I didn't know of this, while wondering how to get coins into the Testnet.

Thank you very much to all of you - this is really helpful!

SFR10

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Quote from: hawer357 on April 25, 2024, 02:54:58 PM

I've no other intention than saving and holding it for long term.

Quote from: hawer357 on April 25, 2024, 04:36:13 PM

I'll create a new wallet on the Coldcard and transfer the coins to it.

Quote from: hawer357 on April 26, 2024, 03:55:37 AM

What I now did was selecting the UTXOs and transferring them to my Coldcard wallet,

Considering that you'll be using it to hodl for a long time, you might want to pay attention to the following option: BIP-39 Passphrase
^{Note: Only use this option if you fully understand the risks that come with it!}

Quote from: hawer357 on April 25, 2024, 04:36:13 PM

Do you think there is a problem with using a read only wallet like the Bluewallet on a smartphone with the public key in order to have a sort of notification if something moves from that wallet?

Quote from: hawer357 on April 26, 2024, 03:55:37 AM

But how do you guys monitor these wallets? Is exporting the public key to a watch only wallet like Bluewallet considered as secure, or do you use other services?

The main issue with this kind of setup is having little to no privacy ^{[assuming that you'd not be using it with your own node]}!

Quote from: hawer357 on April 26, 2024, 03:55:37 AM

even play in "Testnet" (although I'm not sure how I could get initial coins for the Testnet). Thank you.

The following testnet faucets will come in handy:

#1
#2

hawer357

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Thank you very much. What I now did was selecting the UTXOs and transferring them to my Coldcard wallet, which arrived as one single UTXO. If I'm not mistaken this is called "consolidation".

I did read your post regarding ConJoin, which I will try next time or even play in "Testnet" (although I'm not sure how I could get initial coins for the Testnet). Thank you.

I see that may have the setup I'm aiming for by using a cold wallet. But how do you guys monitor these wallets? Is exporting the public key to a watch only wallet like Bluewallet considered as secure, or do you use other services?

satscraper

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Quote from: hawer357 on April 25, 2024, 02:54:58 PM

Hello,

from time to time I'm buying some Bitcoins and store them on my Sparrow Wallet. I've no other intention than saving and holding it for long term.
I've ordered a Coldcard in order to add a bit more security to these saving. I know that I can either import the existing seed words into the new hardware wallet or I could create a new wallet on the hardware and have the Bitcoins transferred from my Sparrow Wallet to the Coldcard. Since the latter would cost my transfer fees I'm unsure if importing the seed would come with any security issues.

If this questions wasn't asked here, I would be thankful if you could help me making the right decision. And if this questions was already answered I would be happy to get a reference to it.

Thank you

I would advocate new SEED on ColdCard (wich has robust source of entropy), pairing ColdCard and Sparrow and transferring you stash to newly created wallet relevant to ColdCard.

BTW, Sparrow has the nice feature namely fake ConJoin (in fact it mimics batch transaction) that could improve (a bit) privacy of transferred fund. Sure, it involves some extra transactions to be made after all your fund is allocated in ColdCard, thus such procedure seems to be feasible at low fee rate.

hawer357

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Thank you very much for your answers. I'll create a new wallet on the Coldcard and transfer the coins to it.

I've just seen that it is also a good moment to consolidate the small UTXOs and transfer them in one piece to the new wallet.

Do you think there is a problem with using a read only wallet like the Bluewallet on a smartphone with the public key in order to have a sort of notification if something moves from that wallet?

Zaguru12

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First, it is a good thing that you want to go for offline wallet as you use look towards long term holding. The idea of importing the wallet into the new wallet is bad because the wallet was created as said above on a hot wallet and you don’t know which malware or anything that it had been exposed to already. Importing it into a cold wallet wouldn’t protect it if at all it had been compromised before. Best thing is to go for new wallet on the coldcard and make a transfer from the current existing wallet to the new one. Yes it will cost you transaction fee but when you compare the risk you know the transaction fee amount is a minimal in terms of risk

Charles-Tim

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It is better you send the coins to an address that you generated on Coldcard. Online wallets are not as safe as cold wallet. If you import Sparrow seed phrase, it means the seed phrase was generated online and not safe like the one you generated offline.

hawer357

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Hello,

from time to time I'm buying some Bitcoins and store them on my Sparrow Wallet. I've no other intention than saving and holding it for long term.
I've ordered a Coldcard in order to add a bit more security to these saving. I know that I can either import the existing seed words into the new hardware wallet or I could create a new wallet on the hardware and have the Bitcoins transferred from my Sparrow Wallet to the Coldcard. Since the latter would cost my transfer fees I'm unsure if importing the seed would come with any security issues.

If this questions wasn't asked here, I would be thankful if you could help me making the right decision. And if this questions was already answered I would be happy to get a reference to it.

Thank you

Topic: Importing Sparrow Wallet into a Cold Wallet - page 2. (Read 343 times)