Topic: What wallet should i choose are my steps correct? (Read 202 times)

It's never bad to have a Bitcoin full node, but don't have it on the same machine that you create your cold storage wallet with.
The whole idea with offline wallet creation is that you use an operating system that never did and never will touch the internet. The easiest and cheapest way is to flash https://tails.boum.org/ to a USB drive, boot your laptop or PC off that disk. The computer should start without internet access (still, if you prefer, remove the WiFi card and unplug Ethernet) and have Electrum wallet preinstalled.
You can then create a fresh wallet in Electrum, while fully offline, write down your seed phrase (12 or 24 words) multiple times as well as a few addresses from your 'Addresses' tab.

It is advised to check your backups, i.e. maybe the next day, boot your PC off that Tails USB again, open Electrum and restore your seed phrase. Then check that the addresses it displays match what you had written down previously.
When that's done, you can format the USB drive.

Now, whenever you buy BTC, send it to one of those addresses. To spend them in the future, you will need to use 2 PCs; one online (with internet access) to create a spending transaction and broadcast it, and the other one booted off Tails OS on a USB drive, where you import the seed phrase, the prepared transaction and sign it. The signed transaction is then transferred to the online PC for broadcast to the network.
Alternatively, this can be done with a single machine, rebooting into Tails OS on USB and your main OS on your hard drive; storing the partially signed PSBT on a second USB drive.

TL;DR: If you don't want to pay for and trust (though trust can be minimized) a hardware wallet for larger sums of BTC, you need to boot an offline Linux distro like Tails OS with a light Bitcoin wallet preinstalled that suffices to create a seed and receiving addresses.

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If you do trust a hardware wallet and this process sounds too complicated, you probably want to look at https://trezor.io/ Model T or https://keyst.one/ Keystone. I'd recommend Passport Batch 2, but it's Bitcoin-only.
These devices make it incredibly easy to get set up and running securely.

Like I mentioned previously, the generation of the seed and private keys takes place on your device and your computer. The secure element is like a prison for sensitive information. A prison that private keys can't escape from. When a transaction requires signing, the correct private key is used and nothing is leaked from the device. 

That's too much work if just want to hold them all coins ledger is the perfect solution for your needs without compromising your wallet just make sure that you save or write down the seed phrase on the piece of paper for future recovery.

Or for the safety of your backup seed you can use ELLipal Mnemonic metal or Keystone - Indestructible Steel Crypto Cold Storage Seed Backup, Which supports All BIP39 seeds. It is safer than holding the backup digitally.

It's not that there's a centralized server keeping all addresses, private keys and seed phrases.
Your private keys are derived from your seed phrase through some mathematical calculations locally in your device and you sign the transaction using your private key without any need to being online.

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Do not download all that software just for store coins. I don't think it is the safest , and it is a lot of work. Unless you are someone interesting in learning all those technologies,  I wouldn't store my coins in so many softwares."

Answer: soo what do you recommend me . Im looking for the safest methode software Etc. I dont really want to lose coins even if there is not soo many of them. The complicated process of it dosent matter or "many softwares" i would store each coin on each seed anyway because i woudlnt need them any time soon or for trading they just have to lay for next 2-3 years peacfuly in wallet.(The only Funds that will be Usable for trading will be BNB and BUSD which i will allways hold on BInance exchange.)

The last part im here scienc 2017 in crypto (Ive been starting as a miner but didnt really pay attention for last year and a half for new things etc) (and i had an account here but forgot the login)

"Your wallets are not offline if your computers are connected to the internet and you use them to sync and download the latest blocks. Did I understand correctly that you are planning to use 4 different PCs for each of your wallet or are we talking about 4 SSDs on the same computer? And will those computers be used for any other activities besides holding your software wallets and syncing with the blockchain? Are they clean with freshly installed OSs or have you use them in the past for other stuff?"

Answer : The PC will be allways offline (Only like i mention in upper to sync it once in two months) its 1 Separate PC (wont use it for anything else) (3 Diffrent SSDs only 1 connected at the time allways) its only fresh os + wallet nothing else (allways offline unless transaction send or Sync) On the Pendrive i will store wallet.dat which will have password by Bitcoincore ( you can set up a password in BTC core for wallet.dat) (also the pendrive wont ever leave the house never will be reused or even once connected to the Device that containts Internet connection).

I didnt really have ever trust up to Light wallets only to full node ones i was allways 100% sure that Bitcoin Core Wallet is the safest methode if PC is allways offline and no other actions are done on the same PC.

"Seeds and private keys remain on the device all all times. Ledger uses secure element chips in their hardware wallets, and sensitive data doesn't leave those chips. The seed is only shown to you once during the setup process. Once that is done and you have made a backup of it, you can't see it ever again. You can't see the seed in the native Ledger Live app."

Answer :

What i meant is that if we have 24 words private key (seed) it has to read up it from somewhere to give access to our BTC seed ETH seed etc. and the question is where do it get it from?

Do not download all that software just for store coins. I don't think it is the safest , and it is a lot of work. Unless you are someone interesting in learning all those technologies,  I wouldn't store my coins in so many softwares.


You have one seed for all coins. It is not stored anywhere,  just in your device and your piece of paper back up.


It is safe to use ledger nano. Pmalek already answered you those questions.

You are a new comer. The safest way is to buy a hardware wallet from the manufacturer.  I suggest only ledger or trezor. Do not buy from third party

Storing seeds and private keys digitally is not recommended. You should write it down on paper and store it in 3 separate geographical locations if possible. It's much easier to make backups of seeds than it is of private keys. Maybe it's worth considering using Electrum for your Bitcoin because with that app, you get a 12-word seed to back up. That's unless you are insisting on having a full-node client. If you have to use USB drives for sensitive data (again, not recommended), at least encrypt and/or password-protect the files.

Your wallets are not offline if your computers are connected to the internet and you use them to sync and download the latest blocks. Did I understand correctly that you are planning to use 4 different PCs for each of your wallet or are we talking about 4 SSDs on the same computer? And will those computers be used for any other activities besides holding your software wallets and syncing with the blockchain? Are they clean with freshly installed OSs or have you use them in the past for other stuff?

Seeds and private keys remain on the device all all times. Ledger uses secure element chips in their hardware wallets, and sensitive data doesn't leave those chips. The seed is only shown to you once during the setup process. Once that is done and you have made a backup of it, you can't see it ever again. You can't see the seed in the native Ledger Live app.

No. Wallets that generate BIP-39 compatible seeds (like Ledger in this case) can be recovered in other software or hardware wallets. If your device breaks, Ledger ceases to exist as a company, or your computer where the software/hardware is used malfunctions, you have your seed backups to rely on. The Ledger is just a hardware device that keeps your private keys in the secure element and signs transactions for you. 

Keyloggers don't swap addresses. They record and log your activities, like the things you write on your keyboard, they can take screenshots of what is on your screen, etc. This data gets stolen and sent to a malicious party. But like I mentioned above, your recovery phrase is never visible in a software environment, it never leaves the safety of the device, which means there is nothing for the keylogger to log. You also can't view or copy your private keys because they are also always on the secure element. So again, the keylogger has nothing to steal.

Clipboard malware is a different threat though. In theory, they can swap your legit address for one that belongs to a hacker. But that happens on a software level. When you make a transaction with a hardware wallet, all the information has to be checked and verified on the screen of that hardware device. Your malware can infect your computer, but I have never heard of a clipboard malware that can infect and modify the transaction details that are shown on the screen of your hardware wallet. Always confirm that the information is identical to what the Ledger shows. If you need to send a transaction to someone and you receive an address to pay to, a clipboard malware can replace that address when you copy it. When it's pasted into a software it can be a different address. It's your job to check that the pasted address (that will receive the coins) as well as the amounts and fees match with the one the other party gave you. If they don't, don't make the transaction. A hardware wallet can't protect you in this particular situation. If the other party makes a similar mistake and sends you the wrong BTC address, it's their fault. 

When we are talking about Ledger hardware wallets, you can't. The before-mentioned secure element chip is not open-source, which makes the firmware not open-source and the whole product closed-source.

Yes.


No, the seed should not leave the device (and you should not enter it anywhere else than physical backups safely stored - paper, steel, whatever)
However, there are being discussed theoretical ways a malicious hardware wallet could steal your money, but those are theoretical discussions.
Ledger doesn't have the best reputation because of hardware problems (especially battery issues on Nano X) and sloppy handling of user data (to be overly nice in explaining that), but I do have a Nano S and it's working very good for years (and never lost a penny).


As long as your hardware wallet works, you can use it. It's not only their wallet you can use the HW with (I use my Nano S with Electrum for Bitcoin).
Even more, the seed is pretty much universal and you can put it into another hardware wallet or software wallet (although the second option is less safe).


The Ledger device's screen will show the addresses and you (really) should check them carefully. And then you'll be fine/you'll detect if there are surprises.


This part you can't. You have to trust them. This is why theoretical exploits are being discussed; trust is a bitch.
Edit: And this is especially true in case of hardware wallets with closed source (like Ledger). There are open source options though. See: https://bitcointalksearch.org/topic/50-hardware-wallets-compared-feature-by-feature-5416497

Thats the storing plan:



1.Bitcoin holding - Download bitcore  from bitcoin.org - download whole blockchain make 3 keys backups(on 3 diffrent pendrives) and sync it once every 2 months.
2.Cardano Holding - Download DAEDALUS WALLET from cardano.org and rest like ^
3.BNB and BUSD - Holding it on Binance (Its centralised chain soo anyway it dosent really change anything)
4.Ethereum - create wallet on my ether wallet and make 3 backups on pendrives.(I wanted to download mist wallet but it dosent seems to working anymore)

(every wallet be offline all the time Only windows + wallet will be installed on the SSD each Wallet has separate PC).

The ammount of money i want to deposit is 400USD every Monday , but once i decide the prices are good i will deposit 60k USD.(Thats my whole plan for next bull run and buy till we are in bearish)

Im looking for safest methode to store my coins currently im planning to hold 2-3 Years from now.


I've been reading about ledger nano X but i got some kind of uncertainty

And if i decide  to buy it i will get  from shop.ledger.com. (is that official store?)

My mainly uncertainty about ledger nano X is That:


1.We are generating Seedphrase to Ledger not for Bitcoin,ethereum,bnb etc for example (Dosent that mean they have to store our btc/eth seeds somehow?)
2.What if they went bankrupt and software will be abadoned dosent that mean we wont have access to our funds?
3.Lets says i have keylogger or anything related to it on my Phone (And connect nano x with bluetooth) and i would like to send from ledger to exchange some BTCs dosent that mean "Virus" will be able to swap my sending address or generate new transaction to the hackers address?
4.And how can i verify thats while Ledger nano X During production didnt get any thing "additional"(by it workers not the company while compiling Ledger)