Ive heard you can buy one at bestbuy? Any decent sites to get 1 for an affordable price? MORE IMPORTANTLY…how the hell do you learn how to use it. i remember crypto casey saying back in the day its not a quick plug in and withdraw, any links on the tech specifics/how to etc on youtube or something? Thanks fellas…
If you buy a cold wallet from anywhere except the manufacturers site you are taking a chance of it being hacked before you get it. Be careful out there.
2 Likes
got it buddy
Seems to me you are referring to a USB wallet. KeepKey, Trezor, Razor , Razor Nano (x or S) (and many many more brands).
I understand the cold/hot modern definitions, but it used to be a little different. A Paper Wallet, is the OG Cold wallet. USB should be called like “warm wallets” or something. In the old days you would run the Bitcoin CLI (command line interface) wallet/blockchain/miner. From the Wallet-d program you can create unlimited amounts of wallet addresses. Which you would write the 12 word seed phrase on a piece of paper along with your password. On another piece of paper you would write your public receiving address. When the day came that you wanted to access the wallet you would enter your 12 word seed phrase into a compatible BTC wallet and “restore wallet” instead of “create wallet” (or just use any BTC CLI program [doesn’t have to be the exact one you started on]). In this theory, the blockchain itself was your wallet (as is always the case).
So coming full circle to the USB wallets. Currently the wallets are evolving, they always have been. They have issues and flaws. Originally is was a ‘great’ idea. Held coins and connected directly to blockchain networks. Then as the crypto be so numerous, the USB wallets started connecting to a hub/server that helped the USB connect to various blockchains. Around 2018 most USB decided to capitalize on the ERC network and allow tons of ETH type tokens. Around the same time, other brands started small Dex’s (O.G. Dex’s not the network token Dex’s of today) that only their USB could connect. This lead to things like Shapeshift Dex/KeepKey. Taking a different path the Razor/ledger group made their wallet connect to Apollo and Gemini (later Coinbase, Kraken, Binance ect), but this “connect to an exchange” opened a new door, ERC Network Dex’s such as UNISWAP and the later cloned version Pancakeswap . When you really get down to coding and function, a USB wallet is very similar to a desktop multi-coin wallet, in the idea it has a centralized server that monitors your wallet and “allows” you to log in. It’s not all bad when I say “centralized server that monitors” , in some cases that server also generates random/1 time use Addresses for your wallet. The real reason for a centralized server is to offer the USB wallet updates so if can hold new tokens and coins.
Another odd issue, when the USB wallets started flooding with ERC network tokens, they had not idea ERC would become one of hundred or thousands of Token networks. They didn’t account for thing like SOL or ADA. They were able to piggyback Polygon tokens or any that use ERC as source code, but Unique network tokens have issues being stored on USB’s. (this is a evolving topic, many fixes and cross chains are currently being created to address this issue).
This whole topic largely depends on you and your crypto style. Do you trade BSC/BEP/BNB, ERC on Dex’s ? Do you want a safe place to hold BTC only? Do you want to access one of the private Dex’s (such as Shapeshift). Are you just looking for Ultimate security?
Depending on how much crypto you hold. I might recommend just buying a computer and running all Core Wallets for the Coins you want to save and a GUI (graphical user interface, made by the OG devs of a token/coin) for any tokens you plan to store. Then unplug /turn off the computer. There are unlimited options available.
I say that because if you have 200K worth of BTC, personally, I would store it on a cold computer wallet, not a device maintained by a centralized company. But If I had $500 worth of various tokens and planned to use Dex’s to trade, then I go with Trezor. If I was focusing on new networks (non-ERC) I would go with Nano (s or X).
A great issue I have around wallets is that the technology is not too advanced , compared to the speed crypto generally moves. Any user can easily learn all wallet tech from Satoshi until now, very few do. Instead they go with the biggest sell out wallet the pop up on Coinbase or Brave suggested.
If I could urge anything, learn what GIU/CLI (Core) wallets are. You will realize they only work with Blockchains/Coins. Then move onto network wallets for tokens, which are to variable to even describe 1 or a type. Google Chrome Extension wallets seem to be the new ‘it’ for Networks, but are running to murky waters. (J.P. Morgan recently purchase majority shares of MetaMask [the premier ERC wallet] and turned off usage and access to Iran, Venezuela and N.Korea , to uphold US Sanctions) So now you need to double check that your crypto wallet doesn’t support bombing little kids from drones operated from a continent away…
Then add the idea that Cronos Network, Crypto.com, Coinbase, VISA, most of the backing for USDC/BUSD are owned by Silvergate Capital (global, based in Germany).
So is your wallet distributed by VISA? Is it owned by a company who supports its nations war machine/efforts?
2022 crypto is getting dicey, politically and morally speaking.
***and I didn’t even bring up where to keep your Smoking Monkey NFT… Isn’t that the most important crypto anyways …
XD hehehe . Next to your heart… You store it next to your heart, right there next to best wishes and a vision of your high school crush. LOL.
2 Likes
200k definitely not, this is my first year in …Im learning as much as I can everyday, Im just sticking with bitcoin for awhile its a safe bet, i just dont wanna lose all my shit but im mostly long term investing not really trading as of yet might save up for a miner…Wanna learn all the basic stuff correctly to retire in 10 years on a homestead…
1 Like
I have a little mission for you. This is “read only”, but explore the options and read what they do.
Go to https://bitcoin.org/en/ .
Explore the whole site, (note: they are dumbing the site down big time, to make it super user friendly, just know that) .
On the top bar, you will see “introduction” drop down, choose “White Paper” . That is the document that started it all (worth respecting).
Under “Resources” , check out “Bitcoin Core” (be carful not to accidently download it). In short, that’s how you run a Bitcoin blockchain of your own, and have the programs to open the first type of crypto or Bitcoin wallet. A CLI (command line interface or MS Dos) wallet.
Back on the main page (bitcoin.org), click “choose your wallet”. There is an option “skip helper” … you decide, maybe you want to read their helper info. Follow that trail and it leads to list of the most popular wallet type/brand/name’s that hold Bitcoin.
While this info is Bitcoin specific, it is a wealth of knowledge and information. Everything about crypto is built past these points or from these programs. That wallets page/list is very “top notch” for studying a reliable source. (notice they list/link every USB wallet)
Like I said, Just read it all. If you choose to download anything or pursue the info, that’s on you. I just know that site to be reliable info about wallets and original info.