06-27-2022, 05:19 AM
once and for all, can someone explain why hardware wallets are different than paper
<!-- SC_OFF --><div class="md"><p>I don't own an HW wallet.</p> <p>As far as i know, this type of wallet is a fancy way to keep the seed, while the actual crypto is always on chain.</p> <p>​</p> <p>personally, i have three types of wallets - CEX (binance), active on-chain and dormant on-chain.</p> <p>binance, well, nothing to explain. i just use it for transferring money into crypto.</p> <p>active on chain - those are the wallets i keep on my phone/ wallet apps. those are used for casual transactions, trade, new investments, new losses, payments etc.</p> <p>dormant on chain - well, those are wallets i opened a while ago, and removed from any device. i just have the seed/ private key written on paper that i store hidden from sight (clue - <a href="https://www.google.com/maps/@-46.4180409,51.7062758,23660m/data=!3m1!1e3">not here</a>). sometime, in the far or near future, if i ever need cash, i will just enter those account and drain them.</p> <p>​</p> <p>is there a real difference between actual HW wallet and my dormant one?</p> <p>​</p> <p>EDIT - there are good answers here, but most of the comments enhance the misconceptions about HWW, even within the crypto community. </p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Crazy__Donkey"> /u/Crazy__Donkey </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/vl2fyf/once_and_for_all_can_someone_explain_why_hardware/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/vl2fyf/once_and_for_all_can_someone_explain_why_hardware/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>I don't own an HW wallet.</p> <p>As far as i know, this type of wallet is a fancy way to keep the seed, while the actual crypto is always on chain.</p> <p>​</p> <p>personally, i have three types of wallets - CEX (binance), active on-chain and dormant on-chain.</p> <p>binance, well, nothing to explain. i just use it for transferring money into crypto.</p> <p>active on chain - those are the wallets i keep on my phone/ wallet apps. those are used for casual transactions, trade, new investments, new losses, payments etc.</p> <p>dormant on chain - well, those are wallets i opened a while ago, and removed from any device. i just have the seed/ private key written on paper that i store hidden from sight (clue - <a href="https://www.google.com/maps/@-46.4180409,51.7062758,23660m/data=!3m1!1e3">not here</a>). sometime, in the far or near future, if i ever need cash, i will just enter those account and drain them.</p> <p>​</p> <p>is there a real difference between actual HW wallet and my dormant one?</p> <p>​</p> <p>EDIT - there are good answers here, but most of the comments enhance the misconceptions about HWW, even within the crypto community. </p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Crazy__Donkey"> /u/Crazy__Donkey </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/vl2fyf/once_and_for_all_can_someone_explain_why_hardware/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/vl2fyf/once_and_for_all_can_someone_explain_why_hardware/">[comments]</a></span>