@cyberscrilla thanks for the explanation. I still have a confusion tho, at one point you said "the assets remain safe because they are stored on the blockchain", then you said you "use hardware wallet to store your assets". could you please elaborate more on this? thanks!
I explain it in this video: ua-cam.com/video/qlzHmvbrSZk/v-deo.htmlsi=UDtigLDTCpbrVtlW To say “use a hardware wallet to store your assets” is simply an expression or a saying.
Someone recently told me that I may have inadvertently turned my cold wallet into a hot wallet, with some blunder, you seemed to allude to this at 2:02 in the video, could you please elaborate on how one can make this potentially hazardous mistake, so I can figure out if I've essentially screwed up my cold wallet, thank. you.
If you import your cold wallet seed phrase into a hot wallet, it’s now a hot wallet. Also, if you import you hot wallet seed phrase into a cold wallet that’s risky too as your phrase could have previously been exposed. It’s best to generate a seed phrase using a cold wallet and only use that phrase with cold wallets. - Alex
@Wonederdad71 Corect, the Nano S models don’t have Bluetooth That said, you can get 40% off the Nano X using my link: shop.ledger.com/pages/black-friday-cyber-scrilla?r=f3f59e340ecb
i havent watched all this video yet so if the answer is already on here, my bad. i just wanted to ask whilest its on my mind. how does a back up seed phrase recover access to all your crypto? i thought they all have their own keys and addresses. i dont understand how a seed phrase is able to recover all the keys that was on the cold wallet. is the cold wallet address on the block chain with the keys within? i didnt think it was like this im struggling to understand how it works. please can you help explain it or direct me to a source that explains it. much appreciated
Your wallet doesn't store crypto. Rather, it holds your private key and seed phrase, which are essential for accessing and managing your funds. The private key is used to derive your public address, where your crypto is stored on the blockchain. So, while your wallet holds the keys to access your funds, the actual assets are stored on the public address associated with those keys.
@cyberscrilla thanks for replying. I understand that they only store the keys. What im confused with is how does the seed phrase enable you to retrieve your keys it's not like a cloud storage and it gives you acess when you type the seed phrase in and retrieve account. How does it know to get all your keys? I know the private or public key generates all the addresses from it but I'm just struggling to understand how does it know how many address ect it's made and how to get them are they too stored on the block chain and it just retrieves all the addresses, keys ect that it's produced? I'm genuinely confused. I feel stupid for asking but I need to know and understand how it works so I don't make mistakes and if I'm going to use it with my money essentially I don't want to F it up haha. Appreciate you replying
Can you get hacked without connecting your hardware wallet to a device? Or you just get hacked when your wallet is connected and you click on a bad link?
No. Hot wallets = the keys to your wallet are stored in the app in your internet connected device. Cold wallets = the keys to your wallet are stored offline, on a secure element chip immune to digital and physical hacks. Cold wallet apps are simply a middleman so your wallet can communicate with the internet without exposing your keys. This is why cold wallets are more secure
Absolutely excellent video, thank you so much!
Thank you for watching!
@cyberscrilla thanks for the explanation. I still have a confusion tho, at one point you said "the assets remain safe because they are stored on the blockchain", then you said you "use hardware wallet to store your assets". could you please elaborate more on this?
thanks!
I explain it in this video: ua-cam.com/video/qlzHmvbrSZk/v-deo.htmlsi=UDtigLDTCpbrVtlW
To say “use a hardware wallet to store your assets” is simply an expression or a saying.
@@cyberscrilla Thanks for this!! its clear now!
Someone recently told me that I may have inadvertently turned my cold wallet into a hot wallet, with some blunder, you seemed to allude to this at 2:02 in the video, could you please elaborate on how one can make this potentially hazardous mistake, so I can figure out if I've essentially screwed up my cold wallet, thank. you.
If you import your cold wallet seed phrase into a hot wallet, it’s now a hot wallet.
Also, if you import you hot wallet seed phrase into a cold wallet that’s risky too as your phrase could have previously been exposed.
It’s best to generate a seed phrase using a cold wallet and only use that phrase with cold wallets.
- Alex
So I can use my phone or iPad coinbase app To transfer to my cold wallet?
Yes.
@ thank you 😊
@@Wonederdad71 🫡
Just saw that my nano s plus is not iPhone compatible. I need to get the nano x to use my iPhone 😢
@Wonederdad71 Corect, the Nano S models don’t have Bluetooth
That said, you can get 40% off the Nano X using my link: shop.ledger.com/pages/black-friday-cyber-scrilla?r=f3f59e340ecb
i havent watched all this video yet so if the answer is already on here, my bad. i just wanted to ask whilest its on my mind. how does a back up seed phrase recover access to all your crypto? i thought they all have their own keys and addresses. i dont understand how a seed phrase is able to recover all the keys that was on the cold wallet. is the cold wallet address on the block chain with the keys within? i didnt think it was like this im struggling to understand how it works. please can you help explain it or direct me to a source that explains it. much appreciated
Your wallet doesn't store crypto. Rather, it holds your private key and seed phrase, which are essential for accessing and managing your funds.
The private key is used to derive your public address, where your crypto is stored on the blockchain.
So, while your wallet holds the keys to access your funds, the actual assets are stored on the public address associated with those keys.
@cyberscrilla thanks for replying. I understand that they only store the keys. What im confused with is how does the seed phrase enable you to retrieve your keys it's not like a cloud storage and it gives you acess when you type the seed phrase in and retrieve account. How does it know to get all your keys? I know the private or public key generates all the addresses from it but I'm just struggling to understand how does it know how many address ect it's made and how to get them are they too stored on the block chain and it just retrieves all the addresses, keys ect that it's produced? I'm genuinely confused. I feel stupid for asking but I need to know and understand how it works so I don't make mistakes and if I'm going to use it with my money essentially I don't want to F it up haha. Appreciate you replying
Can you get hacked without connecting your hardware wallet to a device?
Or you just get hacked when your wallet is connected and you click on a bad link?
You could. If you expose your seed phrase. I think you’d find this video helpful: ua-cam.com/video/hXuK6FxD2bo/v-deo.htmlsi=_3_h6YS6fG3uAHaJ
If a cold wallet has an app doesn't it put your wallet in danger?
Just like the hot wallet apps on phones
No.
Hot wallets = the keys to your wallet are stored in the app in your internet connected device.
Cold wallets = the keys to your wallet are stored offline, on a secure element chip immune to digital and physical hacks.
Cold wallet apps are simply a middleman so your wallet can communicate with the internet without exposing your keys.
This is why cold wallets are more secure
@cyberscrilla i got it thanks💙
What features do cold wallet apps have? Can you buy or send bitcoin for example?
Are you calling Cold wallets , Hot wallets??
What do you mean?