Wallet — Basics

By captjack 🏴‍☠️✨💜 February 19, 2023 · Edited October 11, 2024

Refreshing the fundamentals of wallet for new users

Just revisiting some quick tips for #newbies #pow #public #blockchain users only.

if you just getting started with bitcoin or any pow crypto coins or been using or storing them for a while, you not must forget the roots and fundamentals.

Hot Wallet — It gets connected to live internet at some point in time essentially to sign / send a tx i.e. spending transaction — exposes the private key of the address from in the process

Cold Wallet — It never ever gets connected or online and can always keep receiving inbound amounts Paper wallets are best n cheapest form of cold wallet that can used once n thrown away.

#Cold wallets need to either “import”ed or “sweep”ed in order to used or spend — https://coinsutra.com/private-key-import-vs-sweep-difference/

Any thin #wallet is always dependent on connectivity to live up2date node server where-as self-sufficient qt / cli wallet takes a while to sync up to latest block height in order to be usable.

Beginners should always resist the attraction of quick and fast — thin n 3rd party wallets and always start a long learning journey of core wallets of any coin — either “qt” GUI wallet or command line “coin-cli” wallet

Almost all #proofofwork #blockchains i.e. #POW has #node #wallet - everyone who use support he #public #blockchain secures own you coin value

You can run fullnode either on clearnet or over onion 🧅 #BTC has >55% of nodes running in onion out of total 15000+ live fullnodes and 50000+ bitcoincore wallets around blockheight 777000 . Other notable pow chains are #LTC #RVN and rest are babychains for now !

Always delete hot wallet to test practice restoration before sending any large refunds to it to be safe.

Large funds are always best to keep in self custody node wallets rare n occasional use

Final word — Cannot see private key 🔑 or seed 🌱 in any wallet means not your coin. 😲

Use wallet which u learn or understand best only

That’s all for now n Thank you 🙏 ! ⚡️ https://getalby.com/p/captjack ⚡️

Some Cold wallet nostr posts

acv

Apr 12, 2023 13:46

Brain wallet is for travelling with enough funds needed for getting home/getting out of trouble or for any purchases you’ll expect to make while abroad.

True cold storage, distributed keys or multi-sig, is for long term protection from violence. A brain wallet (or a loaded HW wallet, etc) can be taken from you by torture. Anything you have immediate physical access to is at risk to violence or kidnapping. The wrench attack. You are not trained to resist torture, you will fail.

View full event

Referenced note not yet available note1rse0l22…3q0cg7yw

bitcoinjiujitsu

Mar 9, 2023 06:04

Blockstream Jade fully open source #Bitcoin only hardware wallet for cold storage.

Your private key never touches an internet connected device. 👌

https://nostr.build/i/nostr.build_d59384b7a2b6a9b9b1c4a58981e8c1a18c2a3527e89f05328ea08531b491e726.jpeg

View full event

some nostr specific lightning ⚡️ Layer2 wallets with blockchain mainnet option