Hardware Wallets
So you still don't have a ledger?
What is a hardware wallet?
A hardware wallet is a dedicated device used to generate and store your seed phrase securely, while allowing you to interact with various chains in all of the ways you would normally expect. The Ledger is one such wallet.
A hardware wallet will just be an address on the blockchain like any other, you can send things to it at any time, in that way it is no different to a regular hot wallet. The key difference is, on metamask or any other online wallet, your private keys are stored on your device (phone/laptop) so you can sign things with those keys by clicking your mouse. In the event that you click a malicious link, you could inadvertenly sign away your whole wallet. With a hardware wallet, private keys are stored on the hardware device (nothing else - not the NFTs or crypto, they still live on the blockchain) so it means whenever you want to sign something, say buying something or listing an NFT, you must have the hardware wallet plugged in, and physically click a button on that device. This adds an extra layer of security both by slowing you down while interacting with contracts, and by preventing a compromised computer or browser from becoming a compromised wallet.
This thread from @0xQuit focuses on hardware wallets, why people don't use them, why those people are wrong, and what you should do about it.
https://twitter.com/0xQuit/status/1519850867083472896?s=20&t=rPZoPXNx18zBuNZdOOPudQ
This article from @ppman does a good job of laying out steps to take when setting up a hardware wallet for the first time:
How many wallets should you have?
1- Degen wallet: Low-value items, use this wallet to mint, degen, and have fun.
2- Selling wallet: Keep listed items. Only Interact with exchanges such as OS, X, LR etc.
3- Vault: Only keep valuables here. NO CONTRACT INTERACTIONS.
Last updated
