teddybear Posted July 15, 2017 Share Posted July 15, 2017 Hi all Titel says it pretty much: If I (newbie) get it right, then as soon as secret key is entered in an internet connected PC, the wallet is cold. Now, at some point I'm going to plug in the usb into the pc, no? Say I want to send sth from the usb, ehm.. I'll have to enter the secret key no? So how do I keep a 70$ stick wallet cold? Confused... Thanks for your help! Link to comment Share on other sites More sharing options...
pucksterpete Posted July 15, 2017 Share Posted July 15, 2017 (edited) put it in the fridge Edited July 15, 2017 by pucksterpete BRFT01, JamesRay, rohanneal and 1 other 4 Link to comment Share on other sites More sharing options...
JackTheRippler Posted July 15, 2017 Share Posted July 15, 2017 Ledger nano is a hardware wallet. Hardware wallet is a type of wallet. There is also other types called hot wallet and cold wallet. Cold wallet = has never been on a computer connected to the internet Hot wallet = on a computer with an internet connection Don't confuse your Ledger nano with cold or hot wallets - it's neither of them. Keep your Ledger somewhere safe from other people and that's as close as you can get to a cold wallet. You need to read more about how wallets work. You don't have to use your secret key, that's only used to restore your wallet. For transactions a public key is used as the address. Here is a good source of information: Xilobyte 1 Link to comment Share on other sites More sharing options...
Xilobyte Posted July 16, 2017 Share Posted July 16, 2017 On 7/15/2017 at 3:06 PM, pucksterpete said: put it in the fridge Crap ya beat me to it Link to comment Share on other sites More sharing options...
Bagheera Posted July 16, 2017 Share Posted July 16, 2017 On 2017-07-15 at 6:58 AM, teddybear said: Hi all Titel says it pretty much: If I (newbie) get it right, then as soon as secret key is entered in an internet connected PC, the wallet is cold. Now, at some point I'm going to plug in the usb into the pc, no? Say I want to send sth from the usb, ehm.. I'll have to enter the secret key no? So how do I keep a 70$ stick wallet cold? Confused... Thanks for your help! Took me 20 minutes to set mine up... here are some links that will help. There are also several videos on YouTube that were very helpful. Just search on YouTube https://www.ledgerwallet.com/start/ledger-nano-s http://support.ledgerwallet.com/knowledge_base/topics/how-to-start-with-ledger-nano-s CryptoJym 1 Link to comment Share on other sites More sharing options...
teddybear Posted July 17, 2017 Author Share Posted July 17, 2017 Thank you very much all. Link to comment Share on other sites More sharing options...
gray Posted July 17, 2017 Share Posted July 17, 2017 (edited) To elaborate on why a ledger wallet IS a cold wallet--the Ledger stores all your private keys encrypted inside it. It is not just stored in some kind of open flash storage like a usb stick. So when you plug it in, you aren't exposing those keys to an internet connected computer--the Ledger is a permanently offline computer itself, and it "signs" transactions offline using the private keys it stores and then transfers the signed transaction to your computer to then be broadcast to the network--the computer never needs to or even is able to see the actual keys, only the signed transaction that the Ledger gives it. Edited July 18, 2017 by gray Andi10 1 Link to comment Share on other sites More sharing options...
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