How does it work? Excuse the disgusting banking analogy (I’m sorry!), but it is effective… Hackers are smart.Ī hardware wallet solves this problem by never releasing private information from the device.
#EXPLAIN PAIN SUPERCHARGED ORIGINALLY PUBLISHED SOFTWARE#
If you kept your 24 words in a software wallet on a normal computer, there is a risk that there is malware on the computer - if someone gained access to your computer, then the bitcoin can be stolen, either by stealing your 24 words or manipulating the software wallet to spend to the attacker’s address (while showing you a different address on the screen!). Make plans for your hardware wallet and backups in case you die (inheritance plan).Don’t let anyone find the 24-word backup.Back up the 24 words (or 12) so that you can regenerate the wallet if the hardware wallet is lost/destroyed.Prevent destruction or loss of the hardware wallet.Prevent anyone from knowing the PIN to access the contents of the hardware wallet.Prevent anyone from finding the hardware wallet.The hardware device is locked with your pin. To digitally hide and secure your private keys. That is the main purpose of a hardware wallet. The private keys produce signatures and give you the power to spend bitcoin. The hardware wallet holds the private keys. No! It’s important to understand these things so you know what you are doing and don’t mess up your security. They think that these devices hold your bitcoin. People confuse what hardware wallets are, and what they do.
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