bitcoin coin

A Guide about Hardware Wallets

bitcoin coinHardware wallets come from all manufacturers, first setting the PIN code, then writing down the private key. Someone has already set the hardware wallet that has already been set.

The hardware wallet has a function called synchronization, and if you have a recovery phrase (private key), you can restore the same wallet and you can synchronize.

The criminal will initialize the hardware wallet, tell him that the PIN code is this, and use it as is. However, the contents are the wallet synchronized with the criminal. It is quite possible that the money will be stolen as soon as you transfer the asset to the wallet. So be sure to do the initial settings yourself.

Don’t forget the PIN code on your hardware wallet

There is always a PIN code setting, but if you forget this, you will not be able to access your wallet or transfer money. The hardware wallet can be restored if you have the recovery phrase (private key), so even if you forget the PIN code, you can reset it to the original if you have the recovery phrase. However, both Ledger and TREZOR require 24 words to be restored. The TREZOR can be input from a computer, but the Ledger Nano S / Blue is operated from the main body, which is a hassle.

Be careful not to forget the PIN code.

Hardware wallets have all recovery phrases

Hardware wallets are all about recovery phrases (private keys) . The 24 words written out during the initial setup are called the recovery phrase or secret key . The hardware wallet contains encrypted data, and 24 words are simply embodied. BIP39 is an English word to make encrypted data easier to understand. Although it was written on other sites, this English word is like a save data spell for Dragon Quest I and II. (I don’t know unless I’m a NES generation (sweat))

So, this recovery phrase is encrypted as data in the hardware wallet, so you can access the wallet’s assets just by entering the PIN code and you can send and receive money.

You don’t have to type in the 24 recovery phrases each time, but be aware that without them, you’ll be a complete self-gox without it. There are quite a few people who make mistakes in writing. Words are English words that have meaning. Please be careful of spelling mistakes when writing.

Exchanges don’t know about hardware wallets

I can’t tell when I ask the exchange about the hardware wallet. The exchange will not be involved in any self-gox due to a transfer error or setting mistake. Of course, mistakes in operating the hardware wallet are at your own risk. Common mistakes are sending Bitcoin Cash to your Bitcoin wallet, sending Ethereum to Ethereum Classic, and so on. In addition, the hardware wallet can update the system by adding a new compatible currency application or synchronizing. If the setting screens changes, do not operate with intuition and check the details properly. Keep reading if you need to know more about the difference between bitcoin and electronic money

Transfer from exchange to hardware wallet

Once you’ve set up your hardware wallet, it’s very easy to send Bitcoins to your hardware wallet from an exchange or other hot wallet. After setting up the hardware wallet body, let’s send money to the hardware wallet from the PC application.

This procedure should follow the instructions for each hardware wallet.

People who are new to PCs have a certain risk of having bitcoins. There is a danger that someone familiar with your computer or hardware wallet will be able to easily trick you, so please be aware that you can take responsibility for your knowledge arming and operation of your computer. Otherwise, it’s really easy to get tricked or stolen.

The fact that a hardware wallet is easy to use can be said to those who can use a computer to some extent, and those who can understand simple English, and it may be a bit difficult for the elderly and those who are not familiar with computers. If you use it without knowing it well, you may lose virtual currency assets such as Bitcoin.