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RE: How to keep your cryptocurrency safe and secure on a hardware wallet
so walk me through how you would buy something with this. or is this more like a secure, savings bank.
so walk me through how you would buy something with this. or is this more like a secure, savings bank.
Thank you for your question, @alaqrab, it's a great one! This device is more like your personal portable safe when you keep your digital gold that you bought somewhere else, the usual way. For example, you can buy bitcoins on Coinbase, Circle, Kraken, LokalBitcoins etc. and then transfer to your hardware wallet's address. It means that your private keys that grant you access to your cryptocurrency are kept securely on that device and only you have access to it. Please let me know if you are with me now or if you have further questions. I'll be happy to develop my explanation further, if needed.
Ah I see. It's a bit over my head. I am more intrigued about what the pros do.
I purchased some btc just last month for the first time from a btc atm. It was a small amount but still quite exhilarating. I used it to buy steem on the market. It's a small amount so I don't have much to guard against. That's the extent of my knowledge.
It sounds just like when I started with my first small purchase of BTC this past June. Now, half a year later, I'm trading cryptocurrencies, mining Bitcoin and ZCash at home, and storing my assets on a hardware wallet. It's a slippery slope, my friend, so be careful! ;))