On today’s episode of The Cryptoverse…
I’d like to make you aware of a little known danger of using a Ledger, Trezor or any other hardware wallet for that matter.
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I was not aware of this issue, and when I had looked into things earlier on my own, I had discovered a reddit post from what I thought was the Ledger CTO that said
I also knew that while I could never actually get to the private key (or at least practically) stored/generated on the wallet, with the BIP39 Mnemonic and optional passphrase, I could regenerate the private keys.
So with the above information, I figured I was good, but didn't take into account a panic sell situation. One of the reasons I keep crypto on a HW wallet is for the added psychological benefit of preventing panic sell situations.
This still, however, conflicts with how I thought this worked - I still didn't think that Ledger/Trezor's servers were needed if I was simply storing a key on my hardware wallet. If I use any wallet - say, Electrum, MyCrypto, MyEtherWallet or anything that works with a Hardware Wallet, are you saying that still depends on the parent company's servers?
I like this shark image
Thanks Chris, always good to have the info and then make an informed decision on the risks.
Whooo, a risk I not even knew to be aware of before? Uups, seems you are right. I am using neither (Trezor nor Ledger), but do have a hardcore wallet. Seems I could use some more education on this. :-)
Are Ledger & Trezor open about this information? I'm a little concerned they didn't build the option to build full nodes into their software.
Anyone know of a way to use the recovery words for a ledger run through a software wallet to scan and use the balance?
Thank you for the information! :)
Nice post lured me in with the tittle but made the mistake of putting the advert at the end ;)
Ledgers have really come on in leaps and bounds but it still feels like a clunky experience for only a select few. I'd really love to see it intergreated into a more practical user experience that everyone can pull off an understand.
I see a few blockchain smartphones are coming out now with built in cold storage so that could be an option to bridge the gap
As the networks continue to scale and create adoption this risk will be reduce given the alternatives that will exist in addition to the key place the hardware wallets will have in the system. These will be supported and be more sustainable given the value they provide to the players of the markets.
Posted using Partiko iOS
Very informative video!
I believe there are Bitcoin core clients that let you connect with your ledger? It would be great to see the options you showed in monero app in the ledger live software though!
Cut the middleman!
Posted using Partiko Android
Pandora Wallet coming soon where you don't have to send your bitcoins to an exchange, the trade is done natively via api!