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Couple crypto cold wallet questions
Posted on 7/31/23 at 7:14 am
Posted on 7/31/23 at 7:14 am
I finally stopped being lazy and got myself a cold wallet, specifically the Trezor Model one. Setup was extremely painless and simple. On day 1 I did a test transfer from coinbase to make sure I had it down right, then on day 2 I transferred the rest of my coinbase holdings onto the trezor. NO issues. 2 questions though:
1) It's been hammered home repeatedly how important the 24 word seed phrase is. Taht was part of the setup process, but on day 2 it wasn't used in any way. During setup you can choose to set an *optional* PIN, which I did. So on day 2 I had to enter my 4 digit pin right when I connected the trezor to my computer but that was all, when I did the transfer nothing seed phrase related was needed. I guess i misunderstood it's purpose...is it only used in a lost/stolen kind of situation? I assumed that you'd need parts of the seed phrase for any transactions.
2) I had to download the Trezor suite onto my laptop to help facilitate the transfers. Have y'all ever sold directly via that platform? It occurred to me that Coinbase knows all my bank info and personal information, but the only thing Trezor knows about me is my name and email. So at the moment if I wanted to do a big selloff I'd have to transfer to coinbase, wait 30 minutes til it finalized, then sell. And honestly I don't mind doing that, just curious if any of you had experience selling directly from teh platform with your wallet connected to it.
1) It's been hammered home repeatedly how important the 24 word seed phrase is. Taht was part of the setup process, but on day 2 it wasn't used in any way. During setup you can choose to set an *optional* PIN, which I did. So on day 2 I had to enter my 4 digit pin right when I connected the trezor to my computer but that was all, when I did the transfer nothing seed phrase related was needed. I guess i misunderstood it's purpose...is it only used in a lost/stolen kind of situation? I assumed that you'd need parts of the seed phrase for any transactions.
2) I had to download the Trezor suite onto my laptop to help facilitate the transfers. Have y'all ever sold directly via that platform? It occurred to me that Coinbase knows all my bank info and personal information, but the only thing Trezor knows about me is my name and email. So at the moment if I wanted to do a big selloff I'd have to transfer to coinbase, wait 30 minutes til it finalized, then sell. And honestly I don't mind doing that, just curious if any of you had experience selling directly from teh platform with your wallet connected to it.
Posted on 7/31/23 at 9:32 am to WG_Dawg
1 - Yes you will never use this phrase unless you lose your Trezor, have it stolen, or forget your pin. The 24 words will restore your wallet on any new device. For example - your trezor gets stolen or a tornado throws it into the middle of the woods. You buy another Trezor, restore the new Trezor by putting in your 24 words, and boom, your wallet is there.
2- I don't have a Trezor so I can't really comment on that
2- I don't have a Trezor so I can't really comment on that
Posted on 7/31/23 at 9:51 am to TigerTatorTots
Sweet this is helpful, thanks!
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